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Nonprofit Organizations

Insurance Insights

For many people, owning and operating a nonprofit organization is incredibly fulfilling work. However, though nonprofit organizations don’t quite operate like traditional businesses, they do have similar risk exposures. Are you aware of the exposures that may threaten your non-profit organization?

It is important to stay up on what risks the organization may face and the best practices regarding risk management to help your organization avoid facing costly and disruptive issues.

Insurance and Risk Management

Cyber liability is a serious threat to all organizations, including nonprofits. Your property and crime policies only cover the loss of tangible property. Here’s a list of risk management measures that you should consider for your nonprofit:

  • Segregate and reset access to sensitive data
  • Establish user control password procedures
  • Review security access to network and server
  • Encrypt private data on database, laptops, and mobile
  • Implement and maintain a firewall
  • Apply intrusion protection software systems

Directors and Officers claims are also very prevalent among nonprofits. D&O Insurance does not replace responsible governance; it is an essential part of risk management for nonprofits. It will protect you from exposures that are driven by the specific nature of daily operations, personal liability, your duties as a director, volunteer protection and indemnification.

D&O Insurance will not only protect directors and officers but employees, volunteers and committee members as well. It also includes Employment Practices Liability Coverage and provides third party liability extension. Fraud can be detected from independent or external audits, financial management or internal control or employee tips or complaints.

Other important coverages include:

  • General and professional liability insurance
  • Property insurance
  • Crime insurance
  • Cyber liability
  • Commercial automobile insurance
  • Workers’ compensation
  • Employee benefits

Achieving Your Mission

Now more than ever before, nonprofit leaders must recognize the importance of risk management as an inherent part of organizational oversight and leadership. Many nonprofit boards just assume that the CEO and management have the “bases covered” and board involvement is often lacking. Such an approach to risk management is problematic and dangerous.

Due to their specialized risk profile, unconventional business model, and often limited budget, organizations within the nonprofit and social services niche require specialized insurance products. The programs offered through BMTIA allow these organizations to mitigate their risks, minimize losses, and reduce costs while working towards their mission.

An effective risk management plan is a holistic one – one that addresses risk in all aspects of the organization’s activities. The risk management plan should also be proactive rather than reactive – identifying risks before they become liabilities and taking appropriate steps to mitigate them.

In order to effectively carry out its responsibilities, the board may also wish to establish a standing committee to oversee the organization’s risk management strategy and to provide reports and recommendations to the full board – a “risk management committee.”

One significant aspect of risk management includes ensuring that the organization has adequate insurance coverage for its significant risks. The evaluation of insurance coverage should include consultation with highly experienced insurance agents.

Are you interested in learning more about our insurance products?

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