Keeping you safe and sound with an intact peace of mind, a Commercial Package Policy (CPP) is exactly what a nonprofit needs to keep day-to-day operations running smoothly. A CPP provides both liability and property coverage for a business, bundled into one program. While many nonprofit organizations do great work raising funds for their causes, it is not uncommon for these organizations to be severely limited in terms of their own funding, and a package policy like a CPP can be a wonderful way to secure comprehensive coverage for an affordable rate.
Make sure you get an insurance broker who specializes in the nonprofit sector; it’ll make your search for coverage that much easier. This is why a package policy is a good idea for nonprofits, courtesy of the Nonprofit Risk Management Center.
Liability Coverage—What to Look For
For most nonprofits, this area is of huge concern. It’s what protects an organization from claims alleging negligent conduct by the nonprofit, its employees, volunteers or agents. Negligence can come in many forms, with some extreme cases resulting in injury, death or other harm. Some of the most common things that you’re going to want coverage for in this sector include commercial general liability, business auto, directors and officers (D&O) liability, workers’ compensation and an umbrella policy. Unfortunately, not all of these things are guaranteed to be covered under a CPP insurance policy. Things that will need separate coverage and can’t be covered under this package policy, according to the Insurance Information Institute, are:
- Workers’ compensation
- Life insurance
- Health and disability
- D&O liability
A commercial general liability policy is going to be the most common purchase that you’re going to need, covering bodily injury (someone got hurt), property damage, personal injury (libel, slander, defamation) and advertising injury (libel, slander or copyright infringement due to advertising).
Property Coverage—Things to Consider
A CPP is also going to come with property coverage. That means your personal assets owned by the nonprofit are covered in the event of an emergency. However, if your business uses computers or electronic equipment, you might want to consider getting a computer or electronic data processing policy. Other types of coverage that you might want to consider include crime or employee dishonesty, which can also be wrapped into your CPP insurance policy. It’s a lot more economical the more policies you can get weaved into one, effectively saving you some money in the long run.
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.