It’s a common misconception that nonprofits and charities don’t require insurance; however, if you have part-time or full-time employees, it is recommended that you purchase insurance to ensure your assets and your people are protected. Below, the professionals at Unity Insurance discuss the types of insurance recommended for nonprofit organizations.
General Liability Insurance
General liability insurance covers multiple claims: third-party bodily injury, third-party property damage, advertising harm, and reputational harm. If someone gets severely hurt after falling at your place of business, they can sue. If you are a service-based firm that causes damage to someone else’s property, you may be held liable.
Directors and Officers Liability Insurance
Directors and officers liability insurance protects directors and officers from claims filed while serving on the board of directors or as an officer. If an employee, customer, supplier, or other individual sues your organization, directors and officers liability insurance will protect the directors, officers, and other board members.
Professional Liability Insurance
Professional liability insurance, commonly known as Errors & Omissions liability insurance (E&O), protects any business that gives advice, makes educated recommendations, designs solutions or represents the needs of others. Professional liability insurance might cover health care workers, attorneys, paralegals, and mental health counselors in the nonprofit realm. These individuals are expected to deliver the services they are trained in and hired for; errors can render the organization liable if not protected.
Auto Insurance
Auto insurance should be purchased if you provide any employees or volunteers with a vehicle to drive to nonprofit events or any other of the organization’s needs. Auto insurance will cover any injuries a driver caused while driving the organization’s vehicle, and it will also cover damages to the organization’s vehicle.
Property Insurance
Weather and catastrophic events are not preventable, but property insurance will protect your organization from property loss events, including fires, earthquakes, storms or other sudden events. Whether you lease, rent or own the property, your organization will be covered in the event of property damage.
Contact Unity Insurance Today To Speak To An Agent About Insurance For Your Nonprofit Organization
At Unity Insurance, we understand how difficult it can be to purchase the right policy for your organization. Our knowledgeable and experienced brokers are here to guide you through selecting the right policies for you and your organization. To contact a broker today, call (410) 539-6642.