What types of insurance should a nonprofit get?
There are many lines of coverage for nonprofits. Here are some common types of nonprofit insurance. Keep in mind this is a list of the different types. Because every nonprofit is different, we can help you determine which coverage best fits your needs.
General Liability Insurance
Protects against injury and property damage to third parties. Third parties can include visitors, customers, suppliers or independent contractors. Employees are often covered separately by worker’s compensation.
Property Insurance
Protects your assets in the event of a fire, disaster or vandalism (usually direct physical loss). These assets can include the building, fixtures, equipment, machinery, furniture, computers, inventory and supplies.
Crime Insurance
Protects your non-profit from theft by employees , theft of cash, forgery, computer fraud, etc. These exposures are real and significant.
Auto Insurance
Covers injuries from an accident involving your staff or volunteers using any car, including their own, for nonprofit activities.
Product Liability Insurance
Protects your nonprofit in the event of a lawsuit claiming your product is unsafe or defective and caused injuries as a result.
Directors and Officers Insurance
Protects the members of your board of directors, employees, volunteers, and your officers in the event of a lawsuit alleging fraud or financial mismanagement or litigation over management decisions.
Professional Liability Insurance
Protects against claims of injury caused because your actions were not up to professional standards. Examples are counseling, dispensing medications, not providing appropriate care, or following the Plan of Care.
Physical or Sexual Abuse
Covers allegations that your Non-Profit did not supervise employees or volunteers, or did not screen those that came into contact with vulnerable clients.
Workers’ Compensation
Compensates employees for medical expenses and lost wages after an on-the-job injury. In Wisconsin, Worker’s Compensation does not apply to injuries to volunteers.
Employment Practices Liability
Covers the firm and it’s management for allegations or wrongful termination, harassment, and discrimination of employees.
Umbrella Policy
Covers excess liability over your General Liability, Professional Liability, Physical/Sexual Abuse coverage, Automobile Liability, and the Employer’s Liability section of your Worker’s Compensation policy.
