11 Kinds of Insurance Coverage for Non-Profits

Posted by Elizabeth Wightman on Mon, May 23, 2016 @ 09:00 AM

As their name suggests, non-profit organizations don’t churn out much of a… well, profit. Instead they selflessly devote their time and money to causes that can better their community. The unfortunate reality of this is that an unexpected incident or incrimination can single-handedly devastate their future operation. These are 11 types of insurance coverage for non-profits that might just save yours from financial ruin.

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Topics: Insurance for Non-Profits

It Makes No Sense for Non-Profits to Buy Insurance from Generalists

Posted by Phil Wightman on Fri, May 20, 2016 @ 09:00 AM

A non-profit exists to serve its specific community and to fulfill its mission. Most brokers are “generalists.” They may or may not have specific knowledge about the products they sell and the types of clients they sell to—that’s because often “selling” is all they care about. At best they may be able to offer advice on simple insurance products. What’s certain is that only a very small minority of insurance brokers have any expertise whatsoever when it comes to providing professional insurance and risk management advice to the non-profit community. The good news? There are exceptions.

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Topics: Insurance, Non-Profits

3 Reasons to Partner with a Non-Profit Insurance Specialist

Posted by Elizabeth Wightman on Wed, May 18, 2016 @ 09:00 AM

I know that your buddy Joe from Rotary Club is a nice guy but he might not be the best insurance broker for your non-profit.                                                                 

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Topics: Non-Profit Insurance

Why You Need Non-Profit Directors & Officers Insurance

Posted by Elizabeth Wightman on Mon, May 16, 2016 @ 09:00 AM

According to the Bureau of Labor Statistics, the United States has over 62.8 million volunteers who graciously donate their time each year to support non-profit organizations. Many of these people serve on non-profit boards. Often they mistakenly think that there are laws in place to protect them if they are sued as a result of their board work. Many organizations do not realize that if there is a claim or lawsuit that results from the decision of the board, the individual directors and officers can be held personally liable.

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Topics: Directors & Officers Insurance

5 Advantages of Partnering with a Niche Non-Profit Insurance Broker

Posted by Elizabeth Wightman on Fri, May 13, 2016 @ 09:00 AM

For years insurance agencies have been working in the marketplace supplying a wide range of insurance solutions. Most brokers offer a broad range of products for an even broader clientele and do not possess a deep understanding of the specific needs of a non-profit organization. Not all brokers have invested the time and effort to understand the insurance and risk management needs of the non-profit sector—therefore it is important to work with one that focuses on the non-profit insurance niche.

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Topics: Niche Non-Profit Insurance

How Volunteers & Non-Profits Can Protect Themselves Against Injury

Posted by Phil Wightman on Wed, May 11, 2016 @ 09:00 AM

Although nearly all non-profit organizations hire volunteers, very few have a systematic approach to the management of them. Many organizations have only a vague understanding of their obligations as they relate to volunteers.

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Topics: Event Volunteer Accident

How to Properly Define an Independent Contractor for Your Non-Profit

Posted by Elizabeth Wightman on Mon, May 09, 2016 @ 09:00 AM

Many, if not most, non-profit organizations hire independent contractors to help them facilitate their mission. It is a convenient way to get the work done without the need to hire permanent employees. The problem is, hiring independent contractors creates a risk that isn’t covered by your non-profit general liability insurance.

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Topics: Independent Contractors

Donation or Bribe? Non-Profit Insurance and Broker Donations

Posted by Phil Wightman on Fri, May 06, 2016 @ 09:00 AM

Many insurance brokerages that do business with the non-profit community offer donations to some of the non-profit clients they work with. In and of itself this is not a problem, but some brokers offer donations to prompt a non-profit to purchase coverage from their agency. These donations often create an explicit or implied requirement that the non-profit purchase insurance from that broker. This is a huge issue for several reasons. In many states, this practice is known as “rebating” and is illegal. The practice of rebating is in many areas considered a bribe to induce a purchase. The prosecution of insurance brokers and carriers that participated in bonus schemes or contingency bonuses as an inducement to place large accounts with a particular broker propelled Eliot Spitzer to the Governorship of New York. Those prosecutions led to many laws being enacted to prohibit insurer to broker rebates as well as broker to client rebates.

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Topics: Broker Donations

7 Steps to Buying Non-Profit Insurance

Posted by Elizabeth Wightman on Wed, May 04, 2016 @ 09:00 AM

7_STEPS_TO_BUYING_NON-PROFIT_INSURANCE.jpgWe often talk to non-profits who don’t have experience buying insurance. They aren’t sure what they need or how to go about finding the right resources. Even after figuring out what they’ll require, the question of how to go about purchasing the appropriate insurance is the next hurdle to overcome.

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Topics: Non-Profit Insurance

Controlling the Use of Non-Owned Autos for your Non-Profit

Posted by Phil Wightman on Mon, May 02, 2016 @ 09:00 AM

Virtually every non-profit has some non-owned auto use exposure; privately owned autos are often used by volunteers or employees to run “errands” or some other organization business. This non-owned auto use creates a significant risk to the organization and is perhaps the most likely claim a non-profit will ever have. It is critical that organizations not only control what types of driving are assigned but also closely vet the volunteer and employee drivers assigned these driving tasks.

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Topics: Non-Owned Autos