PayneWest Blog

9 Types of Insurance Nonprofits Should Have

Just because not-for-profit businesses do good work, often using donations and grants to support the most vulnerable populations, doesn't mean that they also don't need to be insured. Nonprofits frequently overlook certain risks that can put them in real danger.

If you're running or even just supporting a nonprofit in some capacity, pass along these key tips so you can keep the lights on and the good work going. Some of these policies come bundled with certain insurers. The best way to ensure you're in good hands is to speak with an agent.

 

  1. General Liability Insurance. Do you hold public events, fundraisers or even get deliveries as a part of your nonprofit's regular business? General liability insurance covers your organization for any customer injuries, customer property damage or advertising injuries (such as libel, slander or privacy violations). It can sometimes also cover product liability, which can be helpful if your organization produces or sells products, from cookies to art or anything in-between.
  2. Property Insurance. Whether you rent or own, keeping your nonprofit's property safe is important. What would you do if your only copier or computer was damaged or stolen? Protect your building, assets and more with a property insurance policy.
  3. Business Owner's Insurance. Smaller nonprofits can sometimes save money when they bundle general liability insurance with commercial property insurance under what's known as a Business Owner's Policy (BOP). These types of bundles can help to cut costs by bundling many different types of coverage together.
  4. Professional Liability Insurance. You might have heard of this type of coverage as E&O or "errors and omissions" or "malpractice" insurance. This can cover organizations in the event of poor management, claims of sexual harassment or discrimination. Not only does it cover those in management positions, but it also covers every member of staff, and volunteers, as well as the organization as a whole.
  5. D&O Insurance. Directors and Officers Insurance, or D&O Insurance, helps protect your organization and its board members from liability. This type of policy is helpful in the event the board makes decisions that impact members of the public. D&O coverage also provides legal assistance in the case of a lawsuit against even individual members of a board. Read more about D&O Insurance.
  6. Workers' Compensation Insurance. Most state and federal laws require that no matter how many employees you have, you'll need this coverage. Injuries can happen to anyone, and workers' compensation insurance can help keep a nonprofit operating, even when there are costly medical or legal bills that need to be paid.
  7. Employment Practices Liability Insurance (EPLI). Employment Practices Liability Insurance (EPLI) can protect an organization in the case of employee lawsuits against another employee or the organization as a whole. Coverage typically includes protection against employee lawsuits such as sexual harassment, wrongful termination, breach of employment contract and many others. It can also protect a nonprofit in cases involving workplace bullying and gender discrimination. Read more about EPL insurance.
  8. Auto Insurance. Don't neglect auto insurance when you're insuring your nonprofit. If you have employees or volunteers driving to events or picking up other members while doing business for your organization, you will want to make sure you're covered in the event of an accident.
  9. Other considerations. Optional coverages for nonprofits might include policy additions that protect the organization against employee benefit liability, equipment breakdown or sexual/physical misconduct. Not every organization needs these kinds of options, so you should make sure you're not getting too much policy for your needs.

 

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