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Insurance & Risk Management: 4 Common Risks for Nonprofits

Insurance Insights

Successful nonprofit organizations consider nonprofit risk management essential. There are a number of risk exposures involved depending on the type of organization. A successful nonprofit organization recognizes the risks involved and does everything they can to mitigate them. To help identify some of those risks, here is a list of four of the most common risks for nonprofits.

Volunteer Injuries

Unlike businesses, nonprofits are not obligated by state law to provide workers’ compensation insurance for their volunteers, leaving them in a sort of gray area in regard to regulation. This makes volunteer injuries a risk that is unique to nonprofit organizations. If a volunteer is injured while doing work for a nonprofit organization, that organization may be liable for some of their medical costs and recovery expenses. Since most nonprofits operate on a very limited budget, a volunteer injury claim could be devastating to the organization. Volunteer liability coverage is an essential part of a Nonprofit Insurance Program and can help cover the damages that result from volunteer injuries.

Slip and Fall Injuries

Slip and fall injuries are one of the most common risks for any business, including nonprofit organizations. If a visitor is injured while visiting a nonprofit organization’s premises, the organization may be held liable for medical expenses, and in some cases can even be sued over a slip and fall case. In addition to trying to keep their premises safe for visitors at all times, nonprofits should carry general liability coverage that can cover medical expenses and legal costs if a visitor does happen to become injured while on their premises.

Injuries at Charitable Events

Many nonprofits rely on charitable events to bring in funding for their organization. This is a great way to bring the community together to have fun while raising both money and awareness. It’s also a great way to expose an organization to more risks. Events that draw large crowds, involve physical activity or serve alcohol all come with their unique risks. These risks can be covered under a special events coverage policy.

Data Breaches

As technology advances, more and more information is stored on computer software, leaving more and more businesses, organizations and individuals susceptible to cyber security risks. Data breaches expose sensitive data such as Social Security numbers, financial information and other records that are meant to be kept private. Many nonprofits take to online fundraising as a low-overhead option for bringing in funds, but leaves them vulnerable to a cyber attacker targeting credit card numbers and other financial information. Along with mitigating cyber threats as much as possible, nonprofits can also rely on cyber liability coverage to help pay for credit monitoring costs, security expenses and other costs associated with a data breach.

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