Many circumstances might result in legal claims against your company. There are various policy types to consider when shopping for insurance for nonprofit organizations. Your specific needs depend on your daily operations and unique risks.
Nonprofit Organization Insurance Policies
Some of the standard types of coverage you may want to consider for your company include the following:
- General Liability This policy type covers third-party lawsuits claiming property damage or bodily injury resulting from your business operations.
- Professional Liability: This type of errors and omissions policy shields your company from harassment and discrimination allegations.
- Workers' Compensation: If your employees or volunteers sustain injuries while performing job tasks, this mandatory protection helps pay for the subsequent medical expenses and loss of income costs.
- Directors and Officers: This coverage safeguards both the operation and the individual board members from claims resulting from management actions and decisions.
- Product Liability: If you sell items to the public, consider getting this coverage to protect against potential suits stemming from unsafe or defective products.
- Property Insurance: Your nonprofit may experience claims related to property damage caused by wind, hail, fire, vandalism or theft.
- Auto Insurance If your volunteers or staff operate vehicles to perform required job duties, you should purchase this kind of coverage. It pays for injuries or damages caused by a driver while working for your business.
There are many variables when choosing insurance for nonprofit organizations. Consult an experienced agent to help find the policies suitable for your needs.