How Do You Insure Your Non-Profit?

Every non-profit is unique. Whether you work with vulnerable populations, rely on volunteers, put on fundraising events, transport the elderly, employ social workers, or other activities, your insurance needs are very specific to your operations.

Non-profit insurance is business insurance designed to accommodate the needs of a not-for-profit organization. Having business insurance for non-profit organizations can be crucial as it can protect against a variety of risks, from car accidents involving business vehicles to a client’s slip and fall in the office.

What Types of Insurance Policies Do Nonprofit Organizations Need?

There’s no master list of the types of insurance policies that non-profit organizations should purchase or what amounts of coverage they should buy. Instead, non-profits must rely on the expertise of local, licensed, experienced insurance agents to help them find the best insurance policies for their needs.

Following is a short list of some of the more common types of policies about which non-profit organizations should ask their insurance agents. They may need fewer policies and they may need different policies to cover different types of exposures and risks.

General Liability

All non-profit 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 non-profit’s operations.

Property Insurance

Property insurance covers damage or loss to buildings, office equipment, inventory and any other property the non-profit owns. Fire and theft are common claims. Boards should be aware that not all insurance policies cover against floods and earthquakes.

Auto Insurance

Non-profits may buy auto insurance if their boards or employees use autos for non-profit business. You may purchase liability coverage to cover others and physical damage coverage for owned autos. Non-profits may also consider non-owned auto insurance coverage for volunteers who use their own vehicles for non-profit volunteering. Read more on non-owned auto policies here.

Workers’ Compensation

Workers’ compensation will provide coverage for payrolled employees who get injured on the job. This type of insurance is mandatory in California. This coverage will provide for medical expenses and wages if an employee gets injured while working for the nonprofit.

Directors and Officers Liability

This is another type of insurance that non-profits should not be without. It provides coverage for management decisions that board directors and officers make. D&O insurance protects the organization and individual board members. D&O insurance policies sometimes include insurance coverage for employment practices liability, which extends to volunteers as well as employees. This coverage protects against claims for harassment, discrimination and wrongful termination. Always consult with your local independent insurance agent to be certain of your exact coverage.

Professional Liability

Depending on it’s operational classification, a non-profit may have a professional liability exposure. Professional liability insurance is also referred to as errors and omissions insurance. Always consult with your local independent insurance agent to be certain of your exact coverage.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one Non-Profit Organization that trusts Stromsoe Insurance Agency:

“We are so pleased with your organization; it makes our job so much easier to have people like all of you to work with. I recently shared this with another local business owner, we praise you guys to the hilt”
Dorcas Shaktmas – Assistance League of Temecula Valley – Temecula, CA – Client Since 2012

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Business Insurance Coverage Options

Business owners must do everything in their power to protect their organization. In doing so, you must have a comprehensive business insurance policy. With the array of coverage options surrounding business insurance policies, you may be wondering which you actually need and which are just wasteful. Gathered is a list of the basic coverage options your business needs to survive:

  • Business property insurance will provide the structure of your business, its inventory, and all business equipment with protection against a variety of covered perils. If your structure is affected by a damaging fire, your business property insurance policy will kick in to cover your business’ assets.
  • Business liability insurance allows you to receive peace of mind knowing nothing can bring your organization down. If someone claims that your product or service was not provided in the manner promised, your liability coverage will protect you from any lawsuits. Additionally, if a client is injured on your business property, your business liability insurance would provide you with legal defense and the injured client with medical expense coverage.
  • Worker’s compensation provides both employees and employers with a variety of benefits. Employers can rest assured that any injured or ill employees will receive medical expense coverage. This coverage extends to any injuries or illnesses that are caused by work operations.
  • Commercial auto insurance is a required insurance policy for any organizations that depend on the use of work vehicles for business operations. Some small business owners fail to realize that this is required even if your employees operate their own vehicles for work relations.

Contact Stromsoe Insurance Agency in Murrieta for all of your California business insurance needs. We understand that the various insurance options available for business insurance policies are complex and may seem confusing. Allow us to personalize a unique business insurance policy that will meet the exclusive needs of your organization.

What Types of Business Insurance Are Available

If you own your own business, there are quite a few insurance products you can use to protect yourself against possible loss and damage. A comprehensive insurance plan will include all of these insurance policies, and there may be discounts available for bundling multiple insurance options together.

Workers’ compensation insurance is required by most states for full-time employees. It will protect you against claims if your employees are injured on the job. Life and disability insurance and health insurance are additional employee benefits that are often offered. Health insurance will become mandatory for many employees starting January 1, 2014.

Commercial auto insurance is a necessity for those that require their employees to drive while on the job, and general liability insurance can protect businesses from injuries that happen on their premises or due to the negligence of their staff. Product liability insurance is vital for those that manufacture products such as consumer goods.

Property and casualty insurance is one of the most common types of insurance and will protect against property damage, while business interruption insurance will insure your company against the potential of lost revenue due to unforeseen events.

For more information about business insurance and your insurance needs contact the commercial insurance experts at Stromsoe Insurance Agency.

Buying Commercial Auto Insurance

All vehicles used by a business needs to insured. Such coverage generally is more expensive than Personal Auto insurance, it makes sense to purchase a Commercial Auto policy that provides the best long-term value for your premium dollar. To make sure that you’re getting the right policy at the right price follow these guidelines:

    1. Determine which vehicles you need to insure. In addition to coverage on any vehicle your firm owns, leases, or rents, be sure to cover any personal vehicles that employees will be using on company business.

 

    1. Select the right type of policy. Although Personal Auto insurance will cover a vehicle used for business purpose as long as the title is in your name, if the company owns the vehicle you’ll need Commercial Auto coverage (which is more expensive).

 

    1. Choose the coverages you need. These should include Liability, Comprehensive, Collision, Uninsured/Underinsured Motorist and (in some states) Personal Injury Protection, which pays medical expenses for the insured driver, regardless of fault.

 

  1. Comparison shop. Because every Auto insurance company has its own way to calculate premiums, your cost, the amount that you will need to pay can vary widely from one carrier to another. As independent insurance agents, we’ll be happy to offer our professional advice on selecting the coverage and price that’s best suited to your needs.

Just give us a call at 877-99-INSURE today for a free quote!