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Insuranks

Charity Insurance for Shops & Business

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From ice cream shops to jewelry stores, there are plenty of businesses in this world that specialize in making people happy. Charities certainly fall under this umbrella, allowing underprivileged people to enjoy some of what life has to offer when circumstances have otherwise made that impossible for them.If you run a charity and would like to keep yourself protected, then you may be interested in this guide about  insurance for small charities and nonprofit groups.

Charity Public Liability Insurance

There are many different kinds of small charity insurance policies that you can get from your insurance carrier, and they differ based on exactly what they’ll protect you from. These policies can vary dramatically based on how much you’re paying, but public liability policies are a must. 

These policies are designed to protect you from situations in which your charity has been found to be liable for damages sustained by the party that’s pressing charges against you. 

For example, if someone slips and breaks their hip because you failed to place a wet floor sign after you mopped up at one of your charity venues, then they can make a case that you’re liable for their medical expenses. This is a case where your public liability insurance policy would cover you.

Public liability insurance for charity organizations applies to more than just bodily injury , and it also works when someone has to deal with property damage that they sustained at your place of business. For example, if someone has their car damaged due to the poor structure of your building, they can file a claim against you for property damage.

Charity General Liability Insurance

General liability insurance tends to be more expensive than public liability coverage when it comes to insurance for charities and community groups. This is because it protects you from more people. Public liability insurance policies only apply to members of the public like customers and pedestrians walking on your business’ property.

However, general liability insurance offers more complete protection from people coming after you for damages. A policy of this type can even apply to one of your employees that has tried to deem you liable for their damages, and this coverage can even extend to managers of your business.

Charity Business Insurance

Business insurance policies are also known as BOPs, and they tend to be a little more comprehensive than a simple liability policy. This is because most BOPs will feature a component that covers you in case of liability, but they will combine this liability coverage with another form of insurance.

The exact kind of coverage that comes bundled with a BOP depends on the carrier that you’re getting it from as well as how much you’re paying for it. A relatively basic BOP will feature commercial property insurance, general liability insurance, and EBL insurance in most cases. 

Professional Indemnity Insurance for Charities

Professional indemnity insurance is also known as professional liability coverage, and this comes into effect when someone alleges that you did your job improperly and comes after you for damages. For example, if you raise funds for someone and the funds got stolen or misused unintentionally.  

If you are found liable for doing your job with negligence , professional indemnity coverage will protect you from any damages that the wronged party comes after you for. This coverage will also apply to any legal expenses that were incurred so that you could defend yourself from that party.

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Charity Trustee Insurance

Charity trustees are those who are given a large degree of responsibility over the operations of a charity organization, and they need to be insured in case anyone tries to accuse them of wrongdoing. For example, if someone claims that a trustee did something that damages the reputation of the charity.

This kind of coverage protects you from being held liable and having claimants come after you for your assets. This kind of insurance will protect you from more than just people coming after your wealth, however, as it will also cover any costs associated with Charity Commission investigations.

Charity Vehicle Insurance

Commercial vehicle insurance for charities is usually good for mobile charities.This kind of coverage can also be referred to as charity van insurance or charity car insurance based on the kind of vehicle that you’re trying to insure.

Keep in mind that a personal vehicle insurance policy won’t pay out if you end up damaging your charity’s vehicle.It’s because personal vehicle insurance doesn't apply when a vehicle is used for business purposes despite being comprehensively covered. 

That’s why it’s  important to get commercial auto coverage. With this insurance, you’re sure to have back up when your charity’s vehicle ends up causing an accident or needing a repair. 

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Charity Insurance Cost 

The cost of charity insurance isn't constant, and it varies based on your charity and what the insurance company knows about it. Keep in mind that the size of your charity will be one of the main factors that influences the cost of your charity insurance cover.

This is because larger charities tend to deal with more people, and in the eyes of the insurance company, this increases the amount of risk that they have to deal with. The more transactions that a charity organization is involved with, the higher the chance of something going wrong. 

If you’re running a smaller charity business rates might not be cheaper. For example, if you just got into the charity industry and you don’t have an established track record that the insurance company can rely on to determine your rates,you may have to deal with a higher initial premium too.

CompanyCost per monthCost per year
Hiscox$34$408
Zurich$44$528
Unity$36$432
Average Cost$90$1,080

All of these numbers were gathered by using the example of a small to medium-sized charity that has no history of issues or problems so that these could be as close to reference values as possible. The average cost of insurance is about $90 per month or $1,080 dollars per year.

Compare Charity Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

In partnership with:

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Best Charity Insurance Companies

If you’re looking to get your charity insured, then you’re going to need to take the time to consider which insurance company would work best for you. Instead of leaving the matter up to you, we’ve gone ahead and reviewed three of the best charity insurance companies in this part of our guide.

Hiscox Charity Insurance

Hiscox originally started in the early 1900s, and the company was first a marine insurance underwriter for Lloyd’s of London, one of the largest insurance companies in the world. Since then, Hiscox has become one of the world’s number-one providers of numerous insurance products.

Hiscox Policy Details

Hiscox offers coverage for charities under the Business Insurance for Charities program. This program includes trustee liability insurance, charity shop insurance, property insurance, and personal accident insurance. The company offers flexible payment options and has been rated one of the best insurers when it comes to service.

Pros
  • Affordable
  • Excellent service
  • Offers trustee coverage
Cons
  • Slow to give quotes

Average cost: $34

Best for: Comprehensive charity coverage

Our rating; 5/5


Zurich Charity Insurance

Hiscox offers coverage for charities under the Business Insurance for Charities program. This program includes trustee liability insurance, property insurance, and personal accident insurance. The company offers flexible payment options and has been rated one of the best insurers when it comes to service.

Zurich Policy Details 

Zurich offers a range of specialized insurance policies for charities, including public liability insurance, employers’ liability insurance, and trustees insurance. The company is known for its relatively painless online quote process, allowing you to get an estimate far quicker than its competitors.

Pros
  • Quick to give quotes
  • Accurate and very transparent insurance premiums
Cons
  • Has some issues in claims processing

Average cost: $44

Best for: Large charity organizations

Our rating: 4/5

Unity Charity Insurance

Unity is not technically an insurance carrier, but they are a brokerage that specializes in working with community groups and charities. They have worked with The Scouts, exclusive clubs, and charities, and their insurance policies specialize in rendering these community groups the kind of coverage that they need.

Unity Policy Details

Being an insurance brokerage, Unity is able to offer their customers a much wider range of policies than a carrier could on their own. Their insurance policies for charities include building and contents coverage, employers’ liability, trustee indemnity, public liability, and even commercial auto cover.

Pros
  • Versatile insurance options for charities
  • Offers one time event insurance for charity fund raisers
Cons
  • Brokerage not an insurance carrier

Average cost: $36

Best for: One time events insurance

Our rating: 4/5


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