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Charity Insurance in Massachusetts

Is Your Business Protected?

What is Charity Insurance?

Charities might be committed to doing good, but those good intentions don’t make these organizations immune from risk. Massachusetts charities often face both liability and property perils. Without charity insurance, a single incident could have devastating consequences.

Charity insurance is a specialized form of commercial insurance that’s designed for charitable organizations. Although considered a type of “commercial” policy, this shouldn’t be interpreted as designed for for-profit companies. Commercial policies simply insure organizations rather than individuals (who purchase personal policies).

What Organizations in Massachusetts Need Nonprofit Insurance?

Most nonprofit charitable organizations can benefit from this form of nonprofit insurance. Protecting a Massachusetts organization against risk is important, and this tends to be the most appropriate form of coverage for charities.

Nonprofits that aren’t charities may need another type of insurance. They should consult with an insurance agent who specializes in nonprofit policies to determine what option is best for them.

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What Coverages Does Nonprofit Insurance Come With?

The exact coverages that nonprofit insurance comes with can vary from policy to policy, but there is a range of protections that policies frequently make available. Many of these coverages can be segregated into liability protections and property protections.

Liability protections normally shield against instances where another party could hold a charity responsible for injury, damage or other harm. Some common liability protections that charities may want include:

  • General Liability Insurance, which may cover common accidents resulting in third-party injury or property damage
  • Non-Owned or For-Hire Vehicle Insurance, which may provide liability coverage for vehicles that a charity doesn’t own but uses
  • Directors and Officers Insurance, which may provide liability coverage for leaders of a charitable organization

Property protections normally guard assets that a charity has. Some common property protections that charities should consider are:

  • Commercial Vehicle Insurance, which might cover charity-owned vehicles
  • Fidelity Insurance, which might cover embezzlement, theft or deliberate misappropriation by employees or volunteers
  • Loss of Income Insurance, which might cover shutdowns that follow certain disasters or other perils

In addition to these coverages, charities that host special events can also purchase charity event insurance. Charity event insurance is a special event coverage that usually offers protections for a defined short period of time.

Do Charities Need Workers Compensation Coverage?

Many charities have employees and are required by Massachusetts law to carry workers compensation, and some may even want it in case a volunteer is injured. Whether workers compensation is included within a nonprofit insurance policy depends on the specifics of that policy, however. Sometimes the coverage is purchased through a policy, and other times it’s acquired separately.

How Much Does Insuring a Charity Cost?

Insurance premiums for charity policies are dependent upon numerous factors, and rates vary widely as a result. Even with such variance, though, these policies tend to be affordable. They’re often within a charity’s budget, and they almost certainly cost less than what a major claim would be if no protection were in place.

An independent insurance agent can help charities find an affordable policy that meets their coverage needs. Unlike captive agents, who often can only compare policies from a single insurance company, independent agents typically have the freedom to compare quotes from multiple insurers at once. This makes it easy to see differences in both price and coverage.

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How Can Charitable Organizations Get Charity Insurance?

For assistance insuring a Massachusetts charity, contact the independent insurance agents at Roger Butler Insurance. Our agents have the expertise necessary to help you determine what coverages your charity should carry, and they have the flexibility to show you several charity insurance policies that provide those coverages.

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