Protect Your Board Members

Serving as a board member or officer often inspires a special sense of responsibility for many who serve in such a role at their church or related ministries. That responsibility, however, also carries with it certain financial risks connected to the outcome of board actions. For example, a board member or ministry officer could face personal liability for a variety of damage claims, some of which include:
- Failing to maintain adequate financial records
- Developing and applying membership standards that favor one group or individual over another
- Exceeding the authority that the organization’s charter or bylaws grant to the board
- Using budgeted or donated money in a manner different from the originally designated purpose
- Failing to preserve the church or ministry’s tax-exempt status
In most cases, standard general liability insurance policies don’t cover claims against directors or officers resulting from failure to perform their duties. Churches and ministries must purchase separate liability coverage to protect ministry leaders from financial damage claims.
Why Purchase D & O Insurance Coverage?
Although many states have enacted legislation providing some protection for directors and officers of not-for-profit organizations, your church or related ministry should have D & O insurance protection for several reasons:
- D & O insurance provides defense funds to refute a claim or to prove immunity under the state law.
- Although your state may have legislation protecting not-for-profit directors and officers from lawsuits, a covered claim may fall outside the protection of the state statute.
- D & O coverage usually includes the organization as an insured; state immunity statutes often don’t.
- If state laws don’t protect your ministry and its board, and someone brings a successful suit against you, D & O insurance pays covered financial damage claims that directors and officers are legally responsible to pay.
Check with your insurance agent to learn more about how this valuable coverage can protect your ministry and its leaders.
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September 8, 2023
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Fluorescent Lighting: The End of An Era
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Let's take a stroll down memory lane to 1938 when General Electric made a groundbreaking move by introducing fluorescent tubes to the world. Even though the technology had been brewing since the late 1880s, it took time and the genius of several inventors to make it shine as a practical product.
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Tags:
church payroll,
finance,
IRS regulations,
paying employees,
tax code
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September 8, 2023
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God's Sovereignty or Wise Planning?
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We are living in a day and age of tremendous uncertainty. Like Joseph in Egypt, the physical world is incredibly unpredictable.
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Tags:
church payroll,
finance,
IRS regulations,
paying employees,
tax code
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September 8, 2023
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Why Some Churches are Rethinking their Financial Planning
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In the ever-changing realm of finances, the past few years have brought forth a whirlwind of alterations. Looking ahead, the next five years promise their fair share of surprises and uncertainties.
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Tags:
church payroll,
finance,
IRS regulations,
paying employees,
tax code
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September 8, 2023
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HR360: Your Essential Guide to Navigating Ministry-Specific HR Challenges
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In the dynamic landscape of today's world, managing the HR needs of any ministry can be a complex and ever-changing endeavor. Whether you're dealing with sensitive situations that demand careful handling to avoid legal entanglements or aiming to proactively establish risk management strategies, the journey can be demanding.
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Tags:
church payroll,
finance,
IRS regulations,
paying employees,
tax code
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August 8, 2023
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Understand your Medical Coverage for Students & Volunteers
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As we gear up for the upcoming school season, it's a fantastic opportunity to take a closer look at the coverage we offer to our beloved students and dedicated volunteers.
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Tags:
medical coverage,
students,
voluteers
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August 8, 2023
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Auto Insurance Trends: What Does that Mean for your Ministry?
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Are you tired of constantly hearing about rising expenses? It seems like every time I turn around, whether it's at the grocery store, the gas station, or even dealing with insurance, I'm faced with the reality of higher costs.
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Tags:
auto insurance,
auto,
coverage,
ministry
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August 8, 2023
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Rethinking Insurance: Offering a Fresh Perspective
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Let's face it, the world is constantly changing, and it's fascinating to witness the rapid evolution happening around us. Some futurists even predict that in the next two decades, the rate of change could be four times what it is today, and an astounding 16 times in 40 years.
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Tags:
Rethinking insurance,
insurance,
PC,
property,
risk mitigation
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July 7, 2023
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Upcoming Security Trainings
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Tags:
insurance,
coverage,
ministry
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July 7, 2023
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Pepper Spray Usage
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Tags:
insurance,
coverage,
ministry
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July 7, 2023
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Protecting Your Assets
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Tags:
insurance,
coverage,
ministry
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April 3, 2023
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Tragedy in Nashville
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Tags:
insurance,
coverage,
ministry
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March 17, 2023
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Worry-Free Mission Travel
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Tags:
insurance,
coverage,
ministry
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March 17, 2023
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HR Document Library at your Fingertips
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Tags:
insurance,
coverage,
ministry
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March 17, 2023
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Highlights from Recent Security Training Events
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Tags:
insurance,
coverage,
ministry
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January 24, 2023
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Wind and Hail – Deductible Buyback
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Tags:
insurance,
coverage,
ministry
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January 24, 2023
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Common Questions About Our Agency
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Tags:
insurance,
coverage,
ministry
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January 24, 2023
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Coming to your area in 2023
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Tags:
insurance,
coverage,
ministry
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January 24, 2023
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Kingdom Advancing Grant
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Tags:
insurance,
coverage,
ministry
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January 24, 2023
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ACG Retreat in Kansas City
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Tags:
insurance,
coverage,
ministry
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January 23, 2023
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Loaning Your Ministry's Facilities
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Tags:
insurance,
coverage,
ministry