professional liability insurance

Distinguishing Between Essential and Optional Insurance Types for Nonprofit Organizations

Has your company been in the process of deciding which types of insurance to get? Before you lock down your non profit liability insurance package, it’s important to understand which types of insurance are essential for your organization and which are optional, but may be helpful. Here’s how you can distinguish between the two.

Ensure Your Organization Have Essential Insurance in Place First

Before you can add on extra insurance, it’s important to have the basics in place. This usually means having broad liability coverage as well as a workers’ compensation program. Look for a basic package that includes:

  • General liability protections
  • Workers’ compensation
  • Auto liability insurance
  • Directors and officers liability insurance

Choose Additional Coverage Based on Your Organization’s Unique Needs

Once you have a base layer of insurance in place, look for add-ons that suit your organization’s particular needs. For instance, depending on your company specialty, you may require:

  • Cyber liability coverage
  • Property insurance
  • Theft and crime coverage
  • Employment liability coverage

As your company moves through the process of finding the right non profit liability insurance packages, it’s critical to distinguish between which coverage types are essential and which are optional but perhaps helpful. Review these rules of thumb to help you find the appropriate coverage for your non profit.