Specialized Service Is Often Essential for Charity Insurance

It is important that non-profits purchase insurance to protect their interests against financial loss. As an organization zeroes in on a policy that is right for them, they must balance adequate protection with cost. When it comes to selecting charity insurance in particular, specialized service may be key.

 

There Are Specialized Insurance Providers

 

Some insurance providers specialize in selling personal insurance policies that focus on the standard types of insurance, such as general liability or property damage. Certain types of businesses and most non-profits face a unique assortment of risks that often extend beyond the standard categories. For this reason, charities are often treated as a niche market based on the type of service they provide.

 

Niche Markets Require Special Handling

 

Insurers that serve clients in a niche market like charities recognize that their clients may have an unusual set of insurance needs. The types of coverage that are appropriate will vary significantly. For charity insurance in particular, the needs will vary according to the work it performs, staff it employs, and property it owns. In addition to general liability and property damage, they may need coverage for such things as:

 

  • Director and officer liability
  • Abuse and neglect
  • Employment practices liability
  • A range of other coverage types

 

Policies Can Be Tailored to a Particular Set of Needs

 

As your charity begins working with an insurer, an agent should work with you to assess the particular risk exposure of your organization. Many companies that are experienced in handling niche markets can offer specialized policies or even fully customized insurance packages.

 

With a little planning and preparation, your organization should have the charity insurance it needs in no time.

 

photo credit: Lincolnian (Brian) cc
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