What is the difference in coverage between a Standard Business Insurance Policy and Business Insurance for Non-profits?
Coverage provided by a Standard Business Policy may be best suited for a retail store or general business. Non-profits require coverage specifically tailored to your organization. It is advantageous to work with one of our seasoned professionals, who knows and understands the non-profit insurance industry.
What types of policies are available for non-profits?
Property Insurance: Property insurance provides protection for buildings due to a loss or damage to your structure or contents. Business Income/Extra Expense coverage is critical if your business is shut down due a physical loss to the building. This coverage can replace loss revenue or provide funds for the extra expenses associated with a physical loss such as a fire.
General Liability: This coverage helps protect your non-profit against legal liability caused by bodily injury, property damage or personal injury to others. You may need specialty coverage within the General Liability policy including Abuse Liability or Professional Liability. Event coverage or Liquor Liability may be needed for fundraisers or events. Liability coverage can cover the cost of legal fees and settlements due to a lawsuit.
Commercial Auto Liability: Auto Liability coverage can help to protect your non-profit against legal liability caused by bodily injury or property damage from an auto accident. Hired and Non-owed auto coverage is important even if you do not own company vehicles.
Medical Malpractice: A non-profit may contract or employ medical professionals including physicians, psychiatrists, dentists or an APRN. This can include professionals that are writing prescriptions or hold a medical degree.
Cyber and Privacy Liability: A non-profit may store private information including medical records and notes. This data is to be protected and a non-profit can have a liability issue if that data is lost or stolen. Cyber liability has many coverage points and a proper assessment of specific needs can be performed.
Umbrella Liability: Umbrella liability insurance closes the gap between underlying limits of coverage and possible claims in excess of that coverage. An umbrella can ‘sit’ over your current General Liability, Professional Liability, Abuse Liability and Commercial Auto coverage.
Directors & Officers Liability: Protects members of the board against claims alleging wrongful or omissions made while carrying out their duties on behalf of non-profit. A Directors and Officers policy may also need to include Employment Practices Liability and Fiduciary Liability.
Equipment Breakdown: Equipment breakdown coverage provides coverage for mechanical, electrical or pressure system breakdowns. This coverage can be purchased on a commercial policy. If you have well pumps, generators or boilers, you have a need for this coverage.