Running a Alumni Association non-profit involves a significant investment. Having insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster. Unless you are an employer, non-profit insurance is generally not required by law, however, it is common practice to purchase enough insurance to cover your assets. If your non-profit is an LLC or a corporation, your personal assets are protected from non-profit liabilities; however, neither non-profit structure is a substitute for liability insurance, which covers your non-profit from losses.
Insurance companies determine the level of risk they'll accept when issuing policies. This process is called underwriting. The insurance company reviews your application and determines whether it will provide all or a portion of the coverage being requested. Each underwritten policy carries a premium and a deductible. A premium is the price you pay for insurance. Premiums vary widely among insurance companies, and depend on a number of risk factors, including your non-profit location, building type, local fire protection services, and the amount of insurance you purchase.
Alumni Association Insurance can be purchased separately or in a package called a non-profit owners' policy (BOP). Purchasing separate policies from different insurers can result in higher total premiums. A BOP combines typical coverage options into a standard package, and is offered at a premium that is less than if each type of coverage was purchased separately. Typically, BOPs consist of covering property, general liability, vehicles, non-profit interruption and other types of coverage common to most types of non-profites. BOPs simplify the insurance buying process and can save you money.
Havinges with employees are required by law to pay for certain types of insurance: workers' compensation insurance, unemployment insurance, and, depending on where the non-profit is located, disability insurance.
Alumni Association General Liability Insurance
Having owners purchase general liability insurance to cover legal hassles due to accident, injuries and claims of negligence. These policies protect against payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.
Product Liability Insurance
Companies that manufacture, wholesale, distribute, and retail a product may be liable for its safety. Product liability insurance protects against financial loss as a result of a defect product that causes injury or bodily harm. The amount of insurance you should purchase depends on the products you sell or manufacture. A clothing store would have far less risk than a small appliance store, for example.
Professional Liability Insurance
Having owners providing services should consider having professional liability insurance (also known as errors and omissions insurance). This type of liability coverage protects your non-profit against malpractice, errors, and negligence in provision of services to your customers. Depending on your profession, you may be required by your state government to carry such a policy. For example, physicians are required to purchase malpractice insurance as a condition of practicing in certain states.
Alumni Association Commercial Property Insurance
Property insurance covers everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of "property" is broad, and includes lost income, non-profit interruption, buildings, computers, company papers and money.
There are other types of insurance fit for Alumni Association that your agent will make available to you to choose from according to your needs and budget.
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