Investing in the right insurance solution helps transfer risk to third parties and allow nonprofits to confidently focus on maximizing their missions and impact.
Highly-Publicized Examples of Insurance at Work for Nonprofits
- Schenectady-based non-profit Things of My Very Own was hit by an unexpected flood that caused thousands of dollars in damages. The flooding was caused by ice thawing and refreezing on the roof of their building.
See: Local Nonprofit Hit With Floods
- A year after one of its employees was crushed to death, Sacramento’s Goodwill operation faced yet another new lawsuit from former workers and additional government scrutiny over its safety practices.
See: Sacramento Nonprofit Faces More Lawsuits, New Safety Probes
- The Community Child Care Council of Santa Clara County, Silicon Valley’s largest publicly funded child care provider, has been accused of mismanaging its employee pensions, according to a class-action lawsuit filed in the U.S. District Court in San Jose.
See: Child Care Nonprofit Allegedly Mismanaged Employee Pensions
- Addiction services nonprofit OnTrack was named in a new lawsuit by former and current employees who alleged whistleblower retaliation, infliction of emotional distress, and violations of both state wage and family leave laws.
See: Second Lawsuit Alleges Mistreatment By Ontrack Founder Rita Sullivan
Nonprofit Insurance Costs
Every nonprofit is different and so are their insurance needs and costs. The most common cost drivers tend to be the number of volunteers and employees working for the organization, the size of the NPO’s property, the services they offer, and whether or not they depend on any special equipment to perform their work.
Essentially, what they do, how they do it, and to whom they offer their services to are all aspects that affect the cost of insurance.
Working with the right partner will ensure they are not only negotiating the right coverage but the best possible pricing options for the nonprofit as well. Embroker believes in giving our clients better choices using data and transparency. We benchmark all of your policies against similar organizations in your vertical, then procure multiple quotes from an independent broker. We also cross-reference your costs with nonprofits of comparable size, policy limits, claims history, and risk tolerance.
Now that you have a better understanding of insurance for nonprofits, you may be wondering how all of this affects your organization and where to go from here. If you need more help or information, you can reach out to our team of expert brokers. If you prefer to get started on intelligent quotes, create your Embroker account today.
Nonprofits require unique insuring expertise and experience. Our Nonprofit Practice team will work closely with you to design a sustainable, cost-effective solution to help protect your mission with expert coverage.
Embroker is the easiest way to intelligently insure any business. We’re here to help!