Hanson & Ryan’s Nonprofit Insurance Guide for the New Fiscal Year
Hanson & Ryan’s Nonprofit Insurance Guide for the New Fiscal Year
For nonprofit organizations, navigating the complexities of insurance coverage can often seem daunting. Yet, as we step into a new fiscal year, ensuring your organization is properly protected is more important than ever. With Hanson & Ryan’s expertise in nonprofit insurance, we’re here to guide you through the essentials of securing the right coverage for your needs.
Understanding the Importance of Nonprofit Insurance
Nonprofit entities are unique, both in their missions and in the risks they face. From general liability to property damage and beyond, securing appropriate insurance is crucial to safeguard your organization’s future and ensure you continue making a positive impact without unexpected interruptions. Nonprofit insurance is designed to protect against a wide range of risks, including but not limited to:
- Property Damage: Covering losses to your organization’s physical assets due to fires, storms, vandalism, and other incidents.
- General Liability: Protect against claims of bodily injury, property damage, and personal injury that could occur during your operations.
- Directors and Officers (D&O) Liability: Shield your board members and officers from personal financial loss if they are sued due to their organizational role.
- Professional Liability: Also known as Errors & Omissions (E&O) insurance, this covers against claims of negligence or harm from the services you provide.
- Workers’ Compensation: Mandatory in most states, it offers benefits to employees who get injured or sick from their jobs.
Planning for the Fiscal Year Ahead
Review Your Coverage Annually
The start of a new fiscal year is the perfect time to review your current insurance policies. Assess any changes in your operations, property, or personnel that might affect your coverage needs.
Identify Gaps in Coverage
Working closely with an experienced agent like those at Hanson & Ryan can help identify areas where your organization may be vulnerable. Addressing these gaps now can prevent costly issues down the line.
Consider Budget Allocations
Nonprofit budgets are often tight, but skimping on insurance can be far more expensive in the long run. Hanson & Ryan can assist in finding comprehensive, cost-effective solutions that fit within your budget.
Stay Informed About Regulatory Changes
Laws affecting insurance and nonprofits can change. Staying informed about these changes is crucial to maintaining compliance and ensuring adequate protection.
Educate Your Team
Ensure your staff understands the importance of insurance and your organization’s specific policies. Knowledgeable team members can help mitigate risks and respond effectively if an issue arises.
Partner with Hanson & Ryan
Choosing the right insurance partner is as important as selecting the right coverage. With over 143 years of experience, Hanson & Ryan has the expertise to support nonprofits through the intricacies of insurance planning.
Our dedicated team is committed to understanding your mission and tailoring insurance solutions to support your goals. We believe in building long-term relationships with our clients, providing them with peace of mind and security so they can focus on what they do best—serving the community. Contact us today to learn more!
