Nonprofit Insurance in Maine
Allen/Freeman/McDonnell Agency
Nonprofit Insurance Insurance
- What Is It?
- Who Needs It?
- Coverages Offered
Nonprofit insurance offers specialized solutions for charities and other not-for-profit organizations. These policies tend to be flexible, and can easily be adapted to meet specific needs.
Many other organizations may want a nonprofit policy that’s customized to suit their needs. An insurance agent who specializes in these policies can help organizations determine whether a nonprofit policy indeed is right for them, and find a customized policy if this is the most appropriate type of insurance.
- Commercial Building Coverage
- Tenants Betterment Coverage
- Commercial Contents Coverage:
What is nonprofit insurance?
Not-for-profit organizations are exposed to potential perils, and their particular risk exposure can differ from that of for-profit businesses. One way that organizations in Maine can protect themselves from multiple potential perils is by purchasing nonprofit insurance.
Nonprofit insurance offers specialized solutions for charities and other not-for-profit organizations. These policies tend to be flexible, and can easily be adapted to meet specific needs.
What organizations in Maine should carry nonprofit insurance?
Most 501(c)3 organizations registered in Maine should consider nonprofit insurance. Organizations that have different designations might also want this or a similar type of policy.
The following are some examples of organizations that may be interested in one of these policies:
- Churches, synagogues, temples and mosques
- Afterschool programs, preschools and summer camps
- Theaters, art museums and culturally focused organizations
- Social justice and environmental advocacy groups
- Land conservation groups and animal shelters
Many other organizations may want a nonprofit policy that’s customized to suit their needs. An insurance agent who specializes in these policies can help organizations determine whether a nonprofit policy indeed is right for them, and find a customized policy if this is the most appropriate type of insurance.
Request A Quote
What coverages can organizations get through nonprofit policies?
These policies commonly combine nonprofit property insurance coverages and nonprofit liability insurance coverages. Property insurance coverages primarily protect assets against damage and destruction, while nonprofit liability insurance normally guards against lawsuits that others could file against an organization.
Some examples of nonprofit property insurance coverages that a given policy probably offers are:
- Commercial Building Coverage: May cover owned buildings and other facilities
- Tenants Betterment Coverage: May cover improvements made to leased spaces
- Commercial Contents Coverage: May cover equipment, tools, supplies and products
- Commercial Auto Coverage: May insure organization-owned vehicles against damage
Commercial auto coverage usually also provides protection against accidents that employees or volunteers might be in while driving for organization-related business. Some other nonprofit liability insurance coverages that a policy likely offers include:
- General Liability Coverage: May cover common accidents and defamation lawsuits
- Professional Liability Coverage: May cover negligence suits related to work errors
- Directors & Officers Liability Coverage: May cover leaders if they make poor decisions
- Employment Practices Liability Coverage: May cover discrimination claims
- Cyber Liability Coverage: May cover online attacks and other data breaches
- Social Engineering Fraud Coverage: May cover losses due to fraudulent misrepresentation
- Special Events Coverage: May provide short-term liability insurance for events
- Umbrella Coverage: May provide supplemental liability insurance for large claims
Directors and officers insurance is commonly abbreviated as D&O insurance, and employment practices liability insurance is commonly shortened to EPLI. Some coverages (possibly including EPLI) may extend protection to claims filed by employees and/or volunteers.
When do nonprofit organizations need liquor liability coverage?
Nonprofit organizations may need liquor liability coverage anytime they’re affiliated with the sale or serving of adult beverages. Coverage might be required if a nonprofit sells drinks, serves drinks or sponsors an event where drinks are available.
If liquor liability coverage is needed, it can usually be procured for either a long or short duration. Finding a policy that covers a specific event normally isn’t an issue, especially when working with a knowledgeable agent.
How can not-for-profit organizations in Maine get nonprofit insurance?
For help insuring a not-for-profit organization that’s based in Maine, reach out to us at Allen Freeman McDonnell Agency. Our independent agents have assisted many organizations in the state, and we’re ready to work with you. We’ll help you determine which is the best available nonprofit insurance policy regardless of what insurance company is offering it.
