Why Non Profit Organizations Need Business InsurancePosted: August 3, 2012
Across the US are plenty of non profit organizations with volunteers to help a variety of people from organized sports to feeding the hungry and just about every type of help you can imagine. A non profit organization does face special risks and insurance should be at the top of their list, just like a for profit business their can be liability’s. Insurance for a nonprofit should be considered in its business insurance plan.
One of the factors to consider with non profit is they work very closely with the public and volunteers. Non profit volunteers can be protected from liability under state and federal laws such as the Federal Volunteer Protection Act, 42. U.S.C. 14501 and insurance for them can be lower because of the protection act.
Non Profit organization need Directors and Officers Liability Coverage because the risks to your 501(c)3 organization. Improper business practices, employment issues, discrimination, harassment and more could be issues you may run across for the possibility of a lawsuit. Without business liability insurance the organization would have to use their own funds to cover the cost of a lawsuit and could be devastating to the organization and it would be very difficult to attract and keep qualified individuals on your Board without this coverage.
Non Profit Directors and Officers Liability is easy to purchase. A simple application along with a copy of your organization’s By-Laws and most recent financial statements is all that is necessary.
Deductibles are available with some insurance companies, it is also possible to include other coverage such as Fiduciary Liability, Workplace Violence and Internet Liability on the same policy.
Call us today to get your questions answered. 863-453-3903 or visit our website budgetbirite.com fill out the form and we will have an agent contact you within 24 hours.
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