Nonprofit Insurance Tips You Can’t Afford to Miss

Protect your nonprofit before an accident or damage occurs.

New nonprofit organizations are often buzzing with excitement and urgency for what they are setting out to do. Unfortunately, that enthusiasm can be foiled by poor decisions or lack of consideration about proper insurance protection. While it may be last on your list of things to think about, insurance is a must for nonprofits. Be sure that your nonprofit follow these must-do tips that will help secure the right coverage.

Start early. The earlier you have insurance coverage in place, the easier it is for insurance to become a part of your annual budget. Furthermore, getting it ASAP means that your nonprofit is thoroughly covered from day one. Insurance coverages such as general liability and directors and officers liability can eat into a large part of your budget as you begin your nonprofit, but it will cover you should the unexpected happen.

Budget appropriately. New nonprofits may not have much of an idea of a budget until they are faced with insurance. An insurance budget needs to be realistic. Work closely with your insurance agent to sculpt insurance to your nonprofit’s needs so that you are only buying coverage you need.

Practice risk management. While accidents and disasters are unpredictable, your risk mitigation practices can be consistent and rock solid. Nonprofits that place a priority on risk management also tend to grow and perform at a higher level over time.

Protect your vision. Even though you’re a new nonprofit now, you won’t be forever. Nonprofits are usually driven by purpose and vision. Insurance is a tool that protects your promise in the face of an unexpected claim event by providing funds to replace assets, defense costs in a lawsuit, and guidance throughout the claims process. As your nonprofit grows, your insurance will also need to.

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.