If you have or are involved in a non-profit business or organization, you may feel that business-style insurance is unnecessary. One may not believe a non-profit is subject to liability issues like a for-profit company. Perhaps you may not believe someone would sue a charitable or non-profit organization. The reality is, however, other than the differences between how a non-profit and profit organization are treated by taxing authorities, they share more similarities than differences.
Here are some reasons non-profits need business-style insurance protection.
Non-Profits Have Assets That Can Be at Risk
Like their for-profit counterparts, non-profits have assets that can be lost through a fire or other natural disaster, or even through theft or vandalism. In some cases, these assets can be substantial. Computers, software, office equipment, furniture, educational and promotional materials and other assets can be expensive to replace.
Non-Profits are Subject to Liability Claims
Even if a non-profit organization leases or rents the space for its operation, it can still be subject to liability claims from a slip or fall or other issue. A client, volunteer, employee or even delivery person who gets injured on your leased or owned property can hold you responsible. Liability insurance can cover legal costs, pay any claims and even take care of any settlement resulting from a liability claim.
Board Members Can Be Held Responsible
Professional Errors and Omissions coverage can help protect board members of a non-profit for decisions associated with the non-profit. This is a specific form of insurance designed particularly for members serving on a board.
Owned Real Estate May Be at Risk
If your non-profit owns real estate, that property is still at risk from natural disasters, vandalism, theft and other threats. Churches, in particular, tend to have sizable real estate assets that should be protected from wind, rain, fires and flooding. A well-operated non-profit won’t just rely on the goodwill of its supporters to recover from a disaster. It will take pro-active steps in making sure the organization can continue its work even after a loss.
Getting the Coverage You Need & Deserve
Our independent agents can assist you and your organization in getting the protection you need and deserve. We work with a variety of insurance providers, many of whom specialize in insuring non-profit organizations. We can review your risks, and provide options to minimize those risks. Contact us today for your free consultation and quote.
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