Many people are running nonprofit organizations in Canada. Many of those organizations are doing exceptionally well and they’re helping thousands of people and pets. Nevertheless, they work against the odds since there are countless risks involved. If you’re going to be running a Canadian nonprofit, you need to make sure that you have insurance. Without insurance, you’re going to put your organization and your volunteers at risk. It is pertinent to obtain a handful of policies so you can protect your organization thoroughly.
While insurance might be expensive, you can minimize the costs. You’ll want to compare quotes from various insurance companies and go from there. If you need assistance finding insurance, you should contact ProfessionalsCoverage since these experts will be able to lead you in the right direction.
Types of Non-Profit Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of non profit industries.
- Community Center Insurance
- Church Insurance
- Charitable Organization Insurance
- Animal Shelter Insurance
- Referral and Counselling Center Insurance
Important Insurance Policies For Nonprofits
Nonprofit organizations need insurance. And, you need to obtain the right insurance policies. If you miss an important insurance policy, you’re going to leave your company open to lawsuits. A single lawsuit could lead to the downfall of your nonprofit and you don’t want that to happen. You can avoid this problem by acquiring insurance policies for nonprofits. Below, you’re going to learn about the important insurance policies your nonprofit organization needs.
General Liability Insurance
First, you’ll need to obtain general liability insurance. This insurance is very important since people likely visit your place of business. If you run an animal shelter, people are going to visit so they can see your dogs. If you run a homeless shelter, you’re going to invite people into your facility. This can create problems since you never know when someone is going to get injured. A dog may bite someone. Alternatively, there is a risk that one of your homeless patients is going to slip and fall inside of your facility. Both incidents could lead to lawsuits against your organization. This is why you need general liability insurance. This insurance offers immense protection for nonprofit businesses since it can protect them from damage property, slip-and-fall lawsuits, and slander lawsuits.
Business Owner’s Policy
Running a nonprofit comes with many risks. A business owner’s policy can help protect your nonprofit from many of those risks. This type of plan ensures that you’re able to protect your property and your visitors. If a client gets injured on your property, your business owner’s policy will protect your business. Furthermore, this insurance offers protection when your client’s property is damaged. With a business owner’s policy, you’ll have general liability insurance and commercial property insurance. Combining both insurance plans into one policy allows you to save money and get protected immediately.
Suffice to say, all Canadian nonprofits need BOPs or business owner’s policies.
Professional Liability Insurance
People who run nonprofits often make many difficult decisions. While you’re doing your best, you may make mistakes. It might’ve seemed like a good decision at the time but it has led to a lawsuit. If you have professional liability insurance, you’ll be okay. With this insurance, you’ll be able to defend your company and deal with all lawsuits. This insurance offers protection from lawsuits and claims of professional negligence. It also protects your nonprofit from not being able to live up to its end of the bargain.
If you make mistakes when offering services, you’ll want professional liability insurance. Without it, a lawsuit could lead to the end of your nonprofit organization.
Directors & Officers Insurance
Most nonprofits have a board with directors and officers. These individuals are helpful because they can help you make a lot of big decisions. The only problem is that you cannot trust everyone. A bad employee may swindle their way onto the board of your nonprofit organization. Before you know it, they begin misusing your nonprofit’s money. This leads to big problems and you need to seek compensation for the loss. Furthermore, a board member may not fulfill their duties. Both problems may cripple your business so you need directors and officers insurance. If you have a board of directors and officers, your nonprofit needs insurance. With this insurance, you can sleep soundly knowing that an untrustworthy director isn’t going to ruin your nonprofit.
Workers’ Compensation Insurance
Having workers’ compensation insurance is pertinent. You need this insurance for numerous reasons. For instance, it is often required by law. Furthermore, you’ll want to do what you can to protect your volunteers. If someone is injured while working for your nonprofit, you’ll want to help pay their medical expenses since this can help them recover and return to work quicker. If you want to do the best you can for your volunteers, you need workers’ compensation insurance. This insurance is going to help the injured worker pay their medical bills. Furthermore, it can help protect your nonprofit from lawsuits associated with worker injuries.
Employment Practices Liability Insurance
At the end of the day, nonprofit organizations face more scrutiny than others. So, it is important to make sure that you can defend your organization. You need to defend your nonprofit from allegations of sexual harassment and discrimination. Employment practices liability insurance is great for this purpose. With this insurance, you’ll be able to protect your nonprofit from various lawsuits. If your volunteer is accused of sexual harassment or you’re accused of discrimination, this insurance is going to protect your nonprofit. Even if the allegations are false, a lawsuit could ruin your nonprofit. Get insurance so you don’t have to worry about that happening.
What Will You Pay For Nonprofit Insurance?
It is pertinent for all nonprofit organizations in Canada to have nonprofit insurance. If you don’t, a lawsuit could turn your life upside down and ruin your business. The only problem is that nonprofit insurance can be expensive. How much will you pay? Well, it is going to depend on several factors including the location of your business. If you have more volunteers and offer riskier services, you’re going to pay more. The insurance company will want to know more about your annual revenue and assets. If you make and own more, you’re going to pay more for nonprofit insurance.
The best way to find out how much you’re going to pay is by acquiring quotes from several Canadian insurance companies. Furthermore, you’ll want to get in touch with ProfessionalsCoverage. With their assistance, you’ll be able to find a good insurance broker who can help you find what you need.
Do You Need Nonprofit Business Insurance?
Nonprofit organizations in Canada face a lot of risks. As a Canadian nonprofit owner and operator, you need to protect your organization with insurance. If you don’t, your organization is going to be ruined by a lawsuit. That will negatively impact your volunteers and the people you serve. To prevent this from happening, you need to obtain and maintain comprehensive insurance. This is the best way to ensure that you’re able to defend your nonprofit and keep it afloat during tough times. Remember that you need a handful of insurance policies to provide your nonprofit organization with maximum protection.
Furthermore, you’ll want to compare quotes until you find the best deal for your money. If you need assistance finding insurance for your Canadian nonprofit, you need to get in touch with ProfessionalsCoverage. They’ll help you find exactly what you need.