Your mission is clear
and important. Volunteers are ready to help and donors are ready to contribute.
The next step is execution, including insurance for your non-profit
organization.
Nonprofits serve a very
wide range and will have very different insurance requirements. However, they
also share common challenges. Often, nonprofits will evolve, causing new
insurance issues to emerge.
Responsibility for good works
The city offered an
in-kind donation of office space. An event venue has a room for your
fundraiser. Your new clinic lease is ready to be signed. In the “fine print” of
each of these possibilities, there is a liability insurance requirement. The
written insurance requirement will generally require an amount of liability
plus the designation of the owner / event location as an additional insured. In
addition, the “fine print” usually contains an indemnity or formal notice
clause which triggers an additional insured requirement called a “waiver of subrogation”.
Part of the price of doing a good job is meeting these business insurance
requirements.
Don't take insurance for granted
Your grant proposal
has been approved! Part of the grant requirements will often be commercial
insurance requirements. You won't get the funding your group needs without
managing the specifications of the grant agreement. Besides civil liability,
grants that include hiring people often require workers' compensation
insurance. This is insurance protection for the employer (your organization)
for lawsuits for injuries that occur to workers in the course of their
employment. It also helps an injured employee with medical bills,
rehabilitation and lost wages while recovering from a work-related injury.
Provide effective advice
An active and
involved board of directors is an essential part of most nonprofit
organizations. The volunteer members of your board of directors will be called
upon to make the tough decisions and are responsible for overseeing your
activities, especially employment decisions. They are also the primary
community connectors and fundraisers for your group. Insurance for directors
and officers is essential to protect them from lawsuits which may arise and
which may entangle them personally.
Equip your group
As your nonprofit
grows, insuring your group's office equipment and content can become a critical
risk. A fire, burglary or other loss can destroy these assets and compromise
your ability to do your good job. Property insurance can be "wrapped"
with your general liability to add insurance protection for those assets.
Motivated volunteers
Many nonprofits
depend on volunteers to drive their own cars. Auto coverage for non-owners is
an important safeguard for your organization. It offers liability coverage if
the group is targeted after an accident when a volunteer drives their own car
for the group.
Retention of key personnel
With attracting and
retaining qualified staff comes the need for a group insurance plan, in
particular group health insurance. Small group benefit plans can be obtained
once your group has at least two full-time employees. As an employer, your
group will be required to pay at least 50% of the cost of employee health
insurance benefits.
summary
Nonprofit
organizations can have very specific insurance needs. Managing risk is part of
the growth and success of your mission. A review with a business insurance
specialist is important.
David W. Crump, Ross
Gray Insurance Agency
I specialize in the
sale and service of business, health and personal insurance. A graduate of
Texas Tech University (BBA Marketing), I began my career in toy, hobby, and
game retail. I used to own a business but changed careers in insurance after
selling my stake in a Dallas-area chain of game stores thirteen years ago. Hobbies
include gardening, music
Learn more about NRI insurance
Insurance is the act
of risk management that takes precautions to avoid the risk of responsible and
uncertain loss. It is defined as the impartial allocation of the risk of loss
from one individual to another, in exchange for reimbursement. Insurance
policies are sold by businesses. The rate of insurance is the determining
factor for the amount of premium which is the payment to be made for the
coverage. Banks and insurance companies repeatedly offer various plans to
attract people to insurance plans.
Insurance plans include life insurance,
wellness insurance, overseas travel insurance, home insurance, auto insurance
and two-wheeler insurance. Depending on the amount to be insured, an insurance
coverage is charged calculated as a certain percentage of the amount of the
primary insurance and this coverage is paid by the policyholder over a period
of time.
Once the insurance coverage is paid for the determined time, the
policy stagnates for a while and the insurance can be claimed. In the event
that the event for which the entity to be insured takes place before the end of
the stagnation period, the policyholder is reimbursed for the full amount of
insurance.
Non-resident Indians
also benefit from insurance schemes in the same way as their other Indian
compatriots. Indian citizens who make temporary or long-term visits abroad can
protect their property, property and life through insurance plans. This is
possible through the purchase of tailor-made insurance products that are
offered by a multitude of insurance companies and banks.
NRIs are also allowed
to take out loans against their policies. They can adapt their insurance
portfolios without a limit on the sum to be insured.
However, this is not the case
with POI citizens. In the case of a person of Indian origin, it can only be
covered up to the maximum limit of twenty lakhs only. They also cannot be
applied to joint profiles. NRIs can however opt for joint life plans which have
the element of team insurance.
Foreign exchange
regulations have certain policies and rules regarding life insurance plans for
NRIs. Since policy documents are considered securities, these documents cannot
be removed from the country without the consent of the Reserve Bank of India.
for NRIs, premium payment can be made online and this is the preferred payment
method.
It is also possible to remit the bonus amount via FCNR or NRE accounts
via approved banking channels, money orders, etc. if the NRIs have people in
India, they can also make the payment on behalf of the NRIs. For NRIs,
insurance claims are made in foreign currency on an exceptional basis. But to
benefit from this benefit, the policyholder must be a resident abroad and must
have paid all premiums in foreign currency.
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