Insurance and Policy: What Should Your Nonprofit Consider?

Insurance policies your nonprofit should consider.  

Most nonprofits operate on a shoestring budget. They don’t have room in their finances to purchase unnecessary insurance policies or the wrong coverage entirely. This means that getting the right insurance and policy to guard against large risks is a smart move for nonprofits. Take a look at these five policies that can make all the difference when protecting your nonprofit.

  • General Liability Insurance

General liability is the policy that addresses bodily injury and property damage claims. It also includes a defense for personal and advertising injury claims, such as copyright infringement.

  • Property Insurance

Whether you own or rent a space from which your nonprofit operates out of, be sure to protect it with commercial property insurance. Instances such as a burst water pipe, fire, natural disaster, theft, and vandalism can hurt your organization and funds.

  • Directors and Officers/Employment Practices Liability Insurance

D&O is coverage that protects leadership against a variety of lawsuits. It is a management liability coverage that works to safeguard the nonprofit’s key people. Employment practices liability coverage helps to protect against claims arising from discriminatory practices and sexual harassment.

  • Workers’ Compensation

Workers comp is designed to safeguard your employees and volunteer workforce. It helps to pay medical expenses, disability, and death benefits for injured workers. Volunteer accident insurance pays for minor injuries to volunteers who are donating their time and expertise to your cause.

  • Cyber Liability Insurance

Donor data, employee information, confidential client details, and more can be accessed on a nonprofit’s computer server and devices. Cyber liability insurance is designed to protect you against loss of business and other risk exposures, such as loss of digital assets, funds transfer fraud, cyber extortion, accidental exposure of personal information, and more.

A great way to keep your nonprofit secure is by finding reliable insurance coverage. To find 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.