But before you check out our sample quotes, it helps to get an idea of the factors that impact your cost. Read on to learn more.
What Affects the Cost of Nonprofit Insurance?
What do a daycare center, a soup kitchen, and the chamber of commerce all have in common? Not much, except that they might all be nonprofit organizations. NPOs span multiple industries, and their different operations influence the price of their insurance. For example, insurance companies price polices to reflect…
- The size of your property.
- The number of volunteers and employees you have.
- The services you offer.
- Any special equipment you require.
Essentially, what you do, how you do it, and whom you do it for all affect your insurance needs. Say, for example, you run a community health clinic. Your x-ray machines and diagnostic equipment would most likely mean higher Property Insurance premiums than what the food bank next door pays. Depending on its legal structure, however, that food bank may be making up the difference in Directors and Officers Insurance costs. Additionally, insurance companies also look at your claims history. If your nonprofit has either been sued or had an insurance claim filed against it, you may find yourself paying a higher premium.
How Much Does Nonprofit Insurance Cost?
Every nonprofit is different, and so is its insurance. However, taking a look at these sample quotes for small NPOs can help you estimate your costs. Click the links below to go to pages with the median premiums for that nonprofits’ General Liability and Business Owner’s Policy.
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