What to Look For in Your Non-Profit Organization Insurance
As a non-profit organization, you want to maximize the amount of money that you can put towards your organization’s objectives.
That means that you will try to keep your outgoings as low as possible.
There are, however, some outgoings that are important for the survival of your organization, and one of those is insurance.
Read on as we take a closer look at what to look for in non-profit organization insurance.
General Liability Insurance
General liability insurance is important for any type of business.
It covers general claims of injury, illness, and property damage against your business. Say that there was an injury during a fundraising event your business had organized. General liability insurance would cover you against any potential lawsuit.
It can also cover defense costs and attorney fees. Without general liability insurance, you could find your organization facing serious financial consequences.
Professional Liability Insurance
Professional liability insurance is important for non-profit organizations that offer advice.
There is a chance that someone could come to harm because of advice that your organization has offered them. If this is the case, then professional liability insurance will cover you. Even if a claim is false, professional liability insurance. can help to cover legal costs when fighting the claim.
Without this insurance, fighting a claim of this type can eat up money from your organization. You can discover more about non-profit organization insurance here.
Commercial Property Insurance
If your non-profit organization has a property and other assets, then you’re going to need this insurance.
This type of insurance protects your property and its contents from risks such as a fire, flooding, vandalism, and even theft. If your property is destroyed by a fire and you don’t have this type of insurance, your organization could be left with nothing. Commercial property insurance is there to ensure that you are protected even if the very worst happens.
If your organization doesn’t own a property, you should consider contents insurance. This can protect items such as work laptops and other assets.
Directors and Officers Liability Insurance
Directors and Officers Liability Insurance is also known as D&O insurance.
It covers your organization from lawsuits brought against its directors and officers. It also covers defense cost for fighting such allegations. It will even cover awards and settlements that have to be paid for wrongful acts or behavior.
Having this type of insurance can also help to encourage qualified candidates to sit on a non-profit organization’s board. They know that they are protected against any potential suits.
Don’t Neglect Non-profit Organization Insurance
As an NPO, every cent counts. You may feel that non-profit organization insurance is just another outgoing that you can’t really afford to make. However, if you don’t have the relevant insurance, you leave your business at great risk of financial damage or even complete collapse. Non-profit insurance ensures that your organization is safe even if the worst happens.
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