Are you aware of the risks nonprofits face? Due to the nature of nonprofits, there are some risks that need to be addressed.
- Injuries to volunteers likely aren't covered by your liability policy.
- Are you handling funds donated by third parties? How are these funds transferred from the donor to your account? What sort of checks and balances are in place for deposits done by volunteers or employees?
- Are donors requesting that their funds be donated to specific causes or events? Misappropriation of funds is one of the most common lawsuits nonprofits face.
- Are volunteers using their personal vehicles to render services for your nonprofit? When was the last time you check their driving records?
This is just a portion of things to consider when insuring your nonprofit. This is not intended to be an exhaustive list.
Running a business is a difficult thing to do; Running a nonprofit is no different. Without the proper support, you may be exposing your nonprofit to unnecessary risk.