Does my not-for-profit need insurance?

December 1, 2018

What cover should I choose?

Whether you are hosting a local community project or managing an expansive organisation, every not-for-profit benefits society in a unique way.

There are a range of covers available to accommodate your individual needs, some of them compulsory and others are optional. This allows us to provide you with a bespoke (personalised) policy, giving you the best possible protection to keep your not-for-profit operating with ease.
The following covers are compulsory or highly recommended:

• Does your not-for-profit own or use a motor vehicle? If the answer is yes, then it is required by law that you have Vehicle Insurance to protect you against third party injury and property/possession damages. This also applies if a volunteer, employee or trustee operates a vehicle on behalf of your organisation. Much like Public Liability Insurance, this means that if anyone is injured by your vehicle, you have protection from claims of compensation.
• If there are employees working under your organisation, then you are legally required to have Employers Liability Insurance. This type of insurance ensures that, if your employee suffered from diseases/injury whilst taking part in work, an event or fundraiser, you are protected from any arising costs.
• Public Liability Insurance is essential protection. If you work with the public, such as through fundraiser events, then there is always a risk of damage to a third party. This includes both injuries to a person or to their possessions- if stalls were to accidently collapse onto someone and injure them, for example. Public Liability Insurance means that you would be covered if you are sued for compensation.

Being aware of compulsory insurance means that your organisation can remain appropriately covered, giving you and all those involved peace of mind that that your not-for-profit can remain financially stable.

There are also a number of optional covers available for you to really personalise your policy.

• For your staff and volunteers, you can get travel insurance if your not-for-profit was to operate abroad. Personal accident insurance will also provide a level of cover for certain injury death, or disablement to staff or volunteers while undertaking your charitable activities.
• You can also look into Professional Indemnity Insurance. This covers you in case of an issue with a service you provide, for example, if your advice accidently causes someone harm or you provide misinformation, even without being aware of it.
• If your not-for-profit owns a building, Buildings Insurance will protect your finances in case it becomes damaged and needs repairs. Contents Insurance is also available to cover the costs of accidental damage or loss, and also theft.
• If your organisation owns and operates a computer, you might want to also consider Cyber Liability Insurance. This insurance protects you from hackers and virus’, which pose a risk for a number of reasons. Most importantly there is a risk that they could steal personal information and data. Cyber Liability covers the costs which arise from these circumstances, such as restoring lost information
• Trustees’ Indemnity Insurance provides cover for any inadvertent wrongful acts or failure to follow legislation for a charity’s trustees.
• Legal Expenses Insurance will cover your legal expenses should you wish to pursue a legal claim against another party. A lawyer will provide advice and the policy will provide cover if there is a high likelihood that the legal action will be successful.

Your not-for-profit organisation/event/group needs cover to continue helping society and making an influence. Insurance ensures that you can manage the inevitable risks which come with charitable work with as little stress as possible- helping you and your volunteers, members, trustees and employees further enjoy what they do.
If have any questions about what policies you should take, or feel unsure about insurance and what you are already covered for, feel free to contact us for advice or to discuss your policy.