Indiana Nonprofit Insurance

Your Guide to Indiana Nonprofit Insurance

When a local independent agent is necessary

Indiana Non Profit Insurance

In 2019, Indiana had $6,780,466,000 in commercial insurance claims paid alone. These losses were related to all entity and coverage types. When you run a nonprofit, the right insurance is necessary.

Fortunately, an independent insurance agent has access to multiple carriers so that you can save on coverage. They do the shopping at no additional cost, saving you time. Connect with a local expert to begin. 

What Is Nonprofit Insurance?

Non-profit insurance in Indiana is no different than any other business. The same coverage is typically needed and can be required. While you may not think there's much risk involving nonprofits, adequate protection could save you thousands of dollars in damage. 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?

In Indiana, coverage for nonprofits is the same as protection for other commercial entities. Most all of the same policies are necessary, and even additional protection may be required. Some key items that nonprofit insurance will cover in Indiana 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 non-profit from negligence, libel, slander, and misconduct.
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How Much Is Nonprofit Insurance in Indiana?

In Indiana, there are roughly 512,348 small businesses that are in operation. If you're a local nonprofit, your premiums will vary just like other commercial insurance policies. 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

Your nonprofit insurance costs can vary greatly depending on risk factors. If you're looking for a way to cut costs, consider bundling. When you bundle all of your coverages with the same carrier, you'll get a discount of 30% or more. 

Will My Location Impact My Rates?

There are a number of things that will impact your nonprofit insurance premiums. Where you are located is among them and will be accounted for when rating. Carriers will look at local crime rates, weather patterns, and more.

Your Indiana property will be charged according to how risky it is. Flood zoning is another item that carriers look for when figuring your premiums. If you are in a high-risk zone, you'll need to obtain flood insurance which costs more.

How an Independent Insurance Agent Can Help

Protection for your Indiana nonprofit is just as necessary as any business entity. While you won't have the same filing as a standard operation, you'll likely need similar coverage. Nonprofit insurance can be found through a trusted adviser. 

An independent insurance agent will be able to review your coverage, fill any gaps, and provide the best rates in town. They work with several carriers so that you are always getting the best pricing. Connect with a local expert on TrustedChoice.com to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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