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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.
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
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