Easy Ways to Lower Your Nonprofits Insurance Costs

Tips to help you save money on your nonprofit’s outgoings.

As a nonprofit owner, you know just how important your finances are. You don’t have profit to spend or a large financial resource to fall back on, which is why you periodically ensure that your nonprofit’s outgoings are as small as possible. To help you save money, you can find and secure the right insurance policies. While you may think that this will increase your expenditure, your coverage will provide a safety net for when the worst happens. Luckily, there are ways to lower your nonprofit’s costs without sacrificing coverage.

Determine your insurance needs. You should understand the type of insurance you need as well as what insurance protect is required. The amount of insurance depends on the nature of your organization’s work, the size, how many employees and volunteers work there, among other details. Most nonprofits need general liability insurance, directors and officer’s coverage, property liability, and professional or product liability insurance. If you think you need more or less coverage, talk to your insurance agent.

Consider a higher deductible. The higher your deductible, the lower your monthly premium. When you choose to take on more responsibility in the event of a claim, therefore raising your deductible, the policy often comes down in price. Remember to keep your deductible at an amount that you can realistically afford.

Lower your claim risk. You can avoid expensive repairs and fees by lowering your nonprofit’s overall claim risk. From training employees and volunteers, maintaining a safe work environment, and taking care of your building, there are many ways in which you can lower your risk of claims.

Review your policy often. Make sure that your nonprofit insurance stays in line with your needs. Review your coverage often and re-evaluate your needs and situation. A good rule of thumb is to look over your policies twice a year. Here are some tips on what insurance policies nonprofits should review.

Are you ready to secure the right coverage for your needs? Contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298.