Charity insurance is typically designed to protect you, your supporters, your staff and all your business activities to prevent unforeseen losses that could impact your ability to operate. Without the correct cover in place, your business could be exposed to unexpected financial losses or claims being made against you.
Insurance for charities caters for a variety of eventualities, and can be tailored specifically to your business activities. Whatever the nature of your operation, the right insurance for charities can offer protection to let you focus on what really matters – your work.
Liability insurance must be a consideration, particularly when dealing with members of the public or suppliers, organising events, or even fundraising. Public liability insurance can protect you should a guest or client injure themselves accidentally at your business premises. As careful as you may be, accidents do happen, and protecting your visitors is essential.
Employers' liability insurance can protect your staff and volunteers against accidents at work that could cause injury leading to claims being made against you. Typically you will be given a limit of up to £10 million to cover any compensation awards as well as medical and legal expenses. These two liability covers can typically be rolled into one charity insurance policy to protect your charity.
Whatever the nature of your charity, you will most likely have assets and equipment that will need to be protected to ensure business continuity and let you work without worry. If you are running a charity shop, then you may wish to protect fixtures and fittings, as well as your business premises. Other considerations should be made, for example, if you are responsible for the office front then you will need to include this in your charity insurance policy.
Business interruption insurance can also be added to your policy to safeguard your income should the worst happen leaving you unable to operate. This can help tide you over following damage to your premises while you get back up and running. Typically it will cover loss of profit or in the case of a charity the money you usually raise, business expenses and employees’ wages, as well as help you continue to operate elsewhere while the damage is repaired.
Commercial legal expenses can also be included in your insurance, to give you protection against commercial tenancy disputes, jury service allowance and tax and VAT appeals.
Being a trustee of a charity carries personal responsibilities and trustee liability insurance can help provide extra protection.
If you don't need advice you can get a quote online in just a few minutes, or call us today if you require some more guidance and advice. Our insurance advisors are on hand to discuss your charity insurance requirements, and arrange the cover that is right for you.