Non Profit Insurance
The nonprofit sector in the USA is fairly large. Nonprofits are one of the few classifications that cover every industry, as any company can be a nonprofit so long as it is not a profit-driven enterprise. The following insurance policies should cover the basic needs of most every nonprofit organization.
General Liability Insurance
General Liability Insurance is a go-to product for most businesses. This highly common insurance policy is designed to protect your business from insurance claims as a result of incidents for which either you or your employees are responsible. This can include:
- Personal Injuries that occur on your property (limited to non-employees)
- Damage that either you or an employee inflicts on someone else’s property
When Should You Get General Liability Insurance?
- Immediately. Every nonprofit that does hands-on work, or completes work that utilizes an office space, should purchase General Liability Insurance.
- If a client accidentally slips and falls while in your business office, your business will be liable for personal injury damages.
Other Things to Note:
- General Liability Insurance is designed for any business that deals directly with individuals but does cover basic concerns for every business. Even if your business works remotely and never physically interacts with clients or customers, you will need to be insured in case your business is sued for a reason covered by this insurance.
- Injuries within the nonprofit sector can vary depending on your specific industry. If your business involves any form of personal risk to your employees, you should strongly consider Workers Compensation.
When Should You Get Workers Compensation?
- Check with your state’s legal requirements for having a Workers Compensation policy. Many states have very minimal employment requirements in place that demand businesses purchase a Workers Compensation policy.
- If an employee for a health services nonprofit is accidentally exposed to a virus while administering inoculations, he/she may qualify for Workers Compensation.
Other Things to Note:
- Workers Compensation plans are not a substitute for a healthcare policy. However, they will cover some medical expenses. Workers who were injured as a result of completing required tasks may still receive compensation benefits even after they have already returned to work. Employee lawsuits against companies are often the result of Workers Compensation grievances.
Commercial Property Insurance
Commercial Property Insurance is designed to protect your business in the case that you lose valuable property. The loss of property can cause an immediate interruption in your business, something that some businesses are unable to recover from. The type of properties covered by this plan include:
- Buildings, warehouses, offices or other physical properties that are used for the business
- Physical assets such as office equipment and computers
When Should You Get Commercial Property Insurance?
Once your business begins to acquire physical assets, you should consider purchasing this insurance policy. This is especially important if your business cannot operate without these assets.
If a heavy storm causes a tree to fall on and damage your office, you may lose valuable property and experience a significant stop in business. This insurance policy will cover any lost property that is insured under the policy.
Requirements for Non Profits
Before you're offered coverage, you may be asked to provide some of your records. This may include a list of any legal claims your organization has faced in the past and any hazardous behaviors the company engages in (no matter how charitable those behaviors are). This helps with our risk-assessment process and ensures that the policies we offer are enough to protect your organization in the event that one or more of them is needed