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How to Prepare for Your Nonprofit Insurance Consultation

Posted by Parker Beauchamp on Mar 14, 2017

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Nonprofits are a vital part of U.S. communities, providing a wide variety of critical services and support to those in need. As essential as nonprofits are to our society, so is the role of protecting these organizations from the risks and exposures inherent to their operations.

Your organization can’t live out its mission if a devastating event wipes out your operation, cutting into precious funding. With the help of an insurance provider, your nonprofit can receive the protection it needs to succeed.

But first, you must properly prepare for your insurance consultation by asking the right questions.

Questions to Ask Yourself Prior to an Insurance Consultation

Your initial consultation with your insurance advisor/broker is critical to the insurance process, and requires strategic preparation and planning. Prior to your insurance consultation conduct in-depth research to ensure the insurance provider has substantial practice in handling nonprofits.

After you have conducted research to evaluate your advisor’s general skillsets and compatibility, ask yourself the following questions:

  • What are my organization’s most valuable assets?
  • How are we protecting our organization against exposure to lawsuits?
  • What risks are unique to my organization?
  • How do we currently protect our employees, volunteers and boards, if at all?
  • What could happen that might severely damage our reputation in the community?
  • What types of services does my nonprofit offer?
  • How much funding does my organization have?

Have a solid understanding of your organization’s strengths and weaknesses, along with your unique needs, before meeting with an insurance professional. This will help them better determine how they can help you.

Questions to Ask During Your Meeting

Once you have a better understanding of what your organization needs for maximum, quality protection, it’s time to compile questions to ask during your consultation. Create a list prior to your meeting to ensure all areas are covered. Some questions to consider including are:

What are my organization’s most valuable assets?

  • How are we protecting our organization against exposure to lawsuits?
  • What risks are unique to my organization?
  • How do we currently protect our employees, volunteers and boards, if at all?
  • What could happen that might severely damage our reputation in the community?
  • What types of services does my nonprofit offer?
  • How much funding does my organization have?

Be open and honest throughout your entire consultation, so your insurance professional can fully understand your needs and protect your nonprofit’s most vital assets.

Interested in learning how you can navigate through the nonprofit insurance selection process? Download our free guide today!

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Image Source: qimono

Topics: Business Insurance