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Myths about Insurance for Nonprofits

insurance coverage for non profitsIf you oversee a nonprofit organization, it’s crucial that you work with an insurance company in New York City that specializes in providing insurance coverage for nonprofits. There are a lot of myths surrounding insurance and nonprofits, many of which are commonly accepted despite the prevailing evidence against such misinformation.

One of the most prominent myths is that state laws protect charitable organizations against the threat of lawsuits. Only three states in the U.S. have adopted model statutes that provide liability protection to nonprofits, and New York is not one of them. Nonprofits also believe that the only insurance policy required is a general liability policy. However, these policies only cover basic exposure, such as premises and operations. There is also the myth that the right insurance policy is the cheapest. You must first determine your organization’s potential exposure to loss and then seek coverage from a nonprofit insurance provider in NYC appropriate for that exposure.

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