Running a charitable organization will prove to be exciting and run. You’ll want to do the best you can for those in need. Sadly, your good intentions may go awry. If this happens, you’ll want to do what you can to protect your organization and its employees. Thankfully, you can shield yourself, your employees, and your charitable organization by acquiring non-profit business insurance. Whether you’re being sued by a volunteer who was injured or due to damage to a fundraising venue, your insurance will help. You can rest assured knowing that your insurance will help cover the costs so you can keep your organization afloat and continue serving the public.
As the owner of a charitable organization, you will be able to obtain and compare quotes online. With a single application, you’ll be able to obtain quotes from multiple companies. Furthermore, ProfessionalsCoverage is here to help. If you’re looking for a good broker or agent, you should contact ProfessionalsCoverage because we’ll be able to lead you in the right direction.
What Insurance Will Your Charitable Organization Need?
Someone who runs a charitable organization will face tons of risks. While you cannot prevent all problems, you can minimize those risks by acquiring business insurance for Canadian charitable organizations. Once you’ve acquired comprehensive insurance, you will know that your business is protected. You’ll need to combine certain policies to give your business a comprehensive shield. Below, you’ll learn more about the most important insurance policies for Canada’s charitable organizations.
General Liability Insurance
Having sufficient insurance is paramount for keeping your charitable organization afloat. Furthermore, you need to keep your organization in business so you can continue helping the public and your board members. This will be difficult if someone gets hurt at your office and they file a lawsuit against your organization. If this happens, you’re going to be in a lot of trouble and you’ll have to defend your organization in the courtroom. One of the best ways to solve this problem is by taking advantage of general liability insurance. With this insurance, your charitable organization will be protected from lawsuits associated with slip-and-fall accidents. It doesn’t stop there though.
With general liability insurance, you can protect visitors and their property. If their vehicle is damaged on your lot, this insurance will cover the cost of repairs. It also offers protection from lawsuits filed due to libel or slander.
Business Owner’s Policy
It is best to save money since you want to focus on helping as many people as possible. To do that, you should combine insurance policies and save money. With a business owner’s policy, you can achieve these goals. This type of policy is going to provide your charitable organization with savings, general liability insurance, and property insurance. Since you’re buying both in one plan, you can save money. Your organization needs both policies so it is best to bundle and save. With these insurance policies, you’ll be able to protect your organization from various issues. For instance, general liability insurance offers protection when someone gets injured in your building.
It also protects from property damage to visitors or their belongings. Finally, this insurance will protect your business property from damage.
Professional Liability Insurance
All Canadian charitable organizations need professional liability insurance. While you’re hired the best, anyone can make a mistake. With that being said, you need to protect your organization from mistakes. This is where professional liability insurance enters the picture. With this insurance, you can protect your charity whenever mistakes are made. If someone accuses your charity of negligence, this insurance will prove to be very helpful. It can defend your charitable organization from lawsuits and claims of negligence. Furthermore, it protects you when your organization has failed to fulfill its duties. If you make any mistakes or miss something and it hurts someone, professional liability insurance will protect you.
Directors & Officers Insurance
Since your charity has a board and members, you need to take care to protect it from these individuals. Board members and officers do their best but they create problems for you in the long run. If you don’t protect yourself from such problems, your charity might get sued and that could force it to shut down prematurely. With directors and officers insurance, you can protect your charity from such issues. What will happen if one of your officers misuses funds? It could ruin your organization unless you have directors and officers insurance. This insurance also pads your company from problems such as directors not being able to fulfill their duties. If one of your officers speaks ill of your company or defames it, the insurance will protect you.
If you have a board with directors, you need this insurance.
Workers’ Compensation Insurance
Having workers’ compensation insurance is pertinent. It is required by law. Furthermore, having this insurance is the right thing to do. Without this insurance, your workers are going to be in real trouble when something goes wrong. If they get injured on the job, they’ll struggle to get by. They’ll lose money and pay a lot for medical services. You’ll want to help these individuals so they can recover swiftly and return to work as soon as possible. To facilitate this, you should have workers’ compensation insurance. This insurance helps pay for the employee’s medical expenses and it offers other perks. For instance, it will help pay a portion of their missed wages.
Finally, you should understand that an injury may lead to a lawsuit against your company. The injured worker may blame your company and try to sue for compensation. With workers’ compensation insurance, the risk of this happen is very low.
Employment Practices Liability Insurance
While you’ve done everything you can to create a wonderful working environment for your volunteers, problems may arise. If they do, they could cripple your business. If you have a bad volunteer, they might harass another worker. Alternatively, one of your HR workers may discriminate when hiring volunteers. This can lead to major issues for you and your charitable organization. If this happens, you may face a hefty lawsuit with the potential for it to bankrupt your organization. Suffice to say, you need protection from such problems. The best way to get that protection is by purchasing and maintaining employment practices liability insurance. It protects a charity from lawsuits stemming from wrongful termination, discrimination, harassment, and other problems.
Don’t wait until it is too late because you won’t be able to get insurance once the lawsuit has been filed. Get it now so you can be ready for anything that comes your way.
How Much Will You Pay For Charitable Organization Insurance?
Canada is a diverse country in various ways. It is full of unique people from different backgrounds. Furthermore, the country is overflowing with amazing nonprofits. With that being said, you should know that Canadian charitable organization insurance costs are going to vary depending on certain characteristics of the nonprofit. Smaller organizations with fewer volunteers tend to pay less than bigger organizations. The insurance company will also look at your organization’s location, assets, and revenue before determining how much you’ll pay. Remember that you can always obtain quotes from several companies so you can get the cheapest plan for your organization.
You can also work with ProfessionalsCoverage to get started.
Do You Need Charitable Organization Business Insurance?
You should never serve the public without having business insurance for your charitable organization. If you do, you’re risking the future of your organization and it could haunt you soon. It is pertinent to protect everyone involved. You need to protect yourself, your family, your employees, and the people you’re trying to help. To do that, you need business insurance. Once you’ve obtained this insurance, you’ll be able to help people without having to worry about lawsuits. It is best to get insurance now so you don’t lose your charity tomorrow.
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Other 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.