Canada’s non-profits and charities are focused on strengthening communities, creating solutions and caring for others. These organizations are often operating on a very small budget. One single unexpected event could wreak havoc on your non-profit company and lead to significant financial loss, or close your organization altogether. Luckily, non-profit insurance is available and protects the unique risks and exposures to your organization.
What types of insurance should non-profit organizations and charities consider?
- Commercial general liability: covers your company if someone such as a customer or visitor is injured or has their belongings damaged on your premises.
- Commercial property insurance: covers your property and its contents in the event of a fire, storm, earthquake, vandalism or other similar incident.
- Event insurance and event cancellation: If your organization regularly hosts events that have substantial costs involved, you should consider this coverage.
- Commercial auto: covers your staff and volunteers who need to use their own vehicles for work purposes and also covers your organization’s vehicles.
- Product liability insurance: if your company sells products to raise funds for your organization, you should consider adding product liability to protect your company from lawsuits.
- Directors and Officers (D&O) insurance: covers the costs of legal fees in the event one of your directors or officers is the target of a lawsuit.
- Errors and Omissions (E&O) insurance: also known as Professional Liability, this insurance provides financial protection against claims if your advice or service causes harm or financial loss to a client.
- Cyber insurance: covers your organization in the event of a cyber attack or data breach.
- Business interruption: If your organization is unable to operate properly or needs to temporarily shut down due to a covered claim, this insurance can help cover costs.
Remember to review your insurance policy for:
- What is covered and what is not covered (read for exclusions)
- What your coverage limits are
- Who is covered and who is not covered
The coverages above are some of the most common types of insurance policies for non-profits, but it is best to work with an insurance broker in order to understand the complexities of your insurance program. Whether you run a small non-profit or a large national charity, Fuse Insurance is here to find a customized non-profit insurance package that is the right fit for your organization. Give us a call at 1-866-387-FUSE (3873) or fill out our quick and easy online quote application form now.
Learn more by visiting our page for non-profits.
