Nonprofit organizations and their staff handle enormous and varied responsibilities each day – from managing tight budgets to engaging volunteers and donors to fulfilling the organization’s mission. Since so many nonprofits are singularly focused on a particular cause, organizations often neglect to identify and protect against risks that could leave the organization and its board members and officers exposed.
This is where Nonprofit insurance comes in.
Nonprofit insurance is business insurance designed to accommodate the needs of a nonprofit organization. It’s crucial for nonprofits because it can protect against various risks, from a car accident involving an organization’s vehicle to a slip and fall in the organization’s office. The coverages an organization will need vary based on what exactly they do and what assets they hold, but the basic coverages include:
- General Liability. This coverage protects against several claims, including third-party damages and customer injuries, making it an essential part of a nonprofit insurance policy.
- Commercial Auto. This coverage protects the vehicles used by the organization and from liability associated with accidents involving the insured vehicle.
- Business Owners Policy (BOP). This coverage combines general liability with commercial property coverage to form one easy-to-manage policy.
- Workers’ Compensation. This coverage covers your employees should they become injured or ill at work.
- Cyber Liability. This coverage covers any liability and cleanup costs associated with a cyber-attack.
- Group Health Insurance. This coverage provides health insurance to your staff. You can also add supplemental coverages such as dental, vision, and life.
The cost of nonprofit insurance depends on several factors, including organization size and coverage needs. The factors can include the following:
- Any property owned by the organization, including buildings and automobiles.
- The operations of the organization and what risks it exposes them to.
- Whether or not the organization utilizes volunteers or employees or both.
- The claims history of the organization.
- And more.
Just as any business or organization has risks associated with employees, board members, data or fraud nonprofit organizations of all sizes are not immune. Claims and threats of litigation can be from vendors, donors, competitors, employees and even government regulators. In fact nonprofit organizations file twice as many D&O claims than public and private companies, 85% of claims filed are employment related and every nonprofit organization is at risk of a data breach as they keep and maintain donor financial files, employee records, client data, and even volunteer data.
Insurance can be overwhelming, and you don’t need to be an expert. We are here to help. At Gannon Associates Insurance, our licensed and dedicated agents will work directly with you. They take the time to get to know your unique organization and what risks you face, pairing you with the right insurance carrier and coverages for your needs and budget. We also stay by your side even after purchase, our service team will be here to help with any changes or questions you have and our in house loss control team guides you through any risk management tasks needed and works with you in the event of a loss.
Give us a call today at 844-GANNONS or visit our website at https://gannonassociates.com/insure-your-non-profit-today/ to get the conversation started!