A non-profit organisation (NPO) is a legally formed organisation whose primary goal is to assist or engage in activities of public or private interest for no monetary or commercial gain. When a non-profit organisation earns a surplus, it is retained for future activities and, unlike a profit-making organisation, does not transfer its revenues to its members. NPOs are also known as Voluntary Welfare Organizations (VWOs) and can be legally registered as a public company limited by guarantee, society, or charity trust.
Nonprofit organisations can acquire insurance coverage through standard business insurance providers, however, at Cléma Risk Solutions, we understand that not all commercial policies will serve the unique requirements of these nonprofit organisations. The best nonprofit insurance will consider the type of nonprofit organization you run, your budget, the needs of your officers, staff, and volunteers, as well as the coverage required to protect your assets and property.
General Liability Insurance
Nonprofits must have general liability insurance, sometimes also known as “commercial general liability.” Nonprofits rely on volunteers and merchants for many activities. Your organisation may host dozens of volunteers, a few vendors, and hundreds of attendees at a single event.
The surge of visitors on a nonprofit’s or an outside site increases the likelihood of unexpected situations. In the event of an accident or damage, general liability coverage covers the nonprofit organisation.
There are situations when nonprofit directors, officers, personnel, or volunteers act inappropriately or are accused of doing inappropriately. In certain circumstances, your nonprofit may face legal action. In these circumstances, Professional Liability Insurance protects directors, board members, personnel, volunteers, and the nonprofit organisation itself.
Because nonprofits pay lower wages and rely heavily on volunteers, the possibility of selecting an officer or board member with no leadership experience is high. Mismanagement is also possible in the casual setting that most organisations have.
Stories of cybertheft have frequently made news. These stories are motivated by people’s concern about their own personal finances. Nonprofits may not think about it, however, some nonprofits are more vulnerable to cyber crime than you may imagine.
Donors provide nonprofits with large volumes of confidential data. All donor databases must include the amount and date of a donation, as well as a mechanism to contact the donor. A useful database will capture other information, such as the names of family members, birthdays, the donor’s personal interests, and the names of other organisations that they support.
This data is a gold mine for cyber thieves and a turn-off for potential contributors concerned about cybersecurity.
Cyber insurance for online liability protects your nonprofit and the donor from cyber theft and can provide contributors with the peace of mind they need.
Nonprofit organisations are exposed to a series of risks given the nature of clients and number of volunteers they have to deal with.
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