3 Types of Insurance Policies a Non Profit Should Buy
Since non profits tend to run on smaller budgets than businesses, it makes sense for them to exercise even more care and consideration when it comes to protecting themselves using insurance policies. That said, since non profit are so similar to businesses in their operation, it should come as no surprise to learn that said organizations have similar but not the same insurance needs.
- Both businesses and non profits need general liability insurance to protect themselves from legal liabilities incurred as a result of being sued for claims. The classic example is of the customer who slips and falls on the premises before suing for compensation. Bear in mind that not all general liability insurance policies provide the same coverage, though they can be used to cover everything from legal expenses to both judgments and settlements.
- Property insurance can be used to protect a non profit’s possessions from losses sustained as a result of fire, floods, earthquakes, burglaries, and similar events. Non profits need to make sure that their property insurance policies cover both their buildings and the contents therein.
- Auto insurance is included in the types of insurance policies a non profit should buy so long as said non profit is using vehicles in the course of its activities. It is useful for protecting the non profit from both losses and legal liabilities.
It is important to remember that each non profit has its own particular needs when it comes to insurance policies. For example, if a non profit has employees, then it is going to need both unemployment insurance and workers compensation.
To learn more about the types of insurance that a non profit should buy, please contact us at Schumacher Insurance at your earliest convenience.