Why Nonprofits Need Insurance

Not-for-profit organizations that are based or operate in Oakville or the Halton Region on the north shore of Lake Ontario need property and liability coverage. Any property owned by an association may suffer damage caused by adverse weather. Daily operations can also expose the stakeholders of an organization to a wide variety of risks. Learn more about nonprofit insurance in Oakville available through a HUB International insurance broker. 

Coverage for Ontario Nonprofits

Organizations that are based on Oakville may serve the greater Toronto region or have missions that are focused further away. Regardless of the cause that an association, foundation or institution servers or seeks to advance, the same factors determine the level of coverage needed by the nonprofit:

• Mode of organization: Nonprofit law in Canada does not include statutory requirements under federal or provincial law that govern the legal forms of organization for not-for-profit entities. The most common types of nonprofits are non-share corporations, trusts and unincorporated associations or organizations, and each type of organization may take different approaches to managing risk.
• Organizational property: One of the most common policy types for nonprofit insurance in Oakville protects the value of any property that an organization owns or manages. Nonprofits that have property insurance can file claims to reduce costs associated with restoring damage or other covered perils associated with buildings or other assets.
• Nonprofit liability: Coverage for liability can protect an association, foundation, or institution from claims of bodily injury or property damage made against a not-for-profit organization. Specific liability policies such as management liability and professional liability coverage are also available for nonprofits.

Policies for Greater Toronto Organizations

Organizations based on the shore of Lake Ontario between Toronto and Hamilton that manage property in the Halton Region, elsewhere in Ontario or Canada or internationally need property insurance. Find out more about a few types of nonprofit insurance in Oakville that HUB insurance brokers may recommend to the stakeholders of not-for-profit organizations:

• Property insurance: The most basic level of coverage for associations that own property protects against damage and loss. The amount of coverage a nonprofit takes out should be based on an assessment of the value of covered property.
• General liability: Nonprofit organizations and stakeholders need general liability policies to protect against liability for claims of injury or damage. More specialized liability policies such as environmental, professional, management or multimedia liability coverage could be useful based on an organization’s mission.
• Security and privacy: One of the newest types of liability coverage extends to network security and privacy laws. Organizations that handle sensitive data that is related to fundraising or other aspects of the mission of a not-for-profit association, foundation or institution should seriously consider this type of liability policy.
• International package: An international package can be useful for nonprofits located in Oakville that have missions that extend beyond the borders of Ontario or Canada. These packages can insure against multiple exposures including occupational injuries, property damage or liability for incidents that occur around the world.

The mission of a nonprofit will determine its exposure to risk. Organizations that regularly send stakeholders, staff or other representatives abroad have greater need for international coverage for bodily or occupational injuries, property damage, operations and the loss or damage of property while abroad. Other policy options cover perils such as business travel accidents and exposure to kidnapping, ransom, extortion, and political risks in unstable regions.