The Basics: Property Insurance for Non-Profits

What you need to know about nonprofit property insurance.

Every organization depends on its people, its places, and its things.  While the people of your nonprofit are protected through liability insurance, the broad categories of people and things require coverage as well.  That’s where property insurance comes in.

What is property insurance?

Property insurance protects your nonprofit’s buildings, equipment, inventory, supplies, and other materials.  Property insurance covers the cost of replacing or repairing these things.  Property insurance will cover the damages caused by fire, hail, windstorms, theft, and vandalism.

Do I need this coverage?

Yes.  Nonprofit property insurance is one of the critical types of coverage that your organization needs.  Even if you do not own the building that your nonprofit works out of, the things inside your buildings are still at risk.  Remember, property insurance doesn’t just protect your physical building, it protects your nonprofit’s personal property from disasters.  In many cases, your rental agreement or lease might actually require you to have property insurance.

Where do I begin?

The first step in getting property coverage is taking an inventory of all the equipment and materials necessary to carry out the business of your nonprofit.  Inspect your workspace including your office, garage, warehouses, and so on and list everything that you see that requires coverage.  Don’t forget to include digital equipment such as computers, printers, phones, and so on.  You should also include your data in your inventory.  Once you’ve compiled your list, do your best to estimate the cost it would take to replace each item.

Once you’ve completed your inventory, speak to your nonprofit insurance provider.  If you are looking for the best non-profit coverage in Colorado, then trust the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298.  Contact our dedicated team to get the coverage you need today.