Why do clubs have Insurance?
Insurance is not a substitute for risk management. Getting insurance should only come into the picture when you’ve done all you can to minimise risk. To learn more about Risk Management click here.
No one can tell you what sort of insurance you need – you need to consider your organisation’s own risk profile and appetite against what insurance policies can cover and will cost. When comparing policy quotes, make sure you take particular note of limits, excesses, exclusions and geographic coverage.
Some not-for-profit organisations believe that because they have become an incorporated association, they cannot be sued. This is not the case.
Incorporation creates a legal entity that is separate from the individual members. Board members of unincorporated bodies can be sued as individuals. Incorporation provides a certain amount of limited liability for members. However, it may not protect the organisation or individual directors in cases where negligence can be proven.
The more you can minimise your exposure to risk through rigorous processes and procedures, the better off everyone will be.
For most not-for-profit organisations, insurance is an essential component of risk management and a key way to manage losses. Even the most prudent and effective organisations can’t foresee everything and prevent accidents from occurring.
You want to make sure that the people who help you and are part of your organisation are covered for any potential liability, injury or loss. You also want to ensure that your equipment, materials and property are protected.
A major reason why you need insurance is to ensure that you are not forced to close if you are exposed to a claim. While not all claims are enormous, the possibility of a multi-million-dollar claim does exist.
Burglaries and thefts are also a very real possibility for most organisations and the effects of losing equipment can be devastating.
Obviously, insurance costs money, so it is important to verify that you are insured for exactly what you need and not for anything you don’t really need.
Bowls WA has a partnership with Domina BCiB – the Bowling Club Insurance Brokers and recommend them to all Bowling Clubs to discuss club insurance needs.
The following PDF documents will provide you with a good understanding of what Domina BCiB can offer.