As most non-profits operate on a shoestring budget, a large, unexpected expense can be financially disastrous for the organization. Having the right insurance coverage to safeguard against the biggest risks is crucial for non-profits. A knowledgeable insurance agent at Gateway Insurance in Warwick, Rhode Island, can help you get the most complete coverage for your premium dollars.
Insurance Coverage for Non-Profits
Non-profit organizations may need several different types of insurance coverage, which may include general liability, directors and officers, property, auto, product liability, and professional liability.
General Liability (GL) Insurance
GL insurance protects your organization against premises liability claims (slip and fall accidents, etc.) brought by visitors who are injured on organization property.
Directors and Officers Insurance
Directors and officers of your organization could be personally named in lawsuits filed against the non-profit alleging financial mismanagement or fraud. D&O insurance can cover defense costs and damages arising from a lawsuit.
This coverage protects the organization from property loss in the event of a fire, storm, vandalism, or similar unexpected event.
Auto liability insurance is a must if volunteers use any vehicle in non-profit activities. It covers injuries caused to other people and damaged property while a volunteer is operating a vehicle during their volunteer time.
Product Liability Insurance
A non-profit that sells products to the public for fundraising or any other purpose may need this coverage to protect against defective and dangerous product lawsuits.
Professional Liability Insurance
Also called errors and omissions insurance, this coverage protects against mismanagement liability and workplace-related claims, such as discrimination and harassment.
The cost of non-profit insurance will depend on a number of factors, including location, organization activities, and risk exposure. Our agent at Gateway Insurance can custom-tailor an insurance package to suit your non-profit organization’s budget and needs.