DISCLAIMER: I'm an attorney, but not YOUR attorney, and maybe not licensed in your state, so this is general information only and not legal advice. Check with your own lawyer before taking any action.
It's crazy not to incorporate. Incorporation, when properly done, does indeed protect individuals from the financial liabilities of the club. What if someone is electrocuted at an event and it's not through the negligence of any one person? What if someone slips and breaks a leg on club property or at a club event? Your spouse and children might end up paying the damages if the club is not incorporated.
You still need appropriate property, liability, director and umbrella insurance. Our church pays about $100 per year for substantial board of director coverage.
You must respect the corporate form. Have the required annual meetings, keep good minutes, etc. It's not hard to do. If you do this, it is hard for anyone to recover from individual members or directors.
Account for club monies properly. If you don't know how, find someone who can. Then file proper tax or information returns.
Finally, if at all possible, get nonprofit status. You can receive tax-deductible contributions, and pay no income taxes (except for unrelated profit making activites).