Continuing financial uncertainty and protecting the health of the organization are top trends faced by non-profit organizations. Unanticipated events can adversely impact a non-profit’s financial resources, damage its reputation, and increase the difficulty of fundraising and recruiting staff and leadership. A well-designed insurance program can help a non-profit address future trends by minimizing the financial impact and reputational damage of many adverse events.
Is your organization dependent on charitable giving? It is a fact that non-profits compete with one another for funding from individuals and charitable organizations. A significant uncovered loss to a non-profit can increase donor hesitancy in contributing to the organization. Management liability and professional liability insurance policies typically include funds for crisis management that are intended to assist the non-profit in protecting its brand in the event of a loss.
The challenge of recruiting leaders, professional employees, and other staff — People join non-profit organizations to make a difference in their community. A substantial financial loss from an uncovered event damages the financial viability of the non-profit organization. It also increases the difficulty of recruiting the people it needs to accomplish its mission. A well-designed insurance program can reduce the damage to a non-profit’s reputation from an unanticipated event, protecting its ability to recruit the people it needs.
Do you provide professional services to your clients? Many non-profit organizations employ professionals, such as psychologists, counselors, advisors, or medical staff. Suppose those staff members fail to meet the commonly accepted standards of their profession and cause psychological, emotional, or other damage to their clients. In that case, the organization may be called upon to pay substantial damages. Professional liability insurance policies reduce the non-profits exposure to such a loss. Religious counselors, social workers, youth counselors may all benefit from professional liability coverage as well.
Does your organization work with youth or vulnerable populations? Non-profit organizations that provide counseling services or work with youth or vulnerable populations have potential abuse and molestation issues. Coverage for abuse and molestation is typically excluded from a standard professional liability policy but can sometimes be added as a sublimit or can sometimes be purchased on a standalone basis.
The trusted insurance experts at WA Group have the knowledge and skills to help you through the decision-making process. Contact us to discuss how we can help.