Running a nonprofit or business that is based on volunteer positions can offer some unique obstacles. Finding the most appropriate insurance, for example, is not as straightforward as it is in other industries. While there are some policies you will absolutely need to take out, there are other options that you can weigh out based on whether or not you can afford them. General liability is a sensible place to start, as it is a foundational policy that almost all businesses will require in some capacity.
The Plan Your Nonprofit Needs
Workers’ Compensation is another crucial area to pay attention to when it comes to taking out insurance. Whether you pay your workers or they volunteer for the jobs they perform, an accident that takes place while a person is doing a job for your business can lead to serious physical injuries and potential financial losses. Having a compensation plan involved in your insurance package limits the odds of your company incurring serious losses. The specific compensation package you select will be based on your industry’s unique needs. Other common need-to-have volunteer policies include:
- Auto liability for vehicles affiliated with a business
- Cyber liability to protect the sensitive data of your organization
- D&O insurance for management
Explore All of Your Options
Taking out an appropriate insurance plan for your business will take time and effort. Once you do the initial work, you’ll have no problem finding the perfect fit for your nonprofit.