MMA Blog

10 Types of Nonprofit Insurance

Just because nonprofit organizations do vital work, often relying on donations and grants to
support vulnerable populations, doesn’t mean they don’t need insurance. In fact, nonprofits frequently overlook certain risks that can jeopardize their operations. If you’re involved with a nonprofit, whether as a leader or supporter, it’s important to share these key tips to keep the lights on and the good work going. Many insurance policies can be bundled with certain insurers, so the best way to ensure you’re well-protected is to consult with an agent. Marsh McLennan Agency (MMA) producers are dedicated to finding the best nonprofit insurance to fit your needs.

Additionally, offering a competitive benefits package can help your nonprofit stand out, making it easier to attract skilled professionals who might otherwise opt for the for-profit sector. By prioritizing employee benefits, you not only support your team but also enhance the sustainability and effectiveness of your nonprofit’s mission. 

 

1. Employee Health & Benefits

Consider including health insurance, retirement plans, paid time off and professional development opportunities in your benefits offerings. These elements not only demonstrate your commitment to your employees' well-being but also help create a positive workplace culture that aligns with the values of your organization.

 

2. General Liability Insurance

Do you hold public events, fundraisers or even get deliveries as a part of your nonprofit's regular business? General liability insurance covers your organization for any customer injuries, customer property damage or advertising injuries (such as libel, slander or privacy violations). It can sometimes also cover product liability, which can be helpful if your organization produces or sells products, from cookies to art or anything in between.

 

3. Property Insurance

Whether you rent or own, keeping your nonprofit's property safe is important. What would you do if your only copier or computer was damaged or stolen? Protect your building, assets and more with a property insurance policy.

 

4. Business Owner's Insurance

Smaller nonprofits can sometimes save money when they bundle general liability insurance with commercial property insurance under what's known as a Business Owner's Policy (BOP). These types of bundles can help to cut costs by bundling many different types of coverage together.

 

5. Professional Liability Insurance

You might have heard this type of coverage referred to as E&O or "errors and omissions" or "malpractice" insurance. This can cover organizations in the event of poor management, claims of sexual harassment or discrimination. Not only does it cover those in management positions, but it also covers every member of staff, and volunteers, as well as the organization as a whole.

 

6. D&O Insurance

Directors and Officers Insurance, or D&O Insurance, helps protect your organization and its board members from liability. This type of policy is helpful in the event the board makes decisions that impact members of the public. D&O coverage also provides legal assistance in the case of a lawsuit against even individual members of a board. Read more about D&O Insurance.

 

7. Workers' Compensation Insurance

Most state and federal laws require that no matter how many employees you have, you'll need this coverage. Injuries can happen to anyone, and workers' compensation insurance can help keep a nonprofit operating, even when there are costly medical or legal bills that need to be paid.

 

8. Employment Practices Liability Insurance (EPLI)

Employment Practices Liability Insurance (EPLI) can protect an organization in the case of employee lawsuits against another employee or the organization as a whole. Coverage typically includes protection against employee lawsuits such as sexual harassment, wrongful termination, breach of employment contract and many others. It can also protect a nonprofit in cases involving workplace bullying and gender discrimination. Read more about EPL insurance.

 

9. Auto Insurance

Don't neglect auto insurance when you're insuring your nonprofit. If you have employees or volunteers driving to events or picking up other members while doing business for your organization, you will want to make sure you're covered in the event of an accident.

 

10. Other nonprofit insurance considerations

Optional coverages for nonprofits might include policy additions that protect the organization against employee benefit liability, equipment breakdown or sexual/physical misconduct. Not every organization needs these kinds of options, so you should make sure you're not getting too much policy for your nonprofit insurance needs.

 

Jacob Colmenero, an employee health & benefits sales executive at MMA, shares his perspective on nonprofit insurance.

"Insurance is essential for nonprofits to safeguard their mission, and a competitive benefits
package is key to attracting top talent,” says Colmenero. “Invest in your organization’s future—consult with an insurance agent today to ensure you’re well-protected and ready to thrive!"

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