Ohio Non-Profit Insurance
Non-profit insurance can be a tricky topic to understand, especially if you are new to the insurance world. The good news is, we’re here to help you understand. We’re breaking it down and explaining the different types of coverage so that you can make the best, most-informed decisions regarding Ohio non-profit insurance for your non-profit.
The first thing you should know about Ohio non-profit insurance is why you need it. If you do not know this, then it doesn’t make sense to move forward with getting non-profit insurance coverage. There are many reasons why Ohio non-profit insurance is important, but we broke it down for you in this article and we’re going to explain it to you here as well.
The main idea is that your non-profit, like any other company or business, needs protection. Insurance is very important to have to protect your non-profit. You never want to leave your non-profit in a vulnerable state. Lawsuits and liability issues could hurt your non-profit to a point where it could go under. We don’t want that, so it’s important to get your non-profit the coverage that it needs. It is also important to realize that every non-profit is different and has different needs. Your non-profit might not need the same coverage as the next one. Knowledge about how these policies work and what they do is vital to getting your non-profit adequate protection.
Next, you’ll probably want to know where to get started when searching for Ohio non-profit insurance. The first step is to evaluate your non-profit’s needs. You don’t want to get caught off guard having not enough coverage, but you also don’t want to have too much coverage where you’re paying for something that you do not need.
We explained different types of coverage below to help you understand what each policy does in terms of Ohio non-profit insurance.
If your non-profit has property, you’ll want this. Nothing would be worse than having something happen to your office building, etc. and not being able to afford to rebuild or to fix it. Whether it is a natural disaster or a theft, you’ll want to get your business back and running in no time and this policy will help you do that. This is a vital policy if your non-profit owns property.
If your non-profit has any company-owned vehicles, you’ll also want this. It is very important to protect the company vehicles as there are usually many different employees using the company vehicles. Don’t have a company vehicle? You’ll still want to look into hired and non-owned auto insurance. This will protect your non-profit from liability issues when employees are using their personal cars to do something for your non-profit. If you don’t have this coverage and something happens to them while doing work for your non-profit, your business could be liable for many different types of fees, medical bills, etc. With auto accidents being so common, this is a basic coverage that is very important to protect your non-profit from liability issues that could result in medical bills and large fines.
Cyber Liability Insurance:
With the internet being such a huge part of businesses today, you’ll want to make sure your non-profit is protected from any type of cyber-attack or security breach. These are becoming more and more common with the internet today and people everywhere are taking steps to secure their information and to make sure they have the proper coverage. The last thing you would want is for your client/customers’ information to be hacked and for your non-profit to be held liable for it with no coverage.
This is another one that is great for everyone because most non-profits do have employees. You’ll want your non-profit to be protected in case of a theft by an employee or something of that nature. If an employee were to steal a large amount from your non-profit, your business could really take a hit and in some cases, not be able to recover if you don’t have crime coverage to help your non-profit with the loss. Sometimes this coverage is even required for things like foundation grants and municipal contracts. This is something that you’ll want to check on because you’ll need this coverage in certain cases.
Worker’s Compensation or Accident Insurance:
If an employee were to get hurt while working for your non-profit and you do not have worker’s compensation or accident insurance, your non-profit could get hit with fines and medical bills. You do not want to end up responsible for these and you definitely want to make sure that your employees are able to receive the medical care that they need, were they to get injured on the job.
General Liability Insurance:
Covering cases of property damage, bodily injury claims and copyright infringement, this policy has you covered. This is more of an umbrella-type policy that covers multiple things. This is another great one to look into and it’s important because sometimes you will actually be asked to provide proof that you have this coverage in order to get funding or to work with other organizations. If you ever do want to do either or these things you’ll want to be prepared and add this coverage to your Ohio non-profit insurance policy.
Professional Liability Insurance:
When it comes to discrimination and harassment issues, you want to be as careful as possible. With the #MeToo movement, many harassment and discrimination cases are being brought to light. This is great in terms of everyone having a voice and a fair/safe workplace, but you want to protect your company incase this would ever happen within your non-profit. When considering which Ohio non-profit insurance to get, you’ll want to look into this. With these issues being so prevalent today, it is best to be safe and get the coverage.
Product Liability Insurance:
If your non-profit sells products to the public, check this coverage out. Product liability insurance will protect your non-profit against customer claims, pay for part of the damages and help your non-profit with paying for a legal defense.
Directors and Officers Insurance:
This basically does what it says it does. If you want to protect the directors and officers of your non-profit, this one’s for you. Directors and officer’s insurance protects your employees if, for example, one of them invests money and it turns out to be a loss. They will be protected from legal costs and from paying the damages.
Now that you know the basic types of coverages and a little bit more about what they do, we’re going to talk about more unique situations. We’re also going to go back over some of these Ohio non-profit coverage types in more detail.
Non-Profit General Liability Insurance
Like we mentioned earlier in this post, non-profit general liability insurance is a broader coverage that is a great one to consider when looking into Ohio non-profit insurance. This covers incidents such as lawsuits over third-party bodily injury, property damage, medical expenses for those injured on your business’s premises, personal injury lawsuits and product liability lawsuits amongst others. This policy helps your business out in cases when, for example, your company is sued by someone because of one of these issues mentioned. They will most likely bring a lawsuit against your non-profit. Having non-profit general liability insurance would help you to handle those legal costs.
Directors and Officers Coverage
Directors and Officers Liability is what results from things like someone who is a director or officer making a misleading statement, committing a negligent act, etc. This coverage is so important to consider when thinking about Ohio non-profit insurance because things like this do happen and when they do, you’ll want coverage. It is important to protect the people that work for your company and this policy will do that.
Every non-profit is different, and some do not necessarily fit the basic non-profit model. A church is very different from a social service non-profit, but they both need coverage. It is very important to understand what your non-profit needs and how you can get the coverage necessary to fill these needs. The best way to further learn about how your non-profit can achieve the coverage that it needs is by contacting us today. We can give you more information and help your non-profit achieve the coverage that it needs to grow and be successful with less bumps and issues along the way.