Nonprofit Insurance in New Hampshire
What is Nonprofit Insurance?
Nonprofit 501(c)3s may have good causes at heart, but intentions don’t shield businesses from potential losses and lawsuits. Like corporations that earn profits, nonprofit organizations also are exposed to a variety of perils and risks. Nonprofit insurance helps protect nonprofit organizations in New Hampshire from many of the risks they face.
Nonprofit insurance falls under the broader umbrella of commercial insurance, even though nonprofit policies are written for what might be considered non-commercial entities. The designation of “commercial insurance” simply distinguishes these from “personal insurance” policies, which are normally for individuals.
What Organizations in New Hampshire is a Nonprofit Policy Right For?
Most 501(c)3 organizations in New Hampshire should consider purchasing a nonprofit policy. Almost any organization can sustain a major property loss or be named in an expensive liability lawsuit, and this is normally the most appropriate form of insurance for 501(c)3s.
What Coverages Are Included in Nonprofit Policies?
Nonprofit policies are commonly underwritten as package policies that include a variety of property insurance, nonprofit liability insurance and other insurance protections. Some of the more commonly selected coverages are:
- Commercial Property Insurance, which might cover property an organization owns
- Nonprofit Liability Insurance, which might cover several potential lawsuits
- Directors and Officers Insurance, which might cover claims made against organization leaders
- Special Events Insurance, which might cover galas, fundraisers or other events
- Commercial Auto Insurance, which might be necessary if an organization owns vehicles
- Umbrella Insurance, which might provide supplemental liability protection
In addition to these, nonprofits might also want cyber liability coverage, employment practices liability coverage, business interruption coverage and other protections. An insurance agent who’s worked with other 501(c)3s will be able to provide informed advice regarding coverage selection.
Do Nonprofit Policies Come with Workers Compensation Coverage?
Workers compensation generally offers protection for workers who are injured or become ill due to their job, so non-profits need this coverage.
Nonprofit policies don’t automatically include workers compensation so many organizations purchase it separately via a stand-alone policy.
Insurance agents who assist with nonprofit policies are typically familiar with workers compensation policies for nonprofits. They can likely help with purchasing and determining who needs it.
Do Nonprofits Organizations Need Liquor Liability Coverage?
Nonprofit organizations normally need liquor liability coverage if they serve alcohol. It may be necessary regardless of whether a nonprofit sells adult beverages or serves them for free, and regardless of whether they’re offered on a regular basis or at a single event. Nonprofits may even want coverage if another company, such as a caterer, actually does the serving.
An insurance agent who specializes in nonprofit liability insurance can help nonprofits that serve alcohol evaluate their risk exposure and find appropriate coverage. Depending on a particular organization’s needs, coverage might be added onto an existing nonprofit policy or purchased separately to cover a single event.
How Can Nonprofits in New Hampshire Get Nonprofit Insurance?
For help insuring a nonprofit 501(c)3, contact the independent insurance agents at HPM Insurance. Our agents have helped many organizations in New Hampshire find nonprofit insurance policies that meet their needs, and we’re ready to assist you. Because our agents are experienced and independent, you can trust them to find the best available policy without regard to what insurance company is offering it.