Ensuring Your Non-Profit Keeps Delivering to Your Stakeholders
Non-profit organizations and charities are essential contributors to the quality of our communities. We love being the insurance broker for non-profit sector organizations. It gives our team a sense of pride and fulfilment by being part of their success. Our purpose is to do our part providing quality, cost-effective insurance solutions so your non-profit organization can focus on fulfilling your mission.
We believe in giving back to the community as well
As a business, we pride ourselves on our ongoing efforts to give back to the community in several ways. Members of our team sit on local non-profit boards, volunteer their time and participate in fundraising campaigns. As an organization, we spearhead community food drives, host community giveback fundraising events and donate to community organizations throughout the year. We also love giving an extra boost to the non-profit organizations we serve by socially sharing their community initiatives.
Does your non-profit organization need insurance?
Unfortunately, the answer is yes. Your operation is still liable for injuries, property damage, keeping sensitive data secure and more. If your organization has a board of directors, voluntary or paid, they can also be held liable for the financial viability of the organization. Since many non-profit boards are often giving much of themselves for the benefit of the community, it is essential to ensure their livelihood is protected as well.
What should a non-profit consider when choosing an insurance broker?
In Ontario and beyond, insurance brokers have a long-standing history of being involved in the community. It is something of which, as an industry, we are quite proud. When considering an insurance brokerage, confirm they share a similar giving back philosophy.
A big benefit of choosing an insurance broker over an agent is that insurance brokers have access to several insurers whereas an agent only has access to the company they represent. Every insurance carrier has a set of their own insurance specialties that can include things like specialized claim support, preferred premium rates, policy wordings (what you are covered for) and more. Many of our insurance carrier partners have great programs and policies for non-profit organizations.
Also, getting a clear understanding of the brokerage’s insurance philosophy is important. At Bryson, we are committed to helping your organization succeed by being your insurance partner. We look at potential risks facing your non-profit operation, today and into the future, to ensure all stakeholders are protected for the future.
What types of insurance coverage do non-profits require?
Insurance types differ depending on your operation. For example, a food donation logistics operation, with their own vehicles and a warehouse, would require a different set of insurance requirements than an organization helping new Canadians adapt to life in Canada.
Here are questions to consider for your non-profit organization. If you say yes to any of these questions, you may benefit from a certain type of insurance coverage. Click each question to see the associated insurance policy type. Again, it is best to talk with a member of our team because some of these policies may not be relevant to your operation.
Does your non-profit organization have a physical premise that has volunteers, staff, clients or other community members visit?
If so, you will need Commercial General Liability. If someone is accidently hurt or has their belongings damaged on your premises, commercial general liability covers those costs. It can also include coverage for medical or legal expenses.
Does your non-profit own any physical assets like buildings, equipment, inventory or other materials?
If yes, you will want to look at Commercial Property insurance. If your non-profit organization owns any physical assets, it is important to have commercial property insurance. This policy type covers physical assets owned by your organization including buildings, equipment, inventory, materials and more.
If yes, product liability insurance will protect you if a client or another third-party claims your product caused damage or injury.
If yes, professional liability insurance may be crucial. Professional liability provides protection in the case of a client or another third-party claiming the advice or service led to a financial loss.
Event liability insurance provides protection if a volunteer or visitor gets injured. It also provides protection for damage caused at your event or if your crew damages something at another event. Most venues will require event liability insurance.
Director & Officer Liability insurance will cover legal expenses if a lawsuit or wrongful act allegation is brought against your organization or directly against the directors and officers. If your organization does have a board but does not have D&O coverage in place, those board members are taking on significant personal risk.
If your not-for-profit operation had to shut down for a prolonged period of time due to a claim (like a fire) or other mandatory evacuation, would it impact the financial viability of the operation?
Some organizations can run just as effectively virtually as they do in their physical office location. If that is your non-profit organization, you may not require business interruption coverage. However, if being down would impact revenue streams, it may be essential to ensure business interruption coverage is in place.
If so, commercial vehicle insurance is mandatory in Ontario. Coverage options include third-party liability, accident benefits, comprehensive and collision coverage.
Do you store any sensitive employee, client or stakeholder data digitally? Does any money flow over digital channels?
Cyber insurance will help your organization recover after a cyber security incident. Support from breach coaches and other proactive cyber safe proactive risk management strategies are often included in the cyber insurance policy.
Employee theft and dishonesty can be insured through a crime coverage policy.
Employee practices liability covers legal expenses pertaining to employees or ex-employees filing claims, like a wrongful dismissal, against your organization.
Our team would love to talk with you about your non-profit’s mission and learn how your organization is contributing to the fabric of our community. Every non-profit story is unique and so is their insurance package. Your dedicated Bryson insurance broker will work with you and your team to ensure you have the right insurance solution for your needs. We are also happy to answer any questions you have. Get in touch with us today!