Insuring your charity or voluntary organisation against the unpredictable is vital. Misfortune or disaster can strike at any time, to any organisation and can range in size and impact. However even the smallest organisation needs to be prepared. The best way of protecting your charitable organisation is to make sure that you have arranged appropriate and adequate insurance.
The commonly held belief is that you pay your insurance premiums year after year and when the day comes that you finally need to make a claim, what happens? You find that you can’t because of something hidden away in the small print!
Broadly speaking, the insurance requirements of a charity are similar to those of many other types of organisation however, in insurance terms, charities are considered to be favourable risks i.e. the kind of business insurers want.
There are an ever increasing number of insurance companies who specialise in the sector and whose aim is to make sure that you get the cover you need and, quite possibly, at a price that will surprise you. Many have designed insurance cover that cater specifically for the types of risk associated with charities. Frequently these products are available on a ‘build your own’ basis, so can be tailored each individual charity.
All policies will include Employers’ Liability and Public Liability to protect both the organisation and its employees and volunteers in the event of injury or property damage. They may also contain options to insure such things as contents, buildings, money, goods in transit and many other things beside. The key is that this form of policy enables you to just insure the sections that are applicable to your charirty so you don’t end up paying for cover that isn’t necessary.
Polices may also include automatic cover for events that you are arranging such as bonfires and firework displays, fetes, sponsored walks, barbecues and the like.
It is important that you have the right cover in place when undertaking events such as these however it is equally important that, having done so, you follow the advice of your broker or insurer with regard any special conditions that might apply. Again, by talking to the specialists you can be sure that they will help you through the insurance maze and may even convince you that arranging the right insurance is not the headache that you also thought it to be.