If you run a nonprofit, you may be under the impression that your organization doesn’t face any of the same risks as a for-profit business. Unfortunately, this couldn’t be farther from the truth. Nonprofit organizations face nearly the exact same risks as for-profit businesses. This makes having nonprofit insurance absolutely necessary.
What Is Nonprofit Insurance?
Nonprofit insurance is a category of insurance coverage that is designed to protect nonprofit organizations from the financial consequences of a variety of common business risks. It can cover things like medical bills, legal costs, and more.
What Types of Coverage Can You Get With Nonprofit Insurance?
Nonprofit insurance offers many different coverage types so it can address your unique coverage needs. Some of the coverage types that are available are:
- Employment practices liability insurance
- Professional liability insurance
- Crime insurance
- Kidnap and ransom insurance
- Directors & officers liability insurance
How Much Does Nonprofit Insurance Cost?
The cost of nonprofit insurance can vary widely depending on a number of factors. Some of these factors are:
- Your location
- Your claim history
- The size of your organization
Running a nonprofit can be just as risky as running a for-profit business. Luckily, nonprofit insurance can offer you the protection you need so you can focus on running your nonprofit and have far more peace of mind.