Nonprofit organizations rely on insurance to maintain safety and peace of mind when working with customers or clients. Their close contact with the public increases their chances of facing social or legal repercussions in the event of an accident or disagreement on company premises. Fortunately, there are countless nonprofit liability insurance policies available to minimize the impact of any ensuing damages, and most of them can be catered to fit the individual needs of each nonprofit.
1. General Liability
General liability insurance is the standard policy available to almost any type of business or organization. If a customer becomes injured on premises, general liability covers the cost of any resulting legal or medical fees.
2. Professional Liabilty
Professional liability keeps business running smoothly by reimbursing organizations for any losses related to injured or disgruntled employees and volunteers. It also protects the company against mismanagement claims.
3. Property Insurance
If a patron, accident, or significant weather event damages a nonprofit’s property, a thorough property insurance policy ensures that the resulting costs won’t run the nonprofit out of business. It usually covers the cost to repair or restore damaged property, but be mindful that it may not cover equipment unless specifically stated.
Nonprofits offer opportunities for the community to learn and grow, but this close contact necessitates a solid insurance package. Researching potential policies ensures that nonprofits can focus on service instead of worrying about social or monetary catastrophies.