Insurance for NonProfits

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The Type of Insurance Needed for a NonProfit Organization

Commercial insurance for nonprofits is just as important as insurance for businesses that operate for profit. Regardless of the company’s end goal, their exposures can be the same and they will need insurance to protect them. Here are some examples of insurance policies non-profits should consider for their business. 

Nonprofit Insurance - The Craven Agency

General Liability

One of the most important commercial policies for any business, including nonprofits, is general liability insurance. This policy will pay for any bodily injury or property damage that arises out of the non-profit’s activities. Considering how litigious some individuals can be, it’s very likely that your non-profit may be involved in a lawsuit at some point. General liability policies are a good way to safeguard your assets. 

Business Property

Nonprofits can also benefit from carrying a business property policy. Things like your computers, furniture, stock, or your office space, if you own the building, would be considered business property. So if there were a fire and your office equipment was damaged, the business property policy would cover that loss. 

Workers Compensation

As a nonprofit, you may rely on the work of volunteers. However, if you have even one employee, Louisiana law requires you to carry worker’s compensation insurance. This policy will protect you from being sued for injuries your employees may incur while at work. It also can prevent lawsuits by providing your employees with lost wages, and death benefits. 

Professional Liability

If your nonprofit is providing any type of service, you will also want to have a professional liability policy. This type of policy protects you from any damages you may inadvertently cause through mistakes or negligence. For example, suppose you are a lawyer and providing low-cost legal services. If you make an error in judgment that causes harm or damages to your client, a professional liability policy can help cover the costs associated with any lawsuits that may arise.

A specific professional liability policy that you will want to consider as a non-profit is Directors and Officers (D&O) insurance. D&O insurance provides protection for the personal assets of the people who manage or run a company. This can be just as beneficial to a non-profit owner as to a for-profit owner since everyone is prone to errors. 

Business Auto

Depending on the type of nonprofit you run, you may also need a business auto policy. If you have a vehicle that is used for any business purpose, especially if it’s titled and registered in the name of the company, you should get a business auto policy. Like your personal car insurance policy, it will pay for any damage you cause to the property of others and potentially the car itself. This is especially important if you have employees who will use the vehicle as well. 

Other Insurance For NonProfits

Business insurance can be highly unique to the type of business you run and not all policies are created equal. To ensure you get the best policies for your business, non-profit or otherwise, talk to Russ and team at The Craven Agency. They are the trusted expert in insurance and can get you what you need to be protected. Contact us for a quote! 

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