Hi I am involved in a the set up of a new voluntary Not for profit company. We are setting up organisation for data resource management professionals. It is a not-for profit limited company which will be providing monthly seminars on data. The question has come up what insurance do we need eg public liability insurance and professional indemnity insurance. If are meet ups are in a location that has public liability insurance - do we also need to have this insurance. Also as we do not provide advice and are vendor neutral would we need professional indemnity insurance?. Really appreciate any feedback on this...
Other What Insurance is required for a Not for Profit Company
- Thread starter MUM2KIDS
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On the question of public liability insurance, if someone trips and falls at one of your seminars then they can and will sue you as well as the venue owner. You may be unlikely to be held liable but you dont need the worry.
As a consequence of it being unlikely that you would be liable public liability insurance in the case doesn't cost very much probably a few hundred a year.
As to the professional indemnity insurance, this depends on the service you are offering. You probably need good legal advice to word your offering in such a way that you have no liability. Professional indemnity insurance is awkward because it has to run long term, some one can claim in the future based on advice received in the past, if you have discontinued the insurance you have no cover.
The fact that the company is not for profit is largely irrelevant.
You need proper advice.
As a consequence of it being unlikely that you would be liable public liability insurance in the case doesn't cost very much probably a few hundred a year.
As to the professional indemnity insurance, this depends on the service you are offering. You probably need good legal advice to word your offering in such a way that you have no liability. Professional indemnity insurance is awkward because it has to run long term, some one can claim in the future based on advice received in the past, if you have discontinued the insurance you have no cover.
The fact that the company is not for profit is largely irrelevant.
You need proper advice.
T McGibney
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If you don't propose to give advice, how is professional indemnity insurance relevant?
Well if someone goes to one of these seminars and later says, " I went to a seminar, and was told such and such, and I acted on that, and now I am at a loss" They could well take a claim.
Now the OP could try to insure against this, but PII is not straight forward. My suggestion is that they carefully disclaim any liability in advance, but to be honest that is not fool proof either.
T McGibney
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- 6,180