Nonprofit Insurance to Be Sure Good Deeds Go Unpunished

As you sift through your shoe-string budget, write countless and endless grant applications and find revenue anywhere from couch cushions to the generous donations of your endowment funds, locating enough to cover those insurance premiums can be a daunting task for a nonprofit director. Finding the right insurance policy that covers your risks while fitting into that tightly knit budget can also be difficult.

Depending on whether your organization rents or owns its space, you may or may not need property insurance. In either case, your policy should cover the contents of your building such as computers, copiers, and other office equipment. If your organization works with people in any type of consulting fashion, such as those in the domestic violence non-profit realm, you will also want to purchase professional liability insurance that can protect you from claims that volunteers or staff gave poor advice or services.

Even if your non-profit only employs one staff member and the rest is operated by volunteers, you are most likely required to carry worker’s compensation and unemployment insurance. In some states and industries you may also be obligated to purchase disability insurance.

One policy that is often overlooked is known as D&O insurance. Your nonprofit’s board of directors and officers (many of whom are volunteers) could be personally named in a lawsuit against your nonprofit alleging fraud or financial mismanagement. If a board member invests the nonprofit’s assets unwisely and causes financial ruin, a creditor may sue the nonprofit as well as its directors and officers. In such a case, you’d want directors and officers (D&O) insurance to cover the cost of defending the directors and officers and pay any resulting financial damages.

Whatever your nonprofit organization’s insurance needs may be, our knowledgeable agents can help. These experienced agents work for your organization, not the insurance companies, enabling them to locate you a number of quotes with the best coverage options at the most affordable rates. Contact us to find out how your nonprofit can be insured against risks without diverting too much of your hard-found finances.




Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our 3 convenient coastal locations!

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