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Nonprofit organizations that operate as 501(c)3s might be committed to good causes, but intentions along don’t shield organizations from possible risk. Just as for-profit businesses are exposed to a range of possible problems, nonprofits too face risks. Nonprofit insurance policies help protect nonprofits in Vermont from many of the risks they’re exposed to.
Nonprofit insurance policies fall under the broader categorization of commercial insurance policies, but these policies truly are designed for not-for-profit ventures. Being designated as a form of commercial insurance simply means these policies are intended for some type of organization, as opposed to personal policies that normally insure individuals.
The majority of nonprofit organizations in Vermont ought o have insurance, and a nonprofit policy is usually the most appropriate type of policy for such organizations to get. Some nonprofits may have high risk exposures and need lots of protections, and those that have smaller risk exposures can usually also benefit from the coverages these policies provide.
Nonprofit policies are typically written as package policies, meaning they usually have several coverages within them. Any given policy might come with a number of different protections that nonprofits can choose from. Some of the more common ones include:
Along with these coverages, policies frequently also offer employment practices liability insurance, cyber liability insurance, business interruption insurance and other nonprofit liability insurance protections for specific risks. An insurance agent who’s familiar with nonprofit liability insurance options can assist with coverage selection.
Nonprofit organizations that higher employees generally have to procure workers compensation coverage in case their employees are injured or become ill due to their work. Workers compensation insurance is one protection that’s not normally included in nonprofit policies, but an agent who’s familiar with nonprofit liability insurance can likely also help find a separate workers compensation policy.
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Employment practices liability coverage normally offers a range of protections against discrimination and other lawsuits that employees might file against a company. For example, a policy may cover lawsuits that allege age discrimination, gender discrimination or racial discrimination. Many policies also cover other instances, like running background checks without notifying applicants.
Most organizations that have paid employees should consider getting this coverage regardless of whether their a for-profit or not-for-profit organization. The coverage isn’t only for nonprofits with paid employees, though.
In many cases, volunteers may allege the same types of discrimination claims that employees can. To protect themselves from potential lawsuits filed by volunteers, nonprofits may want to carry employment practices liability coverage that’s adapted so it extends protection to volunteering situations.
Directors and officers coverage is a form of professional liability insurance that tends to shield leaders of organizations.
Even though leaders typically personally benefit from the coverage, it’s fairly common for nonprofits to pay the coverage’s premiums for their leaders. Nonprofits often do this because the need for coverage is directly linked with the leaders’ service for the organization. If leaders weren’t serving on a board or in another high-level capacity, they probably wouldn’t need this coverage.
For help insuring a nonprofit organization that operates in Vermont, contact Paige & Campbell Insurance. Our independent insurance agents have assisted many nonprofits in the state with their coverage needs, and we’re ready to help you find nonprofit insurance that’s tailored for your organization.
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