The Coverage Nonprofits Need
Organizations operating on a not-for-profit basis require protection from risk. Nonprofit insurance in Markham is useful for organizations that are based or operate in the regional municipality of York. Learn more about the risks run by Ontario nonprofits and find out more about policies a HUB International insurance broker might recommend for nonprofit associations, institutions, and foundations.
Risks Run by Markham-Based Nonprofits
Most nonprofits operating out of Markham, the Greater Toronto Area and Ontario are exposed to similar risks. While most organizations have property insurance, expansive liability coverage can be less common in the nonprofit sector. A HUB International insurance broker can help stakeholders assess coverage levels for the following risks:
- Property damage and loss: Organizations that own or manage buildings or other assets should insure property against damage or loss. The ability to make a claim can limit the amount of money that must come out of the operating budget of a nonprofit or the funds a group must raise to repair or replace property.
- Professional liability: Nonprofits that provide consulting, counseling, healthcare, or legal services should carry professional liability coverage. If any errors, omissions, or other mistakes occur as part of the services an organization provides, this coverage can shield an association and stakeholders from liability.
- Mission-related exposures: Each nonprofit runs unique risks that are related to its mission. From environmental liability to privacy, multimedia and network security liability policies, a HUB International broker can recommend liability nonprofit insurance in Markham.
Policies for Ontario Nonprofits
When decision-makers at nonprofits discuss risk, it is important to consider every aspect of the operations and mission of an organization. HUB insurance brokers can provide an expert, external perspective on coverage needs and suggest coverage options. Here are a few beneficial types of nonprofit insurance in Markham:
- General liability: Every nonprofit should carry a broad liability policy that covers claims of bodily injury or property damage that occur in property owned or managed by an organization or in the pursuit of the mission of a nonprofit. In addition to general liability, professional liability can also be useful for organizations with specialized missions.
- Property insurance: Regardless of whether a nonprofit owns or manages buildings or other types of property, insuring this property can reduce costs related to property damage or loss that would otherwise come out of the operating budget, endowment or fundraising totals for an association, institution, or foundation.
- Automobile liability: Any nonprofit that relies on automobiles for transportation should carry liability coverage. This coverage extends to nonprofit stakeholders and staff that operate motor vehicles and may also cover parties that an organization transports.
- Management liability: The responsibility for managing a not-for-profit organization can involve exposure to legal risk. Discuss a liability policy that protects founders, stakeholders, and decision-makers from liability for offenses related to general management or employees.
- International package: Organizations based in Markham and the Greater Toronto Area may have missions that extend into the United States or reach around the world. A HUB broker can recommend international coverage for multiple exposures such as occupational injuries, liability for injury or property damage, or the loss of nonprofit property.
Organizations should square the need for property and liability coverage with operating budgets. Major exposures to risk can end up costing far more than the premiums for policies that provide protection in areas where not-for-profit associations and organizations often need it most.