Running a non-profit organization can be challenging in large part because the task comes with many inherent risks. Any type of mishap or unfortunate event can lead to legal complications and financial damages. With that in mind, in today’s blog post, we will discuss five essential types of insurance that every non-profit should consider.
1. General Liability Insurance
General Liability Insurance is a must-have for any organization and non-profits are no different.
This type of insurance can cover defense costs, settlements, and damages awarded by a court arising from accidents that may occur on your premises (such as slip-and-fall incidents) or damages caused by services you offer or products you sell.
2. Directors & Officers (D&O) Liability Insurance
Directors and officers (D&O) liability insurance is another coverage you need to consider if you run a non-profit organization.
D&O insurance provides protection to the board members and officers against lawsuits filed against them in their official capacity.
This type of insurance can cover legal fees, settlements or judgments in cases involving allegations of breach of duty, mismanagement, financial misappropriation, or discrimination.
3. Cyber Liability Insurance
Just like most organizations nowadays, non-profits store sensitive data about their employees, clients, and donors on their computers or servers. A data breach can put all this information at risk, leading to costly lawsuits.
Cyber liability insurance protects your non-profit against cyberattacks, data breaches, network failures, and other related issues.
With cyber liability, you get coverage for legal fees, data recovery, notification costs, and other expenses related to the breach, up to the limits stated in your policy.
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4. Property Insurance
Non-profits need to have property insurance that safeguards their buildings, equipment, and other assets against common risks such as hazards such as fires, theft, or natural disasters.
In addition to covering the cost of repairing or replacing damaged or destroyed property, property insurance can also cover the loss of income that may arise due to the interruption of business operations.
5. Workers’ Compensation Insurance
Non-profit organizations may have employees, interns, or volunteers who may suffer injuries or illnesses on the job.
Workers’ compensation insurance provides benefits to employees who suffer work-related injuries or illnesses. It covers medical expenses, lost wages, and disability benefits for employees who cannot work due to their injury or illness.
Need Insurance Coverage for Your Non-Profit? Carter Bradley Insurance Solutions Can Help
At Carter Bradley, our team is solely focused on your unique needs to find the best prices and coverage you require for your business, home, auto and life insurance.