Managing any not-for-profit organisation in Australia is rewarding; however, it is not without its own challenges. Between recruiting, planning events, and running the finances, it is quite a number of things to take into consideration. And one thing that you can never forget is insurance. Not only to possess it, but to possess the right type of it, and there is where insurance brokers enter the picture.
The problem with Insurance that Not-For-Profits get stuck in.
Not-for-profit insurance is not necessarily plain sailing. Types of coverage available include public liability, professional indemnity, directors insurance, volunteer insurance as well as property cover. All are subject to their limits, exclusions, and conditions.
To a lay person it might seem that you need to do some research and get to know what your organisation needs. This is why resorting to a professional can help to save time, stress and even thousands of dollars.
How Brokers Help
Not for profit insurance brokers are advisors. They do not simply sell a policy, they make you aware of the risks your organisation is exposed to and locate coverage to cover those risks.
A good broker will:
- Evaluate your organisations own activities and risks.
- Suggest the appropriate kinds and amounts of cover.
- Shop around among various insurers to get the best policy.
- Read about the small print in a way that you can understand what is in it.
That is, brokers simplify insurance, a fact that is particularly relevant to organisations that are already time and resource strapped.
Board Members and Volunteers.
Not-for-profits are intensive users of volunteers and board members. They can be themselves put at some risk even though these people are frequently donating their time and skills volunteering.
Brokers assist to make sure that insurance policies are shared not only with the organisation, but also with the individuals who make it possible. This may involve providing insurance cover to volunteers, directors, and officers, to everyone.
Saving Time and Money
Attempting to go it alone in insurance is a job in itself. It can take you hours to compare policies and you realize that the coverage does not fit your needs.
The experience of a broker will prevent you from making typical errors, including:
- Selecting incorrect level of coverage.
- Excessively paying superfluous extras.
- Lacking policies that cover your organisations particular risks.
Through a broker, you will save time on insurance and get right to your mission.
Choosing the Right Broker
Not all brokers are the same. In the case of not-for-profits, it is useful to engage a person who is informed about the special issues affecting community organisations and charities.
Look for a broker who:
- Has worked with not-for-profits in Australia.
- Spends time learning about the activities and risks of your organisation.
- Easily describes policy in plain language.
- Provides continuous support and guidance to your organisation as it expands.
The correct broker turns into a partner, but not a supplier. They assist your organisation to be safeguarded now and going forward.
Insurance may not be the most exciting part of running a not-for-profit, but one of the most important. An accident or claim can be disastrous.
By dealing with an insurance broker, you gain assurance that you have the right cover, you have people covered and you can continue with what counts; your mission.
ACS Financial supports charities and community organisations in Australia to provide them with clear and practical insurance advice that assists not-profit organisations. Their team will assist in risk identification, finding the correct coverage, and streamlining insurance so that your organisation can concentrate on creating a difference.
