If your nonprofit owns any vehicles, you need a BAP to cover the vehicles for auto liability and physical damage. If the nonprofit doesn’t own any vehicles then you want to purchase hired and non-owned auto liability coverage. Often you can purchase this coverage as part of a package policy that includes commercial general liability, assuming the nonprofit doesn’t own any vehicles. This coverage protects the organization , when the person is acting on behalf of the organization and has an auto accident. Thus, if a volunteer is driving her own car on behalf of the nonprofit and has an accident, her personal auto insurance will pay for the claim first.
Without this coverage, if such a claim occurs, the organization wouldn’t have any insurance protection. NIA services over 21,000 nonprofits annually, and 94% of NIA members renew their policies each year. Their portfolio of AM Best A-rated providers includes general liability, directors and officers (D&O) liability, flat rate D&O, employee benefits liability, business owner’s policies, and business auto liability.
If your organization owns real estate, you will want to insure the property. If it rents or leases its premises, you may want coverage for tenants’ improvements and betterments. These are fixtures, alterations, installations or additions that you have put into the space that cannot legally be removed from the landlord’s premises. We also considered the amount of time a provider was in business as well as their AM Best rating to ensure the providers chosen had a history of providing quality service and reliable coverage. Either way, before you choose, the best thing you can do is contact the provider directly to inquire about their experience with not only nonprofits but also the industry in which your organization is classified. To get a quote, submit a request online, and NIA will match your organization with an experienced agent who will help you determine the best policy options for your group.
Donations, grants, sponsorships, products, and services can all be a revenue source for a nonprofit organization. These multiple revenue streams can dictate the level or limits of coverage that nonprofits must-have. Unlike for-profit companies, almost every nonprofit relies on volunteers to help with their events, programs, and services. This can be a tricky area for insurance companies since the liabilities to cover non-employees are much larger. Sexual abuse cases and small budgets have scared off many companies.
This information is a treasure trove for cyber thieves and a turn-off for potential donors worried about cybersecurity. Let us deliver the expertise, support and advocacy that are critical to your mission — today, and well into the future. I was searching for a basic discussion of related party transactions and conflicts of interest on the web because a colleague asked me about a knotty situation. Depending on the particulars of your activity, you may want to add other coverages, such as Theft and Burglary, Employee Dishonesty or Electronic Data Loss. We recommend the best products through an independent review process, and advertisers do not influence our picks. click here greekaid.org
Clients, volunteers, vendors, donors or visitors may sue if they are accidentally injured on your premises or while on business for the organization. Eventsured provides quick and easy event policies for a number of event types, including charity galas, art exhibits, and other common fundraising events. Their $0 deductible policies can be purchased online in minutes, making them our choice for the best event insurance provider. AMTrust also prides itself on its ability to navigate the often overlooked nuances that nonprofits face when securing this type of solution. This attention to detail makes AMTrust uniquely suited to not only underwrite workers’ compensation policies but to offer valuable insights that can influence guidance on a case-by-case basis. AMTrust is well versed in both nonprofit insurance and workers’ compensation laws and requirements from state to state, making them our choice for the best workers’ compensation provider.
Employment-related claims are the most common type of D&O claims filed against nonprofits. General Liability- All nonprofit organizations should purchase general liability insurance. It covers against claims made by third parties for bodily injury and property damage that occurs in the course of the nonprofit’s operations. General liability insurance or “commercial general liability” is a necessary insurance policy for nonprofits.
Their general liability insurance policy offers high coverage limits and comprehensive protection, making The Hartford our choice for best for general liability. Affinity Nonprofits, in conjunction with Arch Insurance Company, has insured over 65,000 nonprofit organizations. The Nonprofits Insurance Alliance works exclusively with nonprofit organizations, and their team of specialists can help you secure the best policy based on your organizational and industry needs. This experience, when paired with their policy options and resources, make NIA the best overall nonprofit insurance provider.
When thinking long-term, the cost of replacing an employee is 20% of their salary. This cost is higher than the 80% of an employee’s health premium a company may pay. The increase in online giving, remote work, and cloud computing have all made non-profits bigger targets for cyber crime. Here are suggestions to help make your campaign successful and control risks for your organization. Receive our free email updates to get nonprofit tips, resources and freebies sent directly to your inbox.