Just like any business, charities and non-profit organisations will choose to have insurance in place to help protect against unexpected and unplanned, often costly occurrences. There may be certain types of insurance that your charity is legally required to take out, and there may also be optional policies that you will choose to purchase, to ensure you’re comprehensively covered.
The policies that you include in your charity’s insurance package may be influenced by a number of factors, including the size and nature of your charity, and the work it carries out. That said, there are likely to be a handful of risks that your charity could be exposed to, no matter what its circumstances.
There’s a good chance that your charity will be interacting with members of the public on a daily basis, which means there's a risk of your charity’s activities causing injury, illness or property damage to a third party. If an unexpected situation such as this were to occur, then you could be held liable for the damage, and financially responsible for legal fees and compensation. Public liability insurance for charities could cover you in this situation.
If your charity employs any workers – including unpaid volunteers – then there’s likely to be an exposure or risk of injury as a result of them doing their job. In this situation, you could be held responsible for that injury, and a claim could be brought against you a result. Including employers’ liability cover in your charity insurance package could provide you with the vital financial protection that you need, and the cover to ensure the injured party is looked after.
Fore more information, visit our what is employers' liability insurance page.
If your charity frequently hosts events – for instance fairs or fundraisers – then there’s a good chance you’ll need additional insurance cover to guard against the risk such activities can present. Your existing public liability insurance may not be able to provide adequate protection for events, as it is likely there will be a higher level of risk present when compared to a normal, non-event day. This may be especially true if the event is held away from your usual premises. In this case, you would need to have charity event insurance in place to remain protected.
As well as the core forms of cover that you may want to purchase, charity insurance can also be tailored to include a number of other forms of protection that are relevant to your charity’s needs.
Depending on the size of your charity, you may have a board of trustees who are responsible for making important decisions for the charity. Trustees may require an additional level of cover due to the extra risks that come with fulfilling a higher-level role. They could be held personally liable for any losses their charity may suffer arising from a wrongful act on their part, and charity trustee insurance could provide support with the associated financial implications and potential reputational damage.
If you own the building from which your charity operates, then you should think seriously about protecting it with commercial buildings insurance. This could prove invaluable, for instance, if you were to suffer from flood or fire damage.
The above is in no way exhaustive, and so it’s important that you carefully consider all of the covers available to ensure that your charity insurance package comprehensively covers the threats most pertinent to you.
If you’re unsure about the types of charity insurance that could be most relevant to your business, give Make It Cheaper Financial Services a call. Our team of insurance experts can help you to understand the protection provided by each type of cover, and choose the ones right for your charity.
We can also provide you with a competitive charity insurance quote tailored to your needs. Call us today on 0800 144 4808, or click the ‘get started’ button below.
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