Many non-profit organizers expect to purchase supplies and generate manpower in order to do the work they have set out to do. They may not realize how important it is that they purchase insurance to protect the organization. The process for obtaining non profit business insurance can be boiled down to three basic steps.
- Research What Types of Coverage Are Available
The risk exposure of non profit groups varies tremendously according to the purpose of the organization, the services performed, and the staff and property used to carry out its mission. As a result, non profit business insurance can include a wide variety of coverage types. Policies may cover:
- General liability
- Property damage
- Directors and officers
- Employment practices liability
The first step in selecting the right insurance for an organization is to get a general sense of what type or types of coverage may be needed.
- Start Working With an Insurance Company
Next an organization should identify one or more companies that offer the type of insurance it is likely to purchase. It may be a good idea to look for a provider that has worked with similar clients in the past so that its staff is familiar with the types of risks your group faces. An agent should start by carefully assessing the organization’s situation and recommending coverage types.
- Select an Insurance Package
In the final step, the group must select a particular policy. It is important to consider all of the available options and to be sure all of the organization’s needs will be met. With any luck, your organization should have the non profit business insurance needed in no time.