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I am a homeschooling mother and Certified Public Accountant (CPA) combining my experience and knowledge to help homeschool organizations such as co-ops, support groups, music and sports programs. HomeschoolCPA discusses the "business side" of running a homeschool organization. I'll also discuss running a home-based business while homeschooling and dabble a bit in other areas like personal finance and taxes.
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4:11 PM, Jun. 27, 2006
Insurance for homeschool groups part 2
(view similar articles on Non Profit Organizations)
In talking to a helpful insurance agent, I learned there are at least three types of insurance a homeschool group could possibly need:
General Liability (sometimes called fire insurance). It covers the property an organization owns or rents. This is what the church is wanting from our group. They want an insurance policy if our group damages their property. Someone suggested that we ask the church to add our group as a rider. It might be cheaper. Or, it was suggested, we should get "event" coverage. It might be cheaper since we don't meet every day in the church.
Accidental Medical coverage. This is for coverage if a child hurts him or herself while at our homeschool function. Since we don't have gym classes or physical activities I think my group will skip this type of insurance. We'll probably get the parents to acknowledge that they will cover their children's medical expenses.
Director and Officer insurance: This is to protect the leaders from being personally sued for liability. The agent said these policies start at $1,000/year. Yikes! He said it is because it includes provisions for employee s*xual harassment, etc..Because of the expense to the organization, some non-profits board members carry their own liability insurance. Personal liability insurance, sometimes called an umbrella policy, can be added to a homeowner's policy (I think). Our group doesn't have employees (or a very large budget) and so I think that we'll forgo the D&O insurance, also.
I've learned a lot. How about you? Anything you can add to my knowledge about insurance for homeschool groups?
Carol
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