What is nonprofit insurance?
Charitable organizations are exposed to a variety of risks, including some that for-profit businesses face and some that are more particular to nonprofit organizations. Nonprofit insurance can help Massachusetts charities protect themselves from many of the risks that they face.
Nonprofit insurance policies make specialized insurance coverages available to charitable organizations. Insurance policies are quite flexible, so they can meet many nonprofit organizations’ needs.
What Massachusetts organizations should have nonprofit insurance?
Massachusetts 501(c)3 organizations generally should carry this insurance. Not-for-profits that have different tax structures may also consider this or a similar insurance option.
Many different types of organizations have the 501(c)3 designation and might want some type of nonprofit policy. For example, the insurance may be appropriate for the following if they’re not-for-profit:
- Churches, synagogues, mosques, temples
- Preschools, afterschool programs, summer camps
- Art museums, theaters, community culture programs
- Environmental advocacy groups, social justice groups
- Animal rescues, land conservation groups
While these and many other organizations can benefit from the nonprofit property insurance and nonprofit liability insurance protections that a policy comes with, not all organizations need the same specific coverages. An insurance agent who specializes in these policies can help nonprofits find a particular policy that’s adjusted for their coverage requirements.