In Illinois, there are approximately 1,200,000 small businesses in operation. Nonprofits fall into that category and need protection just the same. Nonprofit insurance is necessary to have adequate coverage for a loss.
Fortunately, an independent insurance agent can help with carrier and policy options. Since they do the shopping at no cost, you'll save big time. Connect with a local adviser to get started today.
What Is Nonprofit Insurance?
Coverage for an Illinois nonprofit won't be much different than your standard business insurance policies. The same limits and policy types apply as they would for any industry. Check out how it works.
- Nonprofit insurance: Coverage for losses arising out of bodily injury, property damage, libel, slander, commercial auto, and more.
What Does Nonprofit Insurance Cover?
When you run a nonprofit, you may think there's not much exposure, but that would be incorrect. The same risk applies to nonprofits as it does any other operation. Some key items that nonprofit insurance will cover in Illinois are as follows.
- General liability insurance: Pays for bodily injury or property damage claims where you and your employees are responsible.
- Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
- Commercial property insurance: Pays for building, equipment, and inventory damage from a covered loss.
- Crime insurance: Pays for a claim involving forgery, fraud, or theft to your company.
- Directors and officers insurance: This protects the board of directors for the nonprofit from negligence, libel, slander, and misconduct.
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How Much Is Nonprofit Insurance in Illinois?
In 2019, Illinois had $16,998,439,000 in commercial insurance claims paid alone. If you're shopping for the best rates on your coverage, many factors apply. Carriers look for the following items when rating your nonprofit policy.
- Years in existence
- Policies and procedures in place
- Safety procedures in place
- If you have any employees
- If you have any volunteers
- If you deal with minors
- Your experience level
- Prior claims
- Backgrounds of all board members
- How monies and securities are handled
The cost of your nonprofit insurance will vary and can only be known with accurate quotes. One way to save instantly is by bundling your insurance policies. When you put all of your coverage with the same carrier, you'll get a deep discount.
Will My Location Impact My Rates?
Where your Illinois nonprofit is located will affect your policy premiums. The companies account for local crime, past claims in the area, and more. The safer your property, the better rates you'll get on insurance.
If you are in a high-risk flood zone, you may be required to carry an additional flood insurance policy. FEMA assigns each location a flood zone to determine your level of risk. When you're located in an A or V zoning, you'll pay more premium.
How an Independent Insurance Agent Can Help
When you're looking for the best coverage for your Illinois nonprofit, consider using a trusted adviser. There are many policies your operation may need to be adequately insured. In order to avoid financial devastation, don't go at it alone.
An independent insurance agent has access to multiple markets so that you can save time. They do the shopping at no cost, giving you options within your budget. Connect with a local expert on TrustedChoice.com and get custom quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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