Facts to Consider When Purchasing Nonprofit Insurance

Facts to Consider When Considering Nonprofit Insurance

Shopping for insurance for your nonprofit organization can be a fairly stressful process, but there are a few facts you must consider when purchasing nonprofit insurance.

Most directors find the idea of shopping for nonprofit insurance to be the furthest things from enjoyable. Why? Insurance is confusing, and most of the time, insurance agents don’t understand your directive, mission, and vision, which can make it hard to properly identify your insurance needs. When it comes to your nonprofit organization that you built with blood, sweat, and tears, take the time to understand insurance and the facts you need to consider before you purchase any policy.

Insurance for Nonprofits

Many nonprofits choose to forgo insurance, with the most common reason being that the cost is too high and the amount of work that is involved is too demanding. But this can be a costly error. It’s the only way you will be able to afford to protect your mission, services, employees, and board members in the event of an accident or lawsuit against your organization.

Things to Know

  1. Nonprofits Can Be Sued – There are state laws or charitable immunities given to your nonprofit. Like every other business, it can be sued.
  2. Nonprofits Need Multiple Policies – There is no one-size-fits-all option for nonprofits. Every NPO’s risks need to be assessed. Only then can proper coverage be given.
  3. You Get What You Pay For – If you want to take a short cut with your coverage, don’t be surprised when your insurance agency takes a short cut in reimbursing you for your losses.

Contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298. Preventing slips, trips, and falls is one thing, being protected in case of an accident is another. Make sure that your nonprofit is properly covered. We will work with you to ensure you are getting the most out of your coverage.