Our partners at Co-operators have shared an article on how insurance protects organizations and their volunteers. Co-operators is here to help you manage risk so you can get back to what matters most: making a difference in your community.
As someone who works with non-profit organizations and volunteers, you understand the value that’s created when people work together to help others. You may not realize that insurance companies aim to do the same. Co-operators – a leading Canadian financial services provider – explains how insurance can help build the financial resiliency of your organization.
What is insurance?
At its core, insurance is designed to protect you and the things that matter most. When you purchase a policy, you transfer potential risks to your insurer. A large group of other people do the same. This gives the insurer a pool of money to invest, grow and use to cover policy holders who experience specified losses.
It’s important that non-profit organizations and their volunteers have policies in place to ensure both parties are protected in case of an incident. That way, every volunteer can take comfort in knowing that they are secure from the financial risks covered by the policies put in place by the organizations they’re serving.
How does it protect you?
For non-profit organizations and their volunteers, insurance can cover a variety of things, including property loss or damage, health-care expenses, business interruptions, and more. Insurers also offer financial protection from liability if volunteers cause injury or damage the property of others.
A one-of-a-kind solution for non-profits: Co-operators has designed an affordable and customizable product that protects the unique needs of non-profit organizations and their volunteers. Community Guard® combines all the coverage needed in one package– along with stable premiums, additional savings, legal assistance, and more. Administrators can tailor the coverage to their non-profit’s needs, choosing from options like:
- Directors’ and Officers’ Liability: provides protection to the directors, officers, and organizations in the event of allegations of misconduct related to their duties.
- Commercial General Liability: the foundation of an organization’s insurance that helps protect against unexpected events.
- Commercial Property Insurance: provides protection against loss or damage from certain events like extreme weather, theft and vandalism.
- Blanket Accident Insurance: offers financial coverage in case of accidental injury.
- Cyber Guard: covers expenses related to the loss of an organization’s confidential data.
This coverage includes personalized risk management advice and ongoing support from Co-operators.
What’s in your policies?
Your organization’s policies will include a list of things that are covered, and to what degree claims will be paid. Note that most insurance has a deductible, which means you pay a portion of a claim before your coverage kicks in.
To help you better understand your policies, here’s a quick rundown of key terms and phrases you may see in your documents.
How do you know what you need?
When it comes to insurance, there is a lot to consider when choosing a policy, and it’s important to have all the information before you make a decision. A Co-operators Financial Advisor can help review your situation, answer your questions, and work with you to choose the options that will work best.
Developing a relationship with your Financial Advisor, and regularly reviewing your organization’s policies, can help ensure you have the right insurance to protect you while volunteering. To get more information about insurance for non-profits, reach out to strategicclientmanagement@cooperators.ca.
Disclaimer: Commercial insurance is underwritten by Co-operators General Insurance Company. Community Guard® is a registered trademark of Co-operators General Insurance Company. Co-operators® is a registered trademark of The Co-operators Group Limited. Not all products are available in all provinces. © 2024 Co-operators General Insurance Company.