Non-profit business refers to the groups working with volunteers and the public, for providing services through trustees, charities, etc., and mentor ship programs, organized sports and many more. Just like a profit-business, non-profit groups also face some risks while carrying out their missions. So, for meeting their needs and challenges some organizations have started giving insurance coverage for non-profit business also. Let us discuss what type of insurance coverage a non-profit organization should consider in its business insurance plan.
Commercial General Liability Insurance: When a non-profit company faces a claim in which their business is responsible for damage to a person or their property, commercial general liability covers the costs of those claims. Sometimes these claims may result in very high costs, and your non-profit business may not be perpared to face those costs, in such a case property and liability coverage helps you to protect your organization from loss or damage to property and equipment. In case of social workers and volunteers, you must consider taking out worker’s compensation or employer liability insurance policy.
Auto Insurance: If your non-profit business involves in the transportation of goods or people through your organization’s cars, vans, trucks and buses, then you must consider in taking auto insurance to cover any claims that are made in the event of accidents and lawsuits.
Directors and Officers Coverage: This form of insurance policy covers claims of improper actions against the board members and the officers of the non-profit’s management team. This coverage protects your directors, officers and the organization itself from allegations of misuse of funds, wrongful termination, mismanagement and employee discrimination.
Thus, by seeking a professional insurance agent, you can get right coverage for your non-profit business insurance, depending upon the work that your non-profit business conducts.