2 Insurance Tips You Can’t Miss for Your Nonprofit

2 Insurance Tips You Can’t Miss for Your NonprofitThese tips for your nonprofit will ensure your business is covered for what you need.

Nonprofit organizations (FIFA excluded) are guided by a mission, vision, and a passion for making the world a better place. They are enthusiastic about what their goods and services can offer individuals and communities because of their drive to make things better. New nonprofits have heightened sense of urgency, as they see the success that other nonprofits have had with their community. Unfortunately, this eagerness is often met with poor decisions when it comes to technology, accounting, and insurance. Insurance is that giant mammoth in the room that somehow many nonprofits tend to ignore which often comes back and stomps their organization to the ground. Here are 2 ways you can build an effective and valuable insurance program at your nonprofit.

  1. Make sure your budget is appropriate

New nonprofits often procure about insurance without the proper budget for the coverage they need. More often than not, their expectation of the cost of insurance is unrealistic—make sure to get proper quotes to get a better idea of what you can expect and appropriately make changes to your budget.

  1. Start early

Starting your insurance coverage as early as you can can save you in two ways:

  1. establishing an insurance history from the very beginning of your nonprofit may qualify you for future coverages and even future discounts.
  2. The earlier you have coverage, the easier it is to properly make a good annual budget; the expense will not come as shock later on.

Contact Colorado Nonprofit Insurance Services in Denver, Colorado for all of your worker’s compensation or any other insurance needs. We will work with you to ensure you have the right amount of protection to meet your specific needs, all at the right price.