[Noisebridge-discuss] Insurance notes
David Molnar
dmolnar at eecs.berkeley.edu
Wed Jan 23 23:43:25 UTC 2008
Hi,
"Greg", a principal at Bonafide Insurance just called me to discuss some
of the org questions we had. Here are some quick notes. (I will also add
them to the wiki later).
* We need a "business owners package" that includes general liability
and slip and fall. It will also include a small amount of theft insurance.
* If we have employees, or contractors treated as employees, the state
requires workers' comp.
* Members that pay membership dues to an organization, however, sound
more like "clients" than employees. The liability package will cover
"clients." If we decide later to sublet part
of the space, we want the sublettor to get a certificate of coverage and
to name us as an additional insured.
* They can write policies for LLCs, S and C corps, registered
partnerships, or non-profits. HOWEVER non-profits have a smaller pool of
underwriters and may have a harder time getting insured. That being
said, if the tax benefits are good, go with the nonprofit, it is not
that bad a downside. Talk to your attorney and CPA.
* With regard to structure, and what happens when members leave, it
sounds like the easiest thing to do form the LLC/nonprofit and then
treat members as paying clients. Then the policy is held by
"Noisebridge" and we don't have to bother the insurance company when
someone joins or leaves the space. He seemed to think the join/leave
issue was a reason to avoid the partnership approach.
* Down the line, but not now, we may want
1) Director and officer insurance - incl. "wrongful decisions"
2) "Employment practices liability" - incl. sexual harassment, etc.
-David Molnar
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