Charity and Non-profit Insurance Guide
What is charity and non-profit insurance and which covers do we need to pursue to protect our organisation
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An expert guide on non-profit and charity insurance to understand which covers your organisation needs
Below we've produced an expert guide on charity and non-profit insurance to assist our clients understand which covers they need to consider to protect themselves from unexpected events.
As a Willis Towers Watson Network insurance broker we have the expertise and market access to a wide range of UK insurers to ensure you buy the broadest protection at the most affordable cost.
What you need to know about charity and non-profit insurance
Third-sector organisations are faced with a variety of different exposurers in undertaking their activities that can lead to 3rd parties seeking compensation though the courts or the loss of property.
Unfortuantely your non-for-profit status and good endeavours does not remove your legal liabilities to employees, volunteers, trustees and third-parties. Insurance provides a cost-effective measure to mitigate risk to the future of the organisation.
What is charity and non-profit insurance and why do you need it?
Charity and non-profit insurance is a range of different covers that can be packaged together to brovide a blanket of protections from legal liabilities and property losses.
Non-profits, voluntary organisations, community groups and religious organisations can all benefit from arranging adequate insurance protection to guard against financial exposures which could damage the future of the enterprise.
Commercial businesses purchase insurance and so should non-profits as a means to mitigate and transfer risk. The products available offer cost-effective mechanisms to provide financial support and access to a good legal defence.
Which insurance covers do non-profits or charities need?
We produced the below guide to help you understand what covers are available and how they can protect against future legal liability and property losses. Which covers you require will depend upon your specific circumstances and and responsibilities, to discuss with and expert insurance broker give us a call on 0345 625 0711.
What is trustee indemnity insurance?
Trustee indemnity insurance offers financial protection to individuals against civil, criminal and regulatory proceedings, while acting on behalf of the organisation.
What is public liability insurance?
Public liability insurance will protect your organisation from injury or property damage of persons other than your employees in the course of your activities.
What is employers liability insurance?
Employers liability insurance will protect your organisation against injury or illness of your employees and volunteers.
What is professional indemnity insurance?
Professional indemnity insurance will protect against civil litigation in the provision of advisory, counselling, consultation or other services.
What is employment practice liability insurance?
Employment practice liability will protect your organisation and its trustees, employees and volunteers, from a wide range of employment disputes.
What is property and material damage insurance?
Property insurance can protect your organisation's buildings, contents, stock, computer equipment and specialist equipment, against loss or damage from a range of insured perils.
What types of organisations can charity and non-profit insurance cover?
Third sector and non-profit insurance can be tailored to meet provide comprehensive cover to a wide variety of organisations including:
Care homes, charities, community organisations, cooperatives, cultural organisations, educational organisation, environmental organisations, faith organisations, healthcare organisations, hospices, not-for-profit organisations, private research institutes, religious organisations, social enterprise, think tanks, and voluntary organisations.
What to consider when buying insurance for charities or non-profits?
Third sector organisations are exposed to a wide of risks whilst undertaking their endeavours. Maintaining adequate insurance will offer protection from liabilities and property damage that has the potential to incur significant cost.
Employment related issues continue to be a significant cause of liability claims made against third sector organisations. We've produced a useful guide called: Employment disputes in the UK - how to protect your business?
Professional indemnity insurance will protect your third sector organisation against negligent acts, errors or omissions resulting from civil litigation in the provision of advisory, counselling, consultation or other services.
High-risk non-profit activities include:
> Exposure to providing drugs/alcohol rehabilitation
> Exposure to vulnerable individuals
> Exposure to care of children, elderly or disabled
> Exposure to training, treatment or administration of medication
As a Willis Towers Watson Network insurance broker, we have the expertise and access to identify a range of solutions to meet your needs. If you are unsure which insurance cover best suit your needs, please contact us.