Non Profit Business Insurance
There are non-profit or not-for-profit organizations around the world today either assisting during natural disasters or helping the unfortunate in society. Such organizations are to be found in areas around the globe that experience severe natural calamities like storms and earthquakes, political wars and famine. These organizations involve the services of thousands of volunteers who give their time to provide their services to those in need.
Non-profit organizations play a very important role in the society. As the for-profit organizations withdraw their services during calamities, non-profit organizations come in to take their places, ensuring that life continues though it has been disrupted.
These volunteers face many risks and they cause risks to third parties. Such risks include;
(a) Third Party Injuries. If a volunteer of a non-profit organization injures a third party in the course of his/her official duty, the third party will sue for compensation. The volunteer will not be in a position to settle the claim and will obviously direct this to his/her organization, the liability will revert to the organization. In this scenario, it is evident that a non-profit organization can be financially crippled if third party injury claims overwhelm it. This calls for the need for non-profit organizations to take Third Party Insurance liability coverage to cushion them against such claims.
(b) Accidents. The organization may have transport arrangement in place to enable its employees move around with ease during their operations. This definitely calls for the need to have auto-insurance in case of accidents and other related incidences.
(c) Office & Equipment. The organization may be leasing an office for different activities or events. Liability insurance will be a necessity as the volunteers can sue the organization in case of theft or damage to their personal properties. The organization's equipments will also need to be insured against theft or damages.
(d) Management. The management of the organization (directors, managers, supervisors) will also need to take liability insurance to cushion them against any personal claims that may arise in the course of their duties.
(e) Health Insurance. Several volunteers are recruited and posted to work in foreign countries where they may be affected by different weather conditions. This together with unfavorable working conditions may result in diseases and eventually death of such a volunteer. This calls for non-profit organizations to take up a Comprehensive Health Insurance cover for their employees. This in most cases covers medical and airlifting expenses back to the country of origin in case of death.
(f) Fire Liability. This type of insurance is vital in case the non-profit organization leases premises. In case the building catches fire either by accident or through the employees' negligence, the liability to pay will not rest with the organization. The insurance cover will foot the bill.
Several international Insurance companies have formulated policies to cover non-profit organizations and their volunteers. These are known multinationals with several years of experience in the field. If you are in the non-profit business industry or thinking of starting one, do visit these insurance companies online and know exactly what policy best fits your business. Other third party insurance agents who can offer professional advice are also available. They have web sites with links to the main companies.
There are accidents, financial crisis and calamities that are beyond human control but taking up insurance minimizes their impact on your business.
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