Non Profit Insurance
Non Profit Insurance Information
Organizations come in all types and sizes, so it makes sense that each one has its own set of unique insurance needs. With the right coverage, business owners don’t have to worry as much about recovering from unexpected accidents. Use this guide to nonprofit insurance to make sure your business is covered.
What Nonprofit Business Insurance Do I Need?
You must insure multiple features of your business and operations. That will naturally require more than one insurance policy. How can you do that both efficiently and affordably?
Some of the policies you might need include:
We will help you determine the who, what, where, why and how of nonprofit insurance. Whatever coverage you choose, you’ll always get targeted protection at budget-friendly prices.
What Is BOP Coverage for A Nonprofit Business?
BOPs, otherwise known as Business Owners Policies, are an easy way to get several types of coverage in one place. These packages contain common types of commercial insurance that apply to a multitude of industries. They often include:
Property insurance:If something damages physical property like your building or possessions, this coverage can help you repair or replace them.
General liability protection: Covers the business if it causes property damage or bodily injuries to another party, like a client or vendor.
Interruption coverage:Helps you pay the bills if you must temporarily close after a damaging accident.
Each BOP differs. Someone will offer expanded coverage add-on options like cyber liability or professional liability insurance. Ask your agent about the specifics of your policy.
Commercial Auto Insurance for Nonprofits
Do you own a vehicle specifically for your nonprofit business? Do you use your personal car on official business travel? If you answered yes to either question, you might need commercial auto insurance. This coverage will help insure your business’s investment risk in operating vehicles.
Some of the coverage in these policies might include:
Liability insurance:Your state will often require all drivers to carry this coverage. If a policyholder is atfault for an accident, coverage can compensate third parties for their injuries, property damage or other settlements.
Collision coverage: Pays for damage to your own vehicle after an accident.
Comprehensive insurance: Pays for damage to your vehicle after nonaccident damage. Covered accidents might include vehicle fires, theft, vandalism and weather damage.
Uninsured/underinsured protection: If another driver causes damage to you, they might not have adequate liability insurance. This coverage can pay the costs that person might owe you.
Medical coverage: If you get hurt, this coverage can pay for your medical costs.
Depending on the type of business and vehicles you operate, you might need other coverage, such as inland marine, cargo or trailer protection. Ask your agent about any coverage more specific to your industry.
Workers’ Compensation for Nonprofits
Workers’ compensation insurance extends to the needs of employees who get hurt or sick on the job. It essentially works to supplement the income the affected parties might lose because of the accident. With coverage, an affected employee might get help with medical bills, rehab costs and other financial needs, which can help their recovery and eventual return to work.
For example, suppose an employee falls on their way to the bathroom. They might break a bone, get a concussion or have other injuries. Because the injury happened in the course of their duties, the business might be held responsible for the employee’s injuries. Regardless of whether the business was negligent in the accident, they often have to offer the employee workers’ compensation. Most businesses in the United States must offer this protection to their employees.
Professional Liability for Nonprofits
Professional liability insurance extends to professional mistakes made by the business or its employees. If your clerical errors, professional advice or other factors harm a client financially, they can make a claim on this coverage. So, you’ll be able to settle with the client for their losses.
Additional Nonprofit Business Insurance Policies to Consider
If you’re running a nonprofit out of your home, you may need to adjust your homeowners or renters insurance policy. Many of these policies exclude coverage of business-related claims, and some even forbid using your home for business purposes. That means if you run a nonprofit there and the insurer finds out, your coverage could be limited or considered void. It’s best to be up-front and get the coverage you need.
Additional coverage options:
Product liability: Protects your organization from lawsuits by customers claiming they were hurt by an unsafe or defective product you provided
Directors and officers insurance: Covers the cost of defending the directors and officers if they are named in a lawsuit against your nonprofit
Where Do I Get Nonprofit Business Insurance?
We are here to help with your nonprofit business insurance package. You’ll always get effective coverage at reasonable prices. Don’t hesitate to contact us today for a quote!