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<\/p>\nInsurance is the cornerstone of any not-for-profit\u2019s comprehensive risk management plan. It can\u2019t protect your organization from every contingency, but it\u2019s critical to protecting the people, property, funds and support you depend on.<\/p>\n
Must-have policies<\/p>\n
Many kinds of insurance coverage are available, but it\u2019s unlikely your organization needs all of them. One type you do need is a general liability policy for accidents and injuries suffered on your property by clients, volunteers, suppliers, visitors and anyone other than employees. Your state also likely mandates unemployment insurance as well as workers\u2019 compensation coverage.<\/p>\n
Property insurance that covers theft and damage to your buildings, furniture, fixtures, supplies and other physical assets is essential, too. When buying a property insurance policy, make sure it covers the replacement cost of assets, rather than their current market value (which is likely to be much lower).<\/p>\n
Optional coverage<\/p>\n
Depending on your nonprofit\u2019s operations and assets, consider such optional policies as: <\/p>\n
\u2022 Automobile,
\u2022 Product liability,
\u2022 Fraud\/employee dishonesty,
\u2022 Business interruption,
\u2022 Umbrella coverage, and
\u2022 Directors and officers liability.<\/p>\n
Insurance also is available to cover risks associated with special events. Before purchasing a separate policy, however, check whether your nonprofit\u2019s general liability insurance extends to special events.<\/p>\n
Setting priorities<\/p>\n
Because you\u2019re likely to be working with a limited budget, prioritize the risks that pose the greatest threats and discuss with your financial and insurance advisors the kinds \u2014 and amounts \u2014 of coverage that will mitigate them. But don\u2019t assume insurance alone will address your nonprofit\u2019s exposure. Your objective should be to never actually need insurance benefits. To that end, put in place internal controls and other risk-avoidance policies.<\/p>\n
We can help you establish policies that stipulate proper oversight of accounting functions by executives and board members and provide for the security of physical assets and safety of employees and nonemployees. And your insurance agent can help determine the amount of coverage that\u2019s appropriate given the size and scope of your organization.<\/p>\n
\u00a9 2018
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Insurance is the cornerstone of any not-for-profit\u2019s comprehensive risk management plan. It can\u2019t protect your organization from every contingency, but it\u2019s critical to protecting the people, property, funds and support you depend on. Must-have policies Many kinds of insurance coverage are available, but it\u2019s unlikely your organization needs all of them. One type you do […]<\/p>\n","protected":false},"author":3,"featured_media":13732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/13733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=13733"}],"version-history":[{"count":0,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/13733\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=13733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=13733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=13733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}