Property Coverage

Property insurance provides coverage for the loss of or damage to the property you own. This property can include your building and your organization’s personal property (furniture, equipment, electronics, inventory, etc.) among other things.

Three Reasons Why Your Nonprofit Needs this Coverage

  1. You own stuff: If your organization owns any property such as office furniture, computers, tools and equipment, etc you want property insurance to replace it in case of theft or fire.
  2. Other people own stuff: If your employees regularly use their own property, such as computers, to do business on your behalf you will want to protect their belongings as well and most property policies provide a sub-limit of coverage for property or others.
  3. You own a building: If you own a building it’s a big asset and needs to be insured properly in case of fire or water damage or other covered loss.

Nonprofit Property Insurance

This Could Happen to Your Nonprofit

Fire Loss:

Fire broke out in a break room an investigation determined that the faulty wiring in a coffee maker was the cause of the fire. The total cost of the damages to the nonprofit’s business personal property, relocation expenses and business income loss was more than $100,000.

Embezzlement:

A payment clerk manufactured phony invoices to a pre-approved vendor with whom the clerk had an arrangement for sharing the profits. An annual financial audit uncovered the crime, and the guilty parties were convicted, but not before the employee embezzled $281,000 which was partially covered under the employee theft coverage in the insured’s property policy.

Laptop Computer Thefts:

A researcher used his own computer to do work for a nonprofit.  The laptop was stolen from his truck.  A claims was made on the property policy and it paid to replace the laptop for $2,600 plus the cost of duplicating the data.