Cyber liability insurance is a specialty insurance that protects businesses from internet and information technology risks. It covers crisis management, litigation expenses, forensic investigations, and business interruptions — for example, data breaches, loss of information, and cyber extortion.
Non-Profit Insurance in New York
Operating a non‑profit business in New York can be extremely rewarding — but the insurance risks make it challenging.
HCP Insurance offers vital coverage for non‑profits — whether small volunteer organizations or large operational ones. Our policies provide protection against the unique risks they face.
Insurance for non‑profits of all sizes
This insurance coverage protects non‑profits against damages and liability claims. It comes in handy for risks like fire damage, stolen furniture and equipment, work‑related injuries and illnesses, third-party injuries and property damage, and allegations and liability claims against your services or board of directors. Ultimately, having the right non‑profit insurance can determine the success of your business.
What is non‑profit insurance?
Non‑profit insurance is a bundle of coverages that protect non‑profit organizations from specific risks associated with operating the organization. It includes political clubs, service clubs, sports associations, community service associations, religious fellowships, and professional non‑profit associations.
This coverage can include:
- directors and officers coverage
- commercial property protection
- professional liability coverage
What are basic types of insurance for non‑profit organizations?
Before diving into the ins and outs of non‑profit insurance, let’s explore the basic types of coverage you should get:
- general liability insurance protects your non‑profit if someone sues you for bodily injury or property damage
- directors and officers insurance covers legal costs with settling claims against your organization’s board of directors and officers
- commercial auto insurance protects against liability for bodily injury and property damage caused by vehicles owned or operated by the non‑profit
What additional protections should non‑profits be aware of?
Once you have your basic insurance coverage, you can think about getting additional protections for a more comprehensive policy.
Workers’ compensation insurance provides benefits and protects your employees when they suffer work‑related injuries and illnesses while on the job. Almost all businesses in New York should have workers’ compensation insurance.
EPLI covers non‑profit businesses against claims made by employees alleging:
- harassment
- discrimination
- wrongful termination
- failure to promote
- wage and hour disputes
How much does non‑profit insurance cost?
It can be hard to say the exact price for your non‑profit insurance policy because many factors impact how much you pay.
We look forward to learning about your unique insurance needs and finding the best price for your buck.
For now, here are some common factors that help determine your non‑profit insurance price:
- size of your non‑profit business
- business location
- number of employees
- annual revenue
- claim history
size of your non‑profit business
business location
number of employees
annual revenue
claim historyChoose HCP Insurance for non‑profit coverage
At HCP Insurance, our team understands the unique insurance risks of non‑profit organizations.
Each non‑profit business is unique in many ways, including their size and scope of operations. As such, you should tailor your insurance policy to your industry, activities, and budget.
We have long-term relationships with a wide network of insurance companies to provide the best price and coverage. You’ll get great service, coverage, and knowledge when you choose HCP Insurance.
HCP Insurance is your trusted partner to match you with the best non‑profit insurance in New York to protect your non‑profit business against the unexpected.
Frequently asked questions about non‑profit insurance
Are you interested in diving deeper into non‑profit insurance topics? Get answers to your common questions about non‑profit insurance below.
Only 501(c)(3) non‑profit organizations qualify for non‑profit insurance. If you operate a for-profit business, you can speak with us about what type of coverage and insurance policy you should have to protect your business.
Similarities between non‑profit and for-profit business insurance include cyber liability, general liability, and commercial property insurance.
However, non‑profit organizations have unique services and employment needs that differ from for-profit businesses. For example, many non‑profit organizations have a board of directors and hire volunteers, so directors’ and officers’ insurance, management liability coverage, and volunteer liability protection are important.
Whether you want to renew an existing policy, start your search, or change insurers, it’s essential to review your options carefully. Here are some things to consider:
- your budget
- significant changes in your operations
- the number of staff you have
- if you are risk-averse or risk-tolerate
- commercial property
Non‑profit organizations should consider purchasing insurance to protect their business against unexpected damage and liability. It can reimburse financial loss for common risks, like property damage, third-party liability claims, data breaches, and mismanagement lawsuits.
When you have the right policy, having insurance can help prevent your organization from falling apart.
Non‑profit insurance policies cover common risks faced by non‑profit organizations, including general liability for injury or property damage, D&O insurance, employment practices liability, cyber liability for data breaches, and commercial property coverage.
Prices vary depending on factors such as the size and nature of the organization, coverage limits, deductibles, and the specific risks involved. Still, non‑profit insurance premiums are generally affordable, and there are options available to tailor coverage to fit the organization’s budget and needs.
