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Workers at Food BankThe objective of non-profit work is not to increase operating capital. From local charities to national service organizations, most non-profits want to push as much of their bottom line as possible towards their cause.

For that reason, other aspects of the budget are likely very tightly controlled. Responsible non-profits usually hold some capital back in case of losses. However, unforeseen losses can often severely damage a non-profit's stability.

It is important that non-profits maintain appropriate levels of insurance to protect the property that they operate from. By protecting their property, non-profits can better guard their physical assets and therefore devote more money towards their missions.

Property Coverage for Non-Profits

Businesses of any kind usually stand to lose money in case of property damage or destruction. This scenario is magnified for non-profits, thanks to the sensitivity of their finances. In fact, non-profits could stand to lose a lot more to property damage than a business with high capital retention.

The average non-profit insurance policy comes with property damage coverage. Property damage coverage usually protects damage to or destruction of business assets, such as building structures, furniture, electronics and machinery.

Non-profit insurance property coverage may also add protection of any inventory that the organization keeps on hand.

Many non-profits keep branded or donated items on hand. Some charities also deal in goods or provisions, such as clothing stores or child clothing. An incident could destroy these items. If this happens, then the non-profit may not be able to serve its mission.

For this reason, ask your agent if your policy covers certain items of charity inventory:
  • Items donated by the public or by volunteers
  • Food, clothing, furniture or other items that the charity will repurpose to beneficiaries
  • Large items, like donated cars, playground sets or valuable electronics
  • Branded items that the charity sells to raise funds
  • Items stored in warehouses or offsite
  • Personal property belonging to volunteers or non-permanent employees
  • Charity vehicles
Additionally, make sure that you take steps to protect any liquid assets, such as cash reserves, on hand. Any fraud scheme could cost the non-profit considerable money, and you need to be able to regain this capital in case of losses. The best idea for your non-profit is to protect all of your property, as fully as possible.

We can help. Call Full Armor Insurance Services, LLC at (208) 664-6000 for a free Idaho non-profit insurance quote.
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