Non-profit insurance is a form of business insurance that protects your non-profit organization or charity from liability, bodily injury and property damage. It's possible that while you host a fundraiser, one of the attendees trips and falls over a piece of your equipment and decides to hold you legally responsible. Maybe information on some of your vulnerable clients is stored in an online data system, and some cybercriminals are able to get their hands on it. Perhaps the organization's vehicle is involved in a collision and needs repair. Any of these potential risks could end up costing your organization immensely. Getting the extra layer of coverage that non-profit insurance provides is critical to ensure that your organization can achieve its goals of making the world a better place.

Every non-profit organization or charity in Ontario should have non-profit insurance. You can take every reasonable precaution in the book, and although doing so will drastically lower the odds of an accident happening, it's impossible to lower the odds of an incident to zero. For this reason, it is important that any non-profit organization protects it with non-profit insurance in the event of a claim.

Non-profit insurance provides peace of mind that even in a worst-case scenario, you are financially protected. While you might play fair in the business world, accidents sometimes happen.

Maybe someone feels like they were harmed by you or your organization in some way, and they feel you should reimburse them, or one of your most valuable pieces of equipment breaks, and you can’t afford to replace it out of pocket. Non-profit insurance can help cover these costs, ensuring you don't end up in the red for something you couldn't have prevented.

Your volunteers are often essential to being able to run your organization and have it deliver on its goals. However, insuring them can be very complicated. Sometimes, they are covered by default, while other times, they require their own separate coverage. If you would like to know which situation you are in, how to best take action, or would like a non-profit insurance quote, please contact your Morison Insurance broker with any questions you may have.

Given the large number of factors that are involved in the price of non-profit insurance, it would make sense to think that some of these factors are within your control. It turns out you're right. There are a few things you can do to lower the cost of insurance and allow more funding to go to the cause you fight for. These include:

• Increasing your deductible
• Not making claims on very small losses to help keep your claims record clean
• Improving workplace safety and other forms of risk management at your organization

Please keep in mind that there are also other actions you can take to decrease the cost of your non-profit insurance.

If you have a vehicle associated with your non-profit, this type of coverage is legally mandatory to protect it.

Even non-profits often either sell or otherwise distribute products to potential clients and customers. If this is the case, it is possible, however unlikely, that one of the products might be defective.

Does contributing to your cause require that you use expensive, high-tech equipment? If so, it's very likely that if this equipment unexpectedly breaks down, you will be in a very precarious position.

Board members are often unpaid volunteers. Given that they are already giving their spare time to help your cause, it's unfair to expect them to risk their financial well-being to further assist you.