A concise guide to insurance for charities and non-profit organisations
Ways you can keep your charity safeguarded, your staff and volunteers protected, and your customers and visitors safe through charity insurance.
Understanding the different types of insurance available to your charity organisation can be confusing at first glance.
From deciphering the nuances between Trustee indemnity insurance and Professional indemnity insurance, to calculating which types and levels of cover you need. Insuring your charity, staff and volunteers, and third party visitors and suppliers, to ensure they are covered should something go wrong involves making important decisions.
Charities are no different to businesses and are exposed to a number of risks on a daily basis, including:
- Financial instability
- Regulatory risk
- Loss of credibility among service users, families, and other stakeholders
- Exposure to claims of liability or negligence
At Markel Direct, we offer a range of insurance policies for charities and community groups, including:
Trustee indemnity insurance
Trustee indemnity insurance provides cover for legal costs and expenses incurred in defending against disqualification as a trustee, and investigations or extradition proceedings, protecting the trustee’s personal wealth.
Professional indemnity (PI) insurance
The PI insurance policy will cover the cost of defending your charity against allegations of professional negligence, which could stem from an instance of passing an incorrect piece of advice to a user of your services.
For example, an instance such as this could occur during a counseling appointment with a vulnerable individual who has sought the guidance of your charity.
This entity defence policy covers your charity against identity fraud, investigations (other than by HM Revenue & Customs), corporate manslaughter and breach of contract.
Public and product liability insurance
The public liability policy covers the cost of defending your charity if someone is injured, or their property damaged, due to your negligence. This is generally seen as essential cover for charities.
Employer’s liability insurance
Employers’ liability insurance is a legal requirement if you employ staff or volunteers. It covers against allegations of injury or illness suffered by staff during their employment. If your charity has employees on a full time, part time or volunteer basis, this cover is essential.
Property damage insurance
Our property insurance covers your buildings, general contents (including stock), computer equipment, tenant improvements and glass (for which you are responsible) against accidental damage (including theft) whilst on your charity's premises. You can also insure against additional trading expenses following an interruption to your activities, such as a flood at your office.
Money and personal assault
The money and personal assault policy covers loss of money for fixed limits up to a maximum of £250,000 for non-negotiable money (e.g. crossed cheques) and £2,500 for negotiable money depending on the nature of the loss. In addition to this if you, or members of your family, or employees, or members of their family, are injured during a robbery or attempted robbery, we will pay you either £5,000 or £50 per week for 104 weeks (depending on the nature of the injury).
Please note: This is not a complete policy document and contains only general descriptions. Policyholders must refer to the actual policy issued for the binding terms, conditions and exclusions of cover.
For an easy understanding of how each insurance policy can help you, see our charity insurance decision tree infographic, which highlights when each policy can be beneficial in certain situations.
Click the ‘GET A QUOTE NOW’ for a quote for your charity insurance.
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