As a nonprofit, your company is in a unique position to help others but with limited resources. Nonprofits generally have very limited budgets. Unfortunately, with the limited budget, they do not have protection against lawsuits or other liabilities. Without nonprofit insurance, you could face serious ramifications during a lawsuit.
If a client or community member accuses your business of negligence or a mistake, then you could face a lawsuit. Professional liability coverage provides you with protection when you are accused of negligence, when you fail to perform a promised service or when you or your staff makes a mistake or oversight.,
When you’re planning an event, you go forward with every certainty that the event will happen. Unfortunately, there are several reasons an event may be cancelled for reasons outside of your control. Weather, natural disasters or even the venue itself cancelling on you are only some of the reasons for a sudden cancellation. If this happens, you lose all of the expenses that you put into the event. Event insurance can protect your non-profit against those losses.
There are several different types of nonprofit insurance that companies can take advantage of to protect their assets. It’s important for all businesses, including nonprofits to have adequate insurance coverage.