Nonprofit Insurance Factors to Consider

What to consider when shopping for nonprofit insurance.

Shopping for nonprofit insurance is not something most directors find enjoyable. It can be a confusing, overwhelming, and time-consuming task – but it is an important one. To help you understand the nonprofit insurance world better and to secure the right coverage for your needs, here are a few facts to consider.

Nonprofits can be sued. There’s a common misconception that if you are a not-for-profit organization, that you can’t be sued. The reality is that charitable immunity is a concept long gone and forgotten about by our legal system. Nonprofits can receive lawsuits for several different reasons, including honest mistakes and poor management decisions.

You may need multiple insurance policies. In insurance, there is no one-policy-fits-all. You may need a couple of different insurance policies to adequately cover your nonprofit. General liability, professional liability, cyber liability, and non-owned auto are just a few coverages you may need to consider.

Working with an agent can save you money. Many insurance agents are not familiar with the nonprofit industry and end up treating such an organization the same as a for-profit company. This can negatively impact your coverage and bottom line. Always work with nonprofit insurance agents who understand the unique risks and concerns you face on a daily basis. They will help ensure you’re adequately covered.

Securing the right insurance doesn’t have to be hard. 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.