Whether they are protecting the environment, feeding the hungry, or even funding critical research projects, Nonprofit Organizations aim to assist their communities in any way possible. Because these Nonprofits are working with such unique risks, it is imperative that they have the correct insurance coverages in place.
Unfortunately, it is possible for one large claim to lead to end of these organizations. Because of that, we want to ensure that your Nonprofit has all the necessary insurance policies. Below you will find the types of insurance that Nonprofits should consider:
- General Liability
- Commercial Property
- Professional Liability
- Directors and Officers Liability
- Workers’ Compensation
In addition to these coverages, we also suggest purchasing a Management Liability Policy. According to Amtrust Financial, this policy, “Helps ensure the organization is covered during both the good times and the not so good times”. Because so many Nonprofit board members may be less familiar with running an organization compared to officers in a for-profit business, it is crucial that a Management Liability Policy be put in place to avoid any management-related claims. The following coverages are added to Amtrust’s Nonprofit Management Liability Policy:
- Directors & Officers Liability (D&O)
- Employment Practices Liability (EPLI)
- Fiduciary Liability
- Network Security and Privacy Liability (Cyber)
For more information on Amtrust Financials’, Nonprofit Management Liability Policy, please follow this link.