Non-Profit Insurance
Insurance for Non-Profits
As a non-profit organization, you are providing an important contribution to society. Therefore, it is vital that you take the necessary measures to make absolutely certain that your insurance and risk management program protects your association from the impact of a claim against it, your directors, employees and volunteers.
Non-profit groups such as yours work with volunteers to provide valuable mentorship programs, organized sports, special services and many other types of aid that benefit the people who need them most. However, these organizations are faced with specialized risks and require adequate not-for-profit insurance to manage such risks.
What kind of Insurance should a non-profit have?
The type of insurance for a non-profit organization will vary depending on the type of services provided by the individual non profit organization. Toole Peet Insurance has a specialized team that can work with your organization to provide Insurance protection customized to fit the needs of a not for profit organization. Non-Profits have the unique risks that come along with providing professional social services to the community. Non profits will often need the following insurance coverage.
- Commercial General Liability for Non-Profit organizations
- Commercial Property Insurance
- Professional Liability Insurance
- Directors & Officers Liability
- Abuse Liability
- Cyber Liability
- Liability for Special Events
- Group benefits
- Crime Insurance
- Coverage for Volunteers
- Commercial Automobile Insurance
- Business Interruption
- Legal Expense Insurance
General Liability for Alberta Non Profits
General liability is an element of non-profit insurance that is necessary to protect your organization when a claim is made against you for damages to a person or property for which you are found to be responsible. This type of coverage is essential for not-for-profit organizations and your Toole Peet Insurance representative will help you determine the exact amount of liability coverage you need.
Your general liability policy covers the cost of defense and security if the judgment of a court case is not ruled in your favour. If your organization works with a population that is claims oriented or particularly fragile, the defense facet of the liability endorsement on your non-profit organization insurance is essential. The legal defense costs in a frivolous claim can be enough to completely destroy your non-profit organization. However, with the protection of a quality Alberta non-for-profit insurance policy in place makes it possible to defend against such claims.
In most cases, if you lease the property that is used by your organization, the landowner will require you to obtain liability insurance. In addition, event organizers and venues will also usually require that you have some form of liability insurance. That means that if your organization ever hosts events that may require the use of a pavilion, office space, athletic field or other space for any number of activities, it is incredibly important that you have the proper liability insurance in your not-for-profit insurance policy.
Non-Profit Professional Liability Insurance
Professional Liability is an essential part of the insurance and risk management program for a non profit organization. Many not for profits are created because of the unique professional services they provide to the community. When an organization provides professional advice of any kind they are held to a higher standard.
Toole Peet Insurance can provide your non profit organization with Professional Liability Insurance that protects non-profits if a third party claims that an error or omission was made in the professional services you provide causing them financial loss.
Non-Profit Property Insurance for Non-profits
This type of coverage protects the property that the organization owns, such as buildings, from loss or damage. In addition, files, computers, records and other property belonging to the organization may also be covered. This means that your organization does not have to have a physical location to require property insurance. If you are leasing any office or other equipment, the lease agreement often requires you to insure the equipment and list the leasing company as a loss payee. Toole Peet Non Profit Insurance brokers can advise on the type of property coverage you will need to protect your organization from a financial loss to your property.
Directors & Officers Liability for Non-profits
Directors and officers insurance is necessary to protect an organizations management team against claims of improper action. These members of the organization are not immune from lawsuits. A directors and officers liability policy will allow you to attract the right professionals to your organization as most professionals are not willing to put their personal finances at risk by becoming a member of the board without proper Insurance protection in the event they are named in a lawsuit.
Abuse Liability
Most Commercial General Liability Policies carry an exclusion of coverage for Abuse related claims. Non profit organizations often deal with vulnerable members of the community, children and other people in their care. If there is an allegation of abuse whether it is founded or unfouded there would be no coverage for the organization to defend itself. Our Brokers that specialize in Non-profit insurance programs can arrange for an abuse liability extension to your policy. This coverage does not cover the accused but it helps protect non-profit organizations if allegations are made that the organization is somehow partially responsible for the abuse. If you have people in your care an abuse liability extension to your policy is something any non-profit organization should consider as part of their insurance package.
Cyber Liability
You may have heard of all of the cyber liability incidents that are making the news. Any non-profit organization that deals with private or confidential information has an exposure. Cyber crime incidents like hacking into computer systems, social engineering and ransomware attacks are growing. Both large and small organizations are being targeted in attacks where data is lost and ransomware demands are made. Some insurance policies have no coverage for Cyber crime and others may have a small extension of coverage that leaves gaps in coverage and exposes a non-profit organization to financial loss after a cyber breach. Our Brokers that specialize in placing insurance programs for non-profits can help place a cyber liability policy with broader coverage that will better protect your organization as these types of incidents increase.
What does my non-profit insurance policy cover?
A broker that specializes in insurance for non-profit organizations can help you understand what is covered and what isn't on your current policy or they can do an independent review of your current policy if you are concerned that you do not have proper coverage or enough coverage to protect your non-profit organization against financial loss. What is covered by your policy will depend on the coverage you choose. If you would like a non-profit insurance specialist to review your policy you can click below to go to our secure upload form through docusign that will allow you to upload a copy of your current coverage for review - or if you don't have your policy handy - ask us a question!
What drives the cost of Insurance for Non Profits?
There are many factors that drive the cost for insurance for non-profit organizations. It depends mainly on the type and size of your organization and the level of risk. There are other factors that can make your insurance cost go out and ways that you can save on the insurance for your non profit organization as well. Here are some of the factors that determine the cost for your Insurance policy.
- Type of Non Profit and the services or activities your organization does
- The Size of your Non Profit Organization
- The location of your operations
- The constuction, occupancy, fire & crime protection and surrounding exposures of the location (s) you operate out of
- The Cost of replacing your property
- Insurance History
- The Coverage you Choose - Different Insurance coverage and deductible options are available
- Reduce your costs with damage or loss prevention measures
The Benefits of having a Toole Peet Expert in Non Profit Insurance Programs
Toole Peet has a team of specialists with expertise in placing the right coverage for non profit organizations. The Team is led by Jennifer Stevens and she can guide you through the process of placing the right Insurance coverage for your non profit organization. Jennifer has access to a specialized program specifically created to better protect not profits as well as access to other markets depending on what is the best fit for your organization. Contact Jennifer today to discuss how you can get the right coverage for your non profit organization at a competitive price.
Toole Peet is also a Navacord Broker Partner. Being a Navacord Broker partner give us unprecedented access to resources, markets and expertise that cannot be found elsewhere.
