Why Should Your Ohio Non-Profit Get Insurance?

There are many reasons why your non-profit should get insurance, but the bottom line is this: your non-profit needs to have protection from certain things, just like any other business. Being a non-profit will not exempt you from things like lawsuits and accidents, so it is best to be prepared for when things of this nature do come your way. Here we are breaking down why your non-profit should get insurance and what kinds of coverage your non-profit should look into.

 

Where to Get Started

The first thing you need to do is evaluate what your non-profit needs. For instance, if your non-profit has a vehicle then you will need auto insurance. If your non-profit has offices or any type of property, you will need property insurance. It’s all about figuring out what insurance policies your specific non-profit needs.

 

What Types of Insurance Should Your Non-Profit Get?

 

Property Insurance:

This is very important if your non-profit has any business-related property. If your non-profit does have property, you’ll want to purchase insurance for protection from things like natural disasters and thefts.

 

Auto Insurance:

Auto insurance is extremely important if your non-profit has a company vehicle. Even if you don’t have a vehicle associated with your business, it is important to look into hired and non-owned auto insurance. This protects your non-profit when employees are using their own vehicles for something related to your non-profit. If something were to happen and you didn’t have non-owned auto insurance, your non-profit could end up being left with a lot of liability issues and large fees. Auto accidents are a great example of why your non-profit should get insurance, specifically auto insurance. Make sure your non-profit is protected because auto accidents are common and can happen at any time. 

 

Cyber Liability Insurance:

Information safety on the internet is a huge concern today. With so many data breaches it can be scary to have any type of information on the internet. Non-profits are not exempt from this concern. Many non-profits do have a lot of information online and it could be very bad if any donors or employees had their information stolen. Something like that could end terribly for your non-profit and cause a lot of issues with public relations so it is better to be protected than not. 

 

Crime Coverage: 

Not only is this important to have for protecting your non-profit… but some foundation grants and municipal contracts will require that your non-profit has crime coverage. This coverage basically protects you if an employee steals from your non-profit. It is important to have this coverage because a theft can leave your non-profit with some serious issues if you don’t have coverage that helps to replace what was stolen. 

 

Worker’s Compensation or Accident Insurance:

Workers compensation will take care of medical expenses for any of your employees or volunteers who are injured while doing work for your non-profit. General liability insurance will cover volunteer accidents, but you will need worker’s compensation or accident insurance for injuries to those employed with your non-profit.

 

General Liability Insurance:

This insurance policy is geared towards protecting your non-profit in situations where there is property damage or bodily injury claims and even things like copyright infringement. This is one of the most important policies to have because it covers a range of things and it is necessary to do certain things. For example, many times you will be asked to provide proof of this when you want to get funding or work with another organizations. This is definitely one you’ll want to look into. 

 

Professional Liability Insurance:

This coverage protects directors as well as staff and volunteers. It basically protects your non-profit against liabilities discrimination, sexual harassment and things of that nature. With these types of issues so prevalent in the news today, we are seeing businesses taking huge hits. This is another huge reason why your non-profit should get insurance. It is better to be safe than sorry when it comes to serious issues and topics like this.

 

Product Liability Insurance:

This is necessary if your non-profit sells products to the public. A policy like this will protect your non-profit from customer claims, paying for part of the damages and taking care of paying for a legal defense. Any non-profit that sells anything should look into this to avoid paying big time when a customer has an issue with a product.

 

Directors and Officers Insurance:

Directors and officer’s insurance does just what it says. It protects directors and officers of a non-profit. For example, if the board invests money somewhere and loses it, someone could bring a lawsuit against those individuals. With directors and officer’s insurance, the company protects those people from this and provides them with something that will cover the legal costs and pay the financial damages involved.

 

Posted 3:05 PM

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