When it comes to business insurance, there are so many different policies available that it can be hard to distinguish the necessary policies from those that might be nice if your budget allows. IN the nonprofit world, where budgets are often already stretched thin, that distinction can make a big difference to finances. This guide can help you navigate the world of nonprofit general liability insurance so you can choose the right policies for your specific situation.
Some coverage is mandated by law, making it an absolute necessity for business operations. In general, this includes workers’ compensation and general liability insurance. If you operate company-owned vehicles, then an auto policy is also required. While not a legal requirement, directors and officers liability insurance should be considered a must-have coverage to protect your board and help you attract top talent.
You can also include ancillary liability policies to protect other assets. Some of the most popular options can protect you against cybercrimes and information theft, crimes such as theft and vandalism, damage to business property, and improper employment practices.
Once you establish what coverage you truly need and which extras your budget can tolerate, it helps to work with an agency that is familiar with the unique needs and requirements of nonprofit organizations.