Charity Insurance

Charity Insurance

Charities have a natural obligation to manage overheads whilst rigorously protecting assets and operations. A robust risk management and insurance policy or policies can help your charity to respond quickly, maintain continuity and manage your reputation if the worst should happen.

Find out how The Yorkshire Broker can help you to manage any potential risks and protect your staff, customers, buildings and equipment within a comprehensive insurance solution.

Types of insurance cover your charity may require

Insurance programmes for charities would typically include a combination of the following cover:

  • Charity public liability insurance: Provides protection if your charity activities kill or injure a member of the public or damage their property and will help cover the cost of any compensation claims and legal costs that arise.
  • Charity trustee liability insurance: This type of insurance is also known as indemnity insurance, and it provides financial protection in the event of compensation claims being made against trustees, directors, governors, committee members, officers or employees of charities.
  • Charity employers’ liability insurance: This is a compulsory type of insurance for employers, regardless of whether the member of staff is permanent, temporary, volunteer, contractor or freelancer. The minimum level of protection is £5m, which will cover the cost of compensation claims if staff get injured or fall ill as a result of carrying out their required duties.
  • Charity interruption insurance: Provides cover for financial losses if your charity can’t operate from its premises as normal as a result of perils such as a fire, major theft or a flood.
  • Charity buildings and contents insurance: Provides cover for your charity premises in the event of perils such as flooding, a fire or theft.
  • Charity assets and equipment insurance: Provides cover for the assets that your business needs to operate, including furniture and computers.
  • Stock insurance: Provides cover in the event that your charity merchandise is damaged or stolen.
  • Key man insurance: Provides cover if an essential member of your team (for example your CEO) is unable to work for you due to reasons such as sickness, disability or death.
  • Cyber insurance: Provides cover against donor data breaches or cyber hacks that affect your computer systems and networks.
  • Specified all risks: Provides for loss or damage to specified equipment such as laptops and mobile phones whilst they are away from the business premises.
  • Goods in Transit: This will provide cover if goods are damaged whilst in transit to and from your premises or lost while being delivered by post or courier.

These are just examples of some of the types of charity insurance policies that we look after at The Yorkshire Broker. 

What insurance do I need for my charity?

If you are responsible for the running of a charity of any kind you should consider taking out a tailored insurance programme. The wide variety of risks to both the staff and customers create the need for an insurance solution that provides comprehensive protection.

We know that no two charities are the same, so speak to us today to find out which policies will best meet your needs.

The cost of charity insurance

The combined premiums that you will pay for your charity insurance programme depends on the level of cover that you need and the breadth of risk that your business is exposed to.

It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at The Yorkshire Broker we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.

Importantly, we work tirelessly on your behalf to present your business to potential insurers as accurately as possible so that premiums are completely appropriate to your risk exposure. 

What else do I need to know about charity insurance?

Charity liability insurance is not a legal requirement when attending fundraising events. However, there are a certain number of risks involved with putting on these type of events, especially if staff and volunteers are attending, and therefore having insurance in place is a advisable.

Insuring your charity

The Yorkshire Broker is well placed to provide you with the professional support to review your current insurance programme and assess where you might be at risk from underinsurance, or even paying for excessive cover.

We understand that charities face unique risks and challenges on a day-to-day basis, and that you need bespoke insurance that works for you and gives you the level of cover that is appropriate to the risks that you face.

Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact The Yorkshire Broker by calling: 01924 929070.

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