How Often Should a Nonprofit Review Policies and Procedures?

How Often Should a Nonprofit Review Policies and Procedures?Determine when your nonprofit should review insurance coverage.

As a nonprofit owner, you have a busy schedule to keep everything running smoothly. While you may be more concerned with incoming donations than your insurance coverages, don’t forget the vale that insurance brings to your nonprofit. Safety and security go a long way in supporting your thriving nonprofit. However, these insurance policies can only help if they are kept up to date with your nonprofit’s needs. So, how often should you review them to ensure they are in line with your nonprofit?

When your nonprofit grows and changes, it’s time to review coverage. No matter how small of a change you think it is to your organization, insurance can help to protect it all in the event of a disaster or accident. If your nonprofit has made any substantial changes like the following, it’s vital you review your insurance:

  • You have moved to a new building
  • You’ve purchased new equipment
  • You’ve made improvements to the property
  • You’ve increased stock
  • You are receiving larger donations than before
  • There have been changes to staffing/volunteers

Generally, it’s a good idea to review your insurance coverage at least twice a year. This is because small changes are not considered major enough to call the insurer. However, many minor changes can mean that you need to re-evaluate your coverage. Even if there have been no changes to your organization, it’s a good idea to evaluate existing policies to identify what works and what needs work.

Insurance policies are vital to the inner workings of your organization. Review them regularly so that they stay in line with your nonprofit’s needs. 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.