Shopping for insurance policies is a daunting and lengthy process for nonprofits. It requires time to review and understand insurance proposals and terminology. Directors and Officers insurance is an important policy for Nonprofits to consider during an insurance review. Nonprofits need to understand what they are covered for, not covered for, and how they can fill coverage gaps. The biggest mistake a Nonprofit can make is to assume they are covered for every potential lawsuit.
Important Details to Review
There are many sections of an insurance policy. It is nearly impossible to understand all of them initially. Ask your insurance agent for clarity on these important details:
Insurance agents specializing in nonprofits can answer these questions with ease while identifying the impact on your nonprofit.
A critical section of any policy is the exclusions. Here are five common exclusions you need to understand before purchasing a DO insurance policy for your nonprofit.
These five exclusions leave room for potential uncovered claims. Some insurance policies offer policies specifically tailored to Nonprofits without these exclusions. Contact your insurance agent today to make sure you are properly covered for potential claims.