Protect your foundation and all the honourable work it does by investing in quality insurance. ALIGNED is a full-service insurance brokerage that can help you find the right coverage for your foundation.
Insurance coverage for foundations 101
Depending on your foundation, it might be wise to purchase a commercial insurance policy that includes the following coverage types:
- Commercial property insurance: If your foundation operates out of a physical space, such as an office, commercial property insurance is important. This insurance type can protect your office and its business-related contents from damage caused by insured perils like theft, vandalism, fire, water damage, etc.
- Commercial general liability insurance: Commercial general liability insurance, sometimes referred to as “slip-and-fall insurance,” protects against the day-to-day risks that come with operating a foundation. With this type of coverage, your foundation may be compensated in the event of a third-party property damage or bodily injury claim. More specifically, your insurance provider may cover the cost of medical expenses, repair bills, legal fees, etc. up to the policy limit.
- Directors & officers liability insurance: If your foundation has a board of directors, you may wish to purchase directors & officers liability insurance. This coverage option can cover the cost of a lawsuit if any of your board members are sued.
- Cyber liability insurance: If your foundation stores sensitive information digitally (e.g. financial or personal information about donors or beneficiaries), cyber liability insurance may come in handy. This type of coverage can help pay for costs in the event of a hack, cyber attack, or data breaches like credit monitoring, crisis control, client notification, and more.
How Much Is Insurance For A Foundation?
There are numerous factors that go into determing the cost of the various insurance products that a foundation typically purchases. It’s important to note that every product and organization is different and pricing differs dramatically from client to client, but below are a number of factors that underwriters use to determine the cost of some of the insurance products for Foundations outlined above:
- Extent of the Foundations operations.
- Types of events, fundraisers and intiatives that foundation runs each year.
- Historic and projected funds raised each year
- Number of employees and volunteers acting on behalf of the foundation and there events.
- Value of physical assets to be insured
- Number of locations
- Historic insurance claims history
- Amount of personal, health and/or financial data the foundation collects and holds
- Experience and expertise of the board or directors
- Strength of the balance sheet and income statement
- Quality of governance in place
Contact ALIGNED to learn more about insurance for foundations
Are you ready to protect your foundation with comprehensive commercial insurance coverage? Contact ALIGNED today to speak directly with an ALIGNED Insurance Advocate who can custom build an insurance program for your foundation today. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.
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