Nonprofit Insurance Options
Types of Nonprofit Insurance Coverage
Is your Nonprofit Protected?
There are many types of insurance options available to nonprofit organizations to help protect the nonprofit from claims and lawsuits that destroy the good work offered to your community. Often times, general insurance agents don’t take the time to educate nonprofit directors on the exposures and risks you face on a daily basis. Below are the types of insurance coverages you should look for in your insurance protection plan:
- Accident & Health Insurance for Volunteers – offers payment for medical expenses in the event a volunteer is injured while working for your nonprofit organization.
- Business Auto Insurance – provides unique coverage for vehicles owned and being used by volunteers or staff for your nonprofit organization.
- Commercial Property Insurance – provides coverage if your building and contents are destroyed by a fire, vandalism, or theft.
- Directors & Officers Liability Insurance – provides coverage for your board of directors in the event a lawsuit is filed naming the directors.
- Employee Dishonesty Bond – provides protection in the event an employee of the nonprofit forges a check or steals money.
- Employment Practices Liability Insurance – provides protection in the event a volunteer or employee alleges discrimination, harassment or a hostile work environment.
- General Liability Insurance – insurance protection in the event a visitor of your organization injures themselves while on your property.
- Sexual Abuse & Molestation Insurance – a critical insurance providing coverage in the event allegations are filed accusing a volunteer or employee of the nonprofit of abusing or molesting a child. This is a coverage that often needs to be purchased in addition to the general and professional liability insurance.
- Special Event Insurance – provides insurance protection for fundraisers and other events that a nonprofit may hold to raise money for special projects.
- Professional Liability Insurance – provides coverage for a nonprofit that offers counseling, medical services, or advice to their communities when a lawsuit is filed alleging that misinformation was given.
- Umbrella/Excess Insurance – offers an additional layer of insurance protection overtop of your other key policies (i.e. liability, business auto, commercial property).
These insurance coverages are some of the most critical coverages your nonprofit should consider when purchasing insurance for the first time or prior to renewing your current nonprofit insurance policies. Review your nonprofit’s current coverages to make sure you are properly protected for your daily exposures and risks or contact a nonprofit insurance consultant today for more details at 800-673-2558 extension 112