General Liability is insurance that covers claims arising from property damage, personal injury and advertising mistakes during the performance of your charitable duties or at the time of your daily business operations.
Commercial Property insurance will protect the work location for your charitable institution from damage caused by fire, storm, earthquake or any other natural disaster. It covers the expenses for the repair or replacement of the property that has been damaged due to the covered losses.
Directors & Officers (D&O) insurance intents to protect individuals from personal losses if they are sued as a result of serving as an officer of the organization. The insurance also covers the legal expenses and costs your charitable organization may incur as a result of the lawsuit.
Even charities face risks, so they can benefit from the protection that insurance offers. It is the best way to manage risks if there is a liability claim against your charity. Moreover, defending a claim cannot only be expensive but a stressful as well - even if your charity is not at fault. The cost of the subsequent damages awarded could not only destroy your charity's finances but could damage your reputation as well.
Charities face many risks, and the worst possibility is a tarnished reputation. Trustees are entitled to have their payments made, but unlawful payments can result in a personal liability for the trustee. This also will result in a breakdown that could destroy public confidence. Most often, fundraising is the income for charities and downturns in the economy can pose a huge risk to charities.
Accidents can happen, and no charity can protect itself from claims made against you. An audience at your fundraising event may be involved in an accident, or an employee injured themselves at the event - possibly resulting in a legal action against your organization. The list is exhaustive, but these are the common risks charities can face.
Charity Insurance policies meet the unique needs of a charitable organization. However, like any business organizations, charities need to protect their assets and finances as well. Here's a list of some insurance charities need as well as how much the annual premium is.
These establishments are committed to raising funds for different activities. Examples include community chests, united fund councils, federated charities, and federal funds for colleges.
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