Insuring Your Ohio Non Profit on a Budget: The Coverages You Should Carry

Insuring Your Ohio Non Profit on a Budget: The Coverages You Should Carry

Whether you are just starting out your non-profit, or trying to cut costs at your existing non-profit, we’ve put together a list of some of the most essential coverages you need. While cutting down on bills is important, you still want to make sure you are protected! We want to help you do just that by breaking down some of the most important policies to consider when insuring your Ohio non-profit.

General Liability
One very important thing that you need to be aware of when insuring your Ohio nonprofit is that, as a business owner, your chances of having a lawsuit brought against you are greater than the average person. The best thing that you can do to protect yourself from having to deal with the negative effects of this is to make sure that you have coverage in place beforehand. Not only are you at a risk for having to pay lawyer fees, but you are also at risk for being responsible for injury damages. If you have general liability insurance, it will help you handle situations in which someone is injured on your property or due to your product. One other important thing to keep in mind about general liability insurance is that it covers other miscellaneous things such as dealing with advertising copyright issues. This policy covers many important things that you might not even plan for or think about.

Commercial Auto Policy
A commercial auto policy includes protection in cases of physical damage, liability insurance, and covers other things like towing and medical payments. If, by chance, one of your company cars was involved in an auto accident, you would have the proper collision insurance, liability insurance, etc. to protect your non-profit. This is extremely important to consider when insuring your Ohio non profit because accidents happen all the time and can lead to things such as physical damage to cars, medical bills for those injured, and potentially dealing with individuals who could be on the other end of the accident and may not even have coverage.

Directors and Officers Liability
This coverage is very important to think about when insuring your Ohio non profit because it is imperative for the leaders of your company and it is the coverage that will protect them most. While other policies cover employees and your company as a whole, this specifically protects directors and officers from being held liable if something were to happen to the business. Liability could stem from issues with things such as cyber liability, issues with HR, as well as failure of the company to follow laws. With all of these things that could happen and more, it is important to make sure that your top-level employees who lead your company are protected.

Worker’s Compensation
Worker’s Compensation serves two main purposes in insuring your Ohio non profit. The first thing it does is that it provides employees with the proper medical care that they deserve while also making sure that they are paid while they are physically unable to work. Worker’s Compensation also protects your non-profit from lawsuits brought against your non-profit by injured employees. This is very important for your non-profit to have, especially if employee injuries happen frequently. Even if there aren’t frequent injuries at your non-profit, it is better to be safe than sorry and it is better to have protection in place before a problem arises.

Commercial Umbrella Insurance
Commercial Umbrella Insurance is that extra layer of protection that covers the odds and ends. Where your other coverage policies are lacking, this coverage picks up the slack. One example of a time when this insurance would be vital is if a customer were to slip at one of your buildings and their medical costs went above the policies you already had in place. If you didn’t have commercial umbrella insurance, you would either have to pay out of pocket, or worse, go out of business. It is very important to realize that unexpected things do happen and you would be a lot better off if you were prepared. This is one to consider when insuring your Ohio non profit.

Property Insurance
If your non-profit has any property at all, this is one policy you can’t do without, and an important one to consider when insuring your Ohio non profit. Just like your home needs protected, it is vital to also protect the places that your non-profit does business at. This policy will cover repairs or replacements in cases of natural disasters, fires, theft, and more.
Crime and employee dishonesty coverage
This coverage is important to consider when insuring your Ohio non profit because it is something that directly protects your non-profit from things like employee theft, forgery, computer fraud and more. If your non-profit ever finds itself in a situation where an employee steals a large amount of money over time, you’re definitely going to be thankful if you have crime and employee dishonesty coverage in place.

Business Owners Package Policy
This policy basically takes multiple types of coverage and puts it into one, easy-to-manage, package. These packages typically include property insurance and liability protection. The liability protection protects in cases of customer injuries, product related injuries, and more. The property insurance aspect of this package will ensure that your buildings are fixed or replaced in cases of fires, storms, etc. This basically gives you two types of coverages in one package, something to keep in mind while insuring your Ohio non-profit. Get a Quote today regarding insurance for your Ohio Non-Profit! 


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