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Ep. 2 - Nonprofits and Insurance
Manage episode 371699553 series 3494933
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May Harris hosts Bill Brennan, Principal, CRO of CMR Risk & Insurance Services, to discuss the often overlooked necessity of insurance for a nonprofit. Often a start-up is unaware or doesn’t believe insurance coverage for a nonprofit is necessary. The simple fact is board members can be liable; employment litigation is common, and not having the proper risk management tools in place can put a nonprofit out of business. Don’t miss this informative discussion.
IN THIS EPISODE:
- [00:44] Bill discusses his role at CMR Risk & Insurance Services
- {03:49] The pitfalls that can plague a nonprofit and the type of insurance they may need
- [07:00] The timeline for procuring insurance
- [09:28] Two insurance coverages that nonprofits and board member liability
- [18:52] Employment risks for nonprofits are significant
- [26:29] Bill explains the resources provided by CMR
- [28:22] Bill reinforces the need for risk management in a nonprofit
KEY TAKEAWAYS:
- Strong emotions tied to a nonprofit's mission can intensify legal disputes among its members.
- The importance of risk management is frequently disregarded during the establishment of a nonprofit organization.
- A nonprofit organization lacks the authority to determine the classification of its employees for compensation.
RESOURCES:
For Profit Law Group - Website
GUEST BIOGRAPHY: Bill Brennan
Bill Brennan possesses over 24 years of industry experience as a Principal, Broker, and Manager at Marsh & McLennan Agency and Barney & Barney Insurance Brokers. Bill holds the Certified Insurance Counselor (CIC), Accredited Advisor in Insurance (AAI), Construction Risk and Insurance Specialist (CRIS), and Property Risk and Insurance Specialist (PRIS) insurance designations. Bill is a graduate of the University of San Diego and is actively involved in many philanthropic organizations, including Big Brothers Big Sisters of San Diego, various University of San Diego initiatives and co-founder of the Daisy Miracle Foundation at UCSD.
ABOUT THE HOST:
May Harris has been a pioneer of nonprofit law practice for over a decade, having founded For Purpose Law Group in April 2012. She serves the nation's nonprofit sector with unparalleled expertise, prioritizing her client's missions, visions, and values. She specializes in nonprofit & tax-exempt organizations, social enterprise & business law, and estate planning & charitable giving.
May received her undergraduate degree from the University of Utah before pursuing and obtaining her Juris Doctor from the University of San Diego in 2000. She practiced intellectual property law for a large biotech company for several years before a fateful flyer came home in her son's lunchbox. His school was looking for parents who were licensed attorneys and could form a nonprofit on their behalf. May agreed to form the organization and then found herself serving as director of its board. With her legal expertise and newfound knowledge of nonprofit law, she realized the nonprofit sector was severely underserved in legal representation. She decided to fix this.
She returned to school, earning her Master of Nonprofit Leadership and Management from the University of San Diego in [year]. With this education, she, along with some of her fellow graduates, founded For Purpose Law Group (FPLG). In the subsequent decade, May has molded FPLG into the “go-to” law firm for nonprofits in Southern California. The firm is constantly expanding its locations and service areas, with the ability to assist organizations across the United States.
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