Top Insurance Coverage Your Nonprofit Should Review

Top Insurance Coverage Your Nonprofit Should ReviewThe insurance coverages you should plan to review often.  

As a nonprofit owner, you will know that the end of the year is a busy time for you. Not only are you preparing for the holidays, but you have to juggle tax deadlines for fundraising, maintain daily operations, and inspire people to donate generously over the festive season. Although this time of year may be hectic, you should spare some time to review important insurance policies. These work to actively keep your nonprofit thriving, but they are only effective if they are up to date with your organization.

With that in mind, we’ve compiled a brief list to help your nonprofit maintain coverage and manage risk over the season. Be sure to review these insurance policies.

Cyber Liability Insurance

Unfortunately, the end of the year is a prime opportunity for hackers to strike. A breach during a period in which you typically do your most successful fundraising could have a devastating impact. Donations are incredibly important to your nonprofit’s success, which is why you should be extra diligent about cyber safety during these next few months. 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.

Directors & Officers Liability

Typically, leaders of nonprofits are under greater scrutiny than ever. If you don’t have directors & officers liability insurance, you are leaving your organization vulnerable to a claim that could severely damage your organization and cause financial ruin. D&O insurance covers settlements and judgment associated with company board members, meaning that your nonprofit has a better chance of success even if an issue does arise.

Workers’ Compensation

Nonprofits operate on a tight budget and need the maximum number of dollars going to the people or causes you serve. Efficiency is essential, and you cannot afford to overspend. Workers’ Compensation is a great way to safeguard your team without spending a fortune. Ask your agent for ways to save, such as finding ways to lower long-term costs.

It pays to review your insurance often. Are you ready to secure 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.