What Kind of Insurance Does Your Non-Profit Need?

Find out how to secure the right nonprofit insurance for your needs.

As a nonprofit owner, you will know that running one is hard work. There are very few hard-and-fast rules for how to do things successfully. While you know you need insurance to protect your cause and organization, you may not know exactly which insurance policies are right for your nonprofit. Here are a few questions to consider to narrow down your search.

Does your nonprofit involve a small team making important decisions?

If yours, like most nonprofits, involve a certain number of people who make the decisions, then you will need Directors and Officers Liability (D&O) insurance. This typically covers claims and lawsuits about alleged or legitimate ill-judged decisions from such a board. Believe it or not, but twice as many nonprofits file a D&O claim as for-profits.

Does your nonprofit interact with other people of their property?

Although this is a pretty broad question, there are some insurance policies that are wise for most nonprofits. Generally, if your nonprofit interacts with members of the community and sometimes operates on other people’s premises, then General Liability insurance is a must. This coverage gives you a broad scope of coverage if you are held legally responsible for someone’s injuries or damage to someone’s property. It will also cover you financially in courts.

Does your nonprofit have employees?

Even if there is only one employee, you must secure Workers’ Compensation. This is a type of insurance that provides medical and/or disability coverage for employees who get injured or sick while working for your organization.

Do keep you store important information on a computer?

Whether it’s volunteer information or employee contact details, storing data online is common for nonprofits. Depending on what information your nonprofit collects and where you keep it, Cyber Liability insurance may need to be a consideration of yours.

To secure your nonprofit the insurance coverage it needs, contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298.  Our dedicated team is ready to assist you with all your nonprofit insurance needs.