What is Nonprofit Insurance?
Nonprofit organizations might be committed to doing good, but intentions alone don’t shield these organizations from potential risks. Just as businesses face risks that they need insurance for, so do many nonprofits. Nonprofit insurance helps protect nonprofits in Massachusetts from many of the potential risks that they face.
Nonprofit insurance is a type of commercial insurance that’s specifically design for nonprofit organizations. Policies are usually written as package policies, combining several coverages together so that they offer multiple protections, and nonprofits can often adjust the coverages that are in their chosen policy.
What Coverages Are Available Through Nonprofit Policies?
Because nonprofit organizations are exposed to many different risks, insurance companies include an array of coverage options in the nonprofit policies that they offer. Some of the more common coverage options include:
Nonprofit Liability Insurance, which might cover some liability lawsuits
Directors and Officers Insurance, which might cover leaders of a nonprofit
Commercial Property Insurance, which might cover property an organization owns
Commercial Auto Insurance, which might cover vehicles an organization owns
Special Events Insurance, which might cover specific events an organization hosts
In addition to these, some nonprofits may want commercial umbrella insurance, employment practices liability insurance, cyber insurance, business interruption insurance and/or other specific nonprofit liability insurance coverages. An insurance agent who specializes in these types of coverages can help nonprofits determine which of the various coverage options that are available make sense for their situation.