As the name states, not-for-profit organizations are groups that don’t earn for the members or owners. Instead, it is built to help people and communities who are in need through donations and funding some activities. All the money they have earned or collected goes in achieving their goals and objectives.
Even though you are running a not-for-profit organization, that doesn’t mean that it’s okay for it to suffer a loss. You’ll also need to keep secure especially in its financial aspect in order to keep it on its track and goals. Buying an insurance is one way to make your organization more secure. With so many insurance policies out there, choosing one can be quite challenging. Here is the different insurance to choose from for not-for-profits and charities.
Public and Products Liability Insurance
One of the most important policy you should buy is the not for profit public liability insurance. If you’re dealing with customers or other third-party members, this insurance is essential for your organization. This protects you from third party claims of injury or property damage. For instance, if someone gets injured in your premises or if you’ve caused property damage to others while doing your operations, this insurance will cover these expenses. This is only applicable to third parties and not on your employees or staff.
Voluntary Workers Accident Insurance
Many not-for-profits have voluntary workers who are working to achieve the goals of the organization. Bad things happen sometimes and it could happen to your volunteers as well while they are doing organization activities. This insurance covers them in case of an accident and even gives a lump sum benefit depending on the type of injury your volunteer had.
Business Insurance
If you’re looking for an all-in-one insurance policy, try business insurance policy. You can bundle a variety of coverage into on policy, making it perfectly easy to customize your policy based on what you need. This insurance covers the costs of repairing or replacing your building and the current equipment that you have. You can quickly get up after an unfortunate event once you get your organization insured.
Motor Vehicle Insurance
Having a vehicle makes it more convenient to move around when conducting activities of your organization. There are unavoidable times that our vehicle gets damage or inflicts damage to other vehicles as well. A comprehensive motor vehicle insurance will keep all the vehicles your organization uses safe when someone files a claim for damage your vehicle caused. Aside from that, you can also get compensation when your vehicle gets damaged, making the repair costs lighter than the usual.
Cyber Insurance
With the technology today, hackers can easily access our information through our PC and mobile devices. Protect your organization from cyber-attacks such as online phishing, malware, ransom ware and many more by getting a cyber-insurance for it. Be sure to get a cyber-insurance aside from the regular policies for more assurance.
Know what your organization needs in order to choose the right insurance policy that provides full protection for your non-profit organization.
