The Types Of Insurance For Nonprofits

Insurance for Nonprofits Denver CONonprofits need these different types of insurance coverage.    

Of course, it would be a shame for any business to go under, but it’s especially tragic when it’s a nonprofit. When a nonprofit doesn’t survive, its community and the world lose its impactful service or product, leaving people underserved. Fortunately, with the right insurance coverage, nonprofits can ensure they can keep their doors open and their community served no matter what comes. If you want to ensure your nonprofit can weather any storm, make sure you carry these types of insurance.

  • General Liability Insurance: This policy protects your nonprofit against any damages it’s ordered to pay if someone who is not an employee gets injured on your property.
  • Property Insurance: Speaking of your property, this type of coverage will protect it against covered causes like fires, storms, and theft. It will also safeguard your inventory, equipment, and furniture.
  • Product Liability Insurance: If you’re selling a product, you need this insurance which will cover damages you have to pay if a faulty product causes someone harm.
  • Directors & Officers Insurance: When people agree to take a seat on your board, they expose themselves to risk. If they are personally named in a lawsuit relating to the work they do with your nonprofit, their personal assets could be subject to settlements. Fortunately, with this coverage your policy can step in to pay the damages, ensuring your officers and directors never put themselves at risk by sitting on your board.

Of course, the exact coverage you will need will depend on the unique work you do. To talk with an insurance agent who can understand your specific nonprofit and provide you with the right coverage for it, contact Colorado Nonprofit Insurance Agency. Serving Denver and the rest of Colorado, we’re committed to getting nonprofits the insurance they need to continue their important work.