In Ontario, charities and nonprofits are not required by law to hold insurance. However, accidents can and do happen — no matter how cautious your team may be. Oegema Nicholson understands the importance of protecting your most valuable assets. That’s why we can help you obtain a high-quality insurance policy, designed to meet the unique needs of charitable and nonprofit organizations.
What is charitable & nonprofit organizations insurance?
Insurance providers do not sell a policy specifically titled charitable and nonprofit organizations insurance. Rather, various coverages that would be beneficial to such organizations are combined into a comprehensive business insurance policy.
Any loss due to theft, vandalism or weather-related damage could be detrimental to your operations. That’s why for most nonprofits, it makes sense to pay a monthly premium to ensure the business is protected year-round.
What coverages should every charity or nonprofit have?
With all the various insurance products out there, it can be overwhelming trying to decide which ones are necessary for your organization. Oegema Nicholson can connect you with a series of coverage options, while checking that you’re not overinsured. Here are some of the coverages we feel every charity or nonprofit should have in their insurance portfolio.
General Liability Insurance
Liability insurance will protect you should someone be injured at your place of business. Even if you were not directly at fault, you could be held responsible and accused of negligence. This coverage will take care of the injured party’s medical expenses, and will cover any legal costs should they decide to sue.
This important coverage protects the property and buildings owned by the charity or nonprofit. Should your place of business become damaged by covered perils, your policy would help pay for repairs. Typical perils usually include fire, theft and vandalism. You can also purchase contents coverage to protect the items inside your property. For example, if your charity’s IT equipment is stolen, your contents coverage may help to replace it.
Directors & Officers Insurance
For charities and nonprofits, the biggest legal expenses will often come from having to defend itself against allegations of wrongdoing. Examples include conflicts of interest, ethical breaches or alleged misrepresentation. These accusations are often targeted at the organization’s top brass. When your directors or officers are forced to defend their actions, your charity or nonprofit will have to suffer the legal costs. Directors and officers insurance can help cover these expenses. This type of insurance can be particularly helpful in attracting and retaining qualified executives in the nonprofit sector.
Car insurance for employees is absolutely mandatory for nonprofits. The risk of an accident can be high, especially for staff who must drive the company vehicle everyday. Auto insurance will cover the cost of repairs resulting from a collision. It can also help pay for medical expenses should your employee require hospital care. Liability coverage is also included in an auto insurance policy, should the driver of the other vehicle decide to sue.
Why trust Oegema Nicholson?
With six office locations in eastern Ontario and western Quebec, Oegema Nicholson is highly-qualified to bring our nonprofit clients the very best in insurance coverage. Our team has the expertise to help your organization develop a strategy that protects your most valuable assets. Whether you run a charity for children in third-world countries or a political agency dedicated to electoral reform — rely on Oegema Nicholson to connect you with quality insurance products at rates you can afford.
For more information on charity and nonprofit organization insurance, call us at 613-224-1455 or contact us here.