There’s a lot that goes into running a successful organization, but did you know that one of the most important decisions you make is which insurance company to work with? In 2021, there are many changes in the insurance market that will affect the type of coverage a non-profit needs. In this blog post, we’ll look at the types of coverage available in 2021 and how it’s changing the game for nonprofits.
Why Should Nonprofits Pay Attention to Insurance?
Many non-profits might not consider insurance as important because they don’t have money. But many of these organizations spend their time and resources on collecting clothes, food, or other donations for those in need. And that doesn’t even include volunteers’ time or emotional labor. Without proper insurance, their life saving work could be rendered useless when one of these entities gets sued or has damages inflicted on them and they can’t afford it with no funds or insurance coverage.
Why Finding the Right Insurance Company is Important to Your Mission?
Insurance will play an important role for your non-profit in 2021. Not only is insurance coverage important when it comes to employee wages, but it can also be vital for your organization’s financial stability. A significant loss due to natural disasters or even theft can put your nonprofit organization in jeopardy and make it difficult for you to continue carrying out your mission. Therefore, you need auto insurance, workers’ compensation, life insurance, property, and liability insurance, and more.
You should know that every single one of these types of insurance is different–so how do you decide which ones are right for you? Keep reading to find out.
What Types of Insurance Policies should Nonprofits Have in 2021?
Insurance policies can be difficult and complicated. With new regulations, including penalties for noncompliance, it’s important for non-profits to find an insurance company that will find the perfect solution for them.
Some important coverages your non-profit should have are:
- Workers’ Compensation
- General & Professional Liability
- Commercial Auto Liability
- Excess Liability
Help! I Don’t Know which Insurer to Work With.
One of the most important things for any non-profit is finding an insurance provider that is going to work best for them. Many companies don’t specialize in providing insurance for non-profits, so it’s important to do your research on providers before you make your final decision.
Some questions you should ask yourself when looking at potential insurers are:
- Does my company qualify?
- Are they willing to cover what I need?
- What rates are they charging?
- Is their service available where I live and operate?
- Do they have good customer service reviews?
Trying to decide on what type of policy is best for your organization? Ask us! We would love to help. Click here to talk to us today.