How Does Nonprofit Insurance Work?

How Does Nonprofit Insurance Work?

Nonprofit insurance does not exist in a one-size-fits-all fashion, which is why you must understand your unique needs before you purchase any policy. 

Nonprofit insurance is an overwhelming experience for most nonprofit directors. The primary reason being the disconnect between the insurance agent and the organization’s unique needs, which, more often than not, leads the agent to treat the organization like a business rather than a nonprofit. One common error that insurance agents make is not thoroughly explaining the insurance coverages and their benefits. Here are a few things that nonprofit liability insurance does about which all nonprofit directors should know.

Worth the Investment

Your first thought will almost certainly be somewhere along the lines of, “Well this is just too expensive.” But even the slightest error can lead to a lawsuit, and lawsuit claims are rising in the United States. Liability insurance is one of the things that every policy needs. Nonprofit insurance can help in the following ways:

  • Access to quality attorneys. When the lawsuit hits you, you don’t have to worry about finding a quality attorney to help represent your defense. Insurance companies have access to a wide variety of attorneys that provide protection for most nonprofit cases.
  • Pay the court fees. Settlement payouts depend on the nature of the offense and the success of your defense attorney.
  • Help manage the post-lawsuit reputation. The reputation of your organization may be damaged after the lawsuit. Nonprofit liability insurance can appoint an attorney which can help with your post-settlement reputation.

Nonprofit insurance can help your organization in the event of a liability dispute. Contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298. Make sure that your nonprofit is properly covered. We will work with you to ensure you are getting the most out of your coverage.