All modern businesses require some form of insurance related to their specialized industry, and non-profit businesses are not different. Just because your company isn't focused on making profits does not mean it doesn’t require business insurance. In fact, non-profit companies can face unique risks. As noted by Risk Management, many nonprofits lack Directors and Officers Liability Insurance, which helps protect board members from personal liability if a lawsuit is brought against the non-profit.
Board members aren't the only ones at risk. If your non-profit's funds are drained, it can be hard to continue your normal operations until you can acquire more funding. Donors may be hesitant to continue supporting any non-profit that's fallen into legal or financial trouble.
Non-Profit Insurance Features
Common choices for non-profit insurance coverage include:
- Property Insurance: Whether a non-profit owns or leases the property it uses, the property itself often plays a vital role in the non-profit’s operation. Damaged or destroyed property could prove catastrophic for a non-profit’s operations.
- Fidelity Insurance: Unfortunately, some employees take advantage of their position and embezzle funds. This part of non-profit insurance provides coverage in the event of such losses.
- Commercial Auto Insurance: For non-profits that rely on vehicles to transport goods or employees, ask about commercial auto insurance coverage, freight, and/or cargo insurance for businesses that transport high volumes of goods.
- Accident Insurance: Many non-profits work closely helping people in their communities. Unfortunately, both employees and customers can be vulnerable to falls and other injuries. It's important to have coverage in the event that they're hurt.
This list is not exhaustive. Just like for-profit businesses, non-profits can engage in many different types of work. There is no single policy that's capable of covering every area of concern. Before buying any kind of non-profit insurance, talk to a Lakenan Insurance agent about what your organization does, where it operates, and what sort of risks you might be exposed to. We'll work with you to find the best possible plan for your needs and your budget.
Requirements for Non-Profits
Before you're offered coverage, you may be asked to provide some of your records. This may include a list of any legal claims your organization has faced in the past and any hazardous behaviors the company engages in (no matter how charitable those behaviors are). This helps with our risk-assessment process and ensures that the policies we offer are enough to protect your organization in the event that one or more of them is needed.
1. Trefry, John. "Nonprofit Management Faces Liability Risks." Risk Management. September 1, 2014. Accessed April 14, 2016. http://www.rmmagazine.com/2014/09/01/nonprofit-management-faces-liability-risks/.
Insurance for Religious Institutions
Insuring Religious Organizations in Missouri
As a religious organization, you have a responsibility to serve your community. However, with responsibility comes a certain degree of risk, as members of your congregation rely on you for far more than spiritual guidance.
At Lakenan Insurance we understand the unique exposures facing religious organizations. With a commitment to service and a specialization in commercial insurance, we have the expertise to keep your building, congregation, employees, and volunteers secure.
Protecting All Facets of Operation for Churches, Synagogues, Temples and More
While predominantly a place of worship, religious institutions have evolved to include supplemental activities such as childcare and counseling services. These additional activities, although beneficial, are not without associated risks. When matching a religious organization with coverage, we review all facets of your operation and will make appropriate recommendations to mitigate risks. We offer varying limits of professional liability coverage, and can provide counselors, teachers, cemetery staff, and volunteers with an extra level of protection.
In addition to many broadening and crisis management endorsements, our offerings for religious institutions include (but are not limited to):
- General Liability
- Property Insurance
- Umbrella Insurance
- Commercial Auto
- Directors and Officers Liability
- Crime and Fidelity
After determining the needs of the religious organization, we rely heavily on our relationship with several national carriers for the best coverage and rate. To get started on a policy, please request a quote .
H2>Knowledgeable Agents Keeping Religious Institutions Secure
As an independent agency, Lakenan Insurance has worked to protect businesses and religious organizations for more than 90 years. From stained glass and fine art to passenger vans and buses, let the knowledgeable agents at Lakenan Insurance protect every aspect of your religious institution. Once a policy is in place, we will review it annually to account for any changes that could affect coverage.
By ensuring your religious organization is properly protected, you can return your attention to your congregation and community. To learn more about our products and services for religious organizations, please contact us at your convenience.