In early 2015, a non-profit organization that works hard to provide those in need with school supplies, clothing and food lost everything because of a water pipe that burst. The group fed hundreds of people each week and gave school supplies to hundreds of kids month after month. However, after a cold weather snap that lead to the destruction, the owners were able to move forward thanks to their coverage.
Everything in the organization’s main warehouse was completely destroyed after a weekend when a number of water pipes burst. A mattress that was going to a homeless man, children’s toys, school supplies and at least a hundred blankets that were intended to help keep needy children warm were all ruined. These things were left to mildew as they sat in the water. All of it had to be replaced, which is where Nonprofit Insurance came to the rescue.
Supplies used in the construction of lift chairs for elderly people were also stored in the warehouse. Several hundred pairs of socks that were meant to cover the feet of the homeless were all destroyed due to the water damage. Fortunately, the organization was able to pull themselves back up following the disaster and keep moving in their effort to provide for those in need because their Non-Profit Organization Insurance was there when they needed it most.
The Coverage You Need
As with any type of business, a New York non-profit organization has to have a way to ensure that their assets and finances are secure. The only way to do this with the greatest confidence is with a rock solid Non-Profit Insurance policy. Policies are specifically designed so that they meet the needs of such groups, which can be quite unique.
If you are responsible for the operation of a non-profit organization, it is wise to make certain that you are fully protected against any type of damage or loss that may occur. A few types of Nonprofit Insurance coverage options that you may want to think about adding to your policy include:
- Commercial liability insurance
- Directors and officers insurance
- Property insurance
- Vehicle insurance
One of the biggest misconceptions is that a non-profit organization is somehow immune to liability risks and lawsuits. However, these groups are responsible for the actions of volunteers and employees. For this reason, as the leader of a non-profit organization, you have to take the proper measures to obtain suitable Non-Profit Organization Insurance.
In the litigious society that we are all living in these days, proper Non-Profit Insurance is vital to the longevity of your organization. Even if the lawsuit is frivolous, it can still cost you a great deal of money. With general liability through your Nonprofit Insurance plan, your organization will be protected against claims by third parties that you are responsible for property damage or bodily injury.
There are a number of different instances that may require this type of coverage, for example:
- If you are the owner of the building that houses your non-profit group, the mortgage that you have on the building may require liability insurance as part of your contract.
- If the building that houses your non-profit organization is rented, the property owner may require you to carry liability coverage as part of your lease agreement.
- If a substantial loan is taken out in the name of your organization, the financial institution will usually require you to carry liability insurance to ensure that if your business goes belly up you will still be able to pay off the money that you owe.
- If your organization hosts a large gathering, such as a fundraising event, then the venue where you have the event will likely require proof that you have liability insurance to ensure that any injuries sustained by guests will not lead to excessive charges to the property owner.
It is also a good idea to carry workers compensation for your volunteers and employees. With this coverage, if someone who works for you is injured, you will be covered for any medical expenses that may result.
The Support You Need From A Provider You Can Trust
Things can get rather confusing when you are searching for the best Non-Profit Organization Insurance for your organization. There are so many different coverage options and you are sure to have a long list of questions about all the details. Fortunately, you can count on Putnam Record Insurance Agency to help you find the policy that is just right to meet your needs.
The best part about working with us is the confidence that you will have the support of a knowledgeable and dependable agent when you need it most. Get started today by filling out the risk free quote request form before it is too late.