What Type of Insurance Should Non-Profits Have?

Protect your nonprofit organization with the right insurance.

Even though you set up your nonprofit organization for a noble cause, there are still risks, just like any other business. Even with the goodwill surrounding many nonprofit organizations, there still needs to be a responsibility of the nonprofit to do what is right.

Unexpected expenses caused by accidents and misrepresentation of members impact a nonprofit organization significantly. This time and money could otherwise be put into the organization to benefit others.

To ensure that your nonprofit is protected, check out these insurance coverages.

General Liability Insurance

This insurance protects your nonprofit against circumstances like the classic slip and fall. It helps to pay for damages resulting in injury and accidents involving a visitor, customer, supplier, or associate on your property.

Property Insurance

If you own or rent a space in which to operate your nonprofit organization, property insurance is a must. This coverage is designed to protect your organization’s wallet in the event of a fire, earthquake, vandalism, storms, and more!

Auto Insurance

Do your team of staff or volunteers drive organization-owned vehicles? Just as you wouldn’t drive your own personal car on the roads without insurance, your nonprofit shouldn’t, too. Talk with your insurer about securing auto insurance that meets Colorado’s auto insurance requirements.

Directors and Officer’s Insurance

Your nonprofit’s board of directors and officers could be personally named in a lawsuit against your nonprofit alleging fraud or financial mismanagement. Such a circumstance can take a hefty toll on your organization’s funds. Insurance is there to cover the cost of defending the directors and officers as well as helping to pay any resulting money damages.

Professional Liability Insurance

A slip up may seem like no big deal – until you’re slapped with a lawsuit. Professional liability coverage, often called errors and omissions insurance, protects against liabilities resulting from mismanagement of the organization, as well as discrimination and sexual harassment.

To get your nonprofit the insurance coverage it needs, contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298.  Our dedicated team is ready to assist you with all your nonprofit insurance needs.