As a nonprofit organization your insurance needs are a little bit different than your average small business. And, to be quite honest, there is not a lot of information out there on nonprofit insurance which can make your search for an insurance policy that fits your needs more than a little problematic. That adversity can make some people abandon the search altogether (which can lead to less than ideal results). Everybody wants to be covered properly during their times of need and everyone deserves an opportunity to procure that insurance (especially if you work for a nonprofit). Listed below are a few insurance policies that you should give you the coverage your organization needs.
General Liability Insurance
General liability insurance is the equivalent of a rockstar in the insurance world. It is extremely popular (pretty much every business needs it) and it covers a wide array of typical risks. Most importantly it covers any damages or injuries that occur on your property. It also covers any damages that your employees may inflict while on the job at a different site. But it will not cover your employees for injuries that occur as a result of their work (for that you will need the policy listed below).
Workers Compensation Insurance
Workers comp is required by law in most states so, if you do not have it, you may want to think about acquiring it. This policy will cover any injuries that your employees suffer while on the job (whether that injury occurred suddenly or was a result of repetitive action). It will also cover up to two-thirds of your employee’s annual salary if they are unable to work as a result of their injuries.
Property insurance covers exactly what you would expect it to cover; your property. In the event of a fire, hurricane or some other form of natural disaster property insurance will make sure you are covered. Any damaged property will be replaced including lighting systems, carpeting, equipment, furniture and computers which we hopes reduces the stress you endure after such a disaster.
These policies should serve as an effective insurance foundation that you can build off of in order to insure the future protection of your nonprofit. If you have any further questions please feel free to give us a call at 212-777-7113. We look forward to hearing from you!