Greg, That is how our dive club used to be. I did some internet searching and noted many clubs are non profit and have waivers. Times are changing. We are presently looking into cost on becoming non profit organization. No one will get wages, but at same time we do not want anyone in the club held liable for an injury diving. I have found several threads on Scuba Board discussing and addressing these concerns.
Good idea to recommend dive insurance and sign waivers.
However it could be the family of an injured diver that could bring suit. There was a case I read about recently about a divemaster being sued by family for the death of a young student he had taught in an Intro to Scuba class. He had left the student to take 2 others to shore who were having problems. I believe the divemaster lost big time (See recent Undercurrent article).