Nonprofit Insurance Program

Nonprofit Insurance – Are you Protected?

By Alexa Connelly
September 27, 2012

Insurance is different than risk management in the way that insurance trades the uncertainty if a large financial loss for the certainty of a fixed premium whereas risk management includes anticipation, avoidance, controlling and financial risks. Because most nonprofits cannotafford to pay for claims, insurance is usually needed to keep the organization up and running. After a careful review of your nonprofit exposures, you can decide what type of coverage you would like to have in place. The appropriate coverage’s vary depending on the exposures that face each nonprofit. There are three types of claim categories,

  1. claims and lawsuits filed against the nonprofit and its staff
  2. claims for injuries to staff
  3. claims for property a nonprofit owns or controls

Many different types of insurance are available to cover all three of these categories. Usually it is unlikely that a single policy can insure all of your risks, which is why it is important to get an insurance policy that is tailored to your nonprofit organization. To be sure that your nonprofits insurance needs have been met you must be honest about the exposures natural in your operations, check all of your policies for exclusions, and selectan agent or broker who understands your nonprofit organization.

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