Insurance protection benefits businesses and non-profits alike. After all, nobody wants to have to close their doors following an unexpected financial crisis due to an accident or lawsuit. With non profit business insurance, organizations are assured that their interests are protected.
Economy Is Key
While it certainly is true that coverage is important for keeping non-profits afloat, purchasing a policy should not break the bank. Non-profit boards should be careful to purchase enough protection, but not too much. A quality insurance company should assess a client’s risk exposure and advise organization heads on what level and type of coverage is necessary and appropriate.
Coverage Needs Vary
Non profits are formed for many different purposes and perform many different types of services. For this reason, non profit business insurance may include a wide range of coverage types to address the varying needs of these groups. For example, a policy might include:
- General liability
- Property damage
- Directors and officers
- Abuse and neglect
Balance Adequate Protection Versus Cost
As organizations look at the policy options that are available, it is important to balance adequate protection with cost. It is not in the best interest of a non-profit to purchase an expensive policy that provides more coverage than is necessary. In some cases, an insurer may be able to create a lower-cost package that is customized to suit a group’s needs and preferences.
With a little time and research, it should be possible for your organization to obtain the non profit business insurance it needs.