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Nonprofits are operated similarly to any private business. Although identified differently by the IRS for tax purposes, all nonprofit associations must still report earnings and follow the same laws required of any business.
Any company that is in the nonprofit sector will need various forms of insurance that match up with the same types of insurance common among private businesses.
General Liability Insurance is needed if your nonprofit does hands-on work or works at an office space.
Example... A visitor accidentally slips and falls while at your office. General Liability Insurance covers your business against personal injury damages.
Workers Compensation insurance may be required for your non profit business depending on your state.
Example... An employee working for your health services nonprofit is accidentally exposed to a virus while administering inoculations. Workers Compensation covers his medical bills and lost wages while recovering.
Commercial Property Insurance is needed if your non profit business uses or aquires physical assets, including buildings and equipment.
Example... A heavy storm causes a tree to fall on and damage your office and valuable property, leading to a significant stop in business. Commercial Property Insurance covers the repair and replacement costs.
Want to know more about your specific service?
Which Nonprofits Need Insurance?
Typical types of Nonprofit Associations that require insurance include:
Are there any other insurance products I should consider to protetct my non profit business?
In addition to General Liability, Workers Compensation and Commercial Property Insurance, you should also consider taking out the following policies to protect your non profit:
Many nonprofit organizations are run by a board of directors. If shareholders or others sue the nonprofit, they may specifically target board members. Insuring against such claims with D&O Insurance is important, particularly for larger nonprofits.
If your nonprofit utilizes company vehicles, these should be insured with Commercial Auto cover to avoid expensive payments in the case of an accident.
E&O Insurance is designed to provide coverage for your business when errors or omissions occur while providing services. This insurance provides for legal defense as well as damage payouts.
How much does Nonprofit Insurance cost?
Insurance costs will vary from nonprofit to nonprofit because every nonprofit organization has different needs. The size of your organization and the exact nature of what your organization does will impact the final cost for your insurance policies.
The best way to understand cost is to get a quote.