• General Liability: Covers accidents or damage during nonprofit activities.

• Directors and Officers (D&O) Insurance: Shields board members from personal liability.

• Professional Liability: Protects against claims related to advice or services.

• Workers’ Compensation: Required if you have employees to cover work-related injuries.

• Property Insurance: Safeguards your office space and equipment. Each nonprofit is different, so it’s important to choose coverage that fits your specific needs.

There are a few simple ways to reduce costs:

• Bundle your policies: Combine multiple insurance coverages into one for potential savings.

• Focus on safety: Implement safety measures to minimize risk and prevent claims.

• Review your policies: Make sure you aren’t paying for coverage you no longer need.

• Consider higher deductibles: If your organization can handle it, a higher deductible can lower your premiums.

If your nonprofit handles sensitive information, like donor data or payment details, then cybersecurity insurance is a smart move. It helps protect you from the fallout of data breaches and cyberattacks, which are becoming more common.

D&O insurance protects the people making decisions for your nonprofit—board members and executives—if they’re ever personally sued for decisions made in their roles. This type of coverage helps protect your leadership from legal fees or settlements.

Unexpected cancellations, like bad weather or emergencies, can be expensive. Event cancellation insurance helps cover lost expenses like venue fees or prepaid services, so you don’t have to worry about financial strain if something goes wrong.

Yes! Volunteers are a huge part of many nonprofits, and you’ll want to protect both your organization and your volunteers. Volunteer liability insurance covers any accidents caused by volunteers, and accident insurance helps cover their medical expenses if they get hurt while working for you.

A risk management plan is simply a way to identify risks (financial, operational, etc.) and come up with strategies to reduce them. This could involve things like staff training, insurance reviews, or having an emergency plan in place. Having a solid plan in place can keep your nonprofit safe and save money in the long run.

General liability insurance helps protect your nonprofit from accidents that happen during regular activities. For example, if someone gets hurt on your property or if you accidentally damage someone’s belongings, this insurance can help cover those costs. On the other hand, professional liability insurance is for when you give advice or services. If someone claims that your advice caused them problems, this insurance can help protect you from those claims.

To meet the insurance requirements for grants, first, check the grant papers to see what types of insurance you need. Make sure you have the right coverage that the grant says is necessary. Keep all your insurance documents organized and up-to-date. If you have any questions or if anything changes, it’s good to communicate with the grant provider to make sure you’re following the rules