Your charity insurance is a vital risk management tool. It’s there to protect your material assets including your staff, volunteers and trustees if something goes wrong. But what should you look out for? Here’s 5 ways that your charity insurance policy should support your organisation.
Your Legal Requirements
As we stated in our recent blog on if charities need insurance, we know that charities that employ staff are required to have Employers Liability in place. You must protect your charity by ensuring that you have any legally-required insurances.
Staff and Volunteers
If you have volunteers, you may wonder how you can support them and provide them with assurance about their status as required under current employment legislation. Some standardmmercial insurance policies may not specifically include your volunteers under Employer’s Liability, leaving them with less protection in the event of accident or injury. You should therefore seek out a specialist charity policy that recognises volunteers in the same way as paid employees.
Your charity insurance policy should include your building(s), if appropriate, but should also include all your contents, including any specialist equipment that you use to support your charitable objectives. When you’re deciding on insurance, ensure that you speak to your specialist broker or insurer about any aspects of your buildings or other assets such as contents, stock and perhaps other specialist equipment that may require extra cover. Also, think about items that may need be covered away from your premises as well as building modifications for accessibility, stair lifts that you’ve installed and other modifications that might increase the building’s value.
If you’re a tenant in a building and decide to install equipment or modify the building to suit your needs, you should seek ‘tenant’s improvements’ cover as your modifications may not be covered by the building owners’ insurance.
Your organisation relies on your trustees and their leadership. However, in some circumstances, your charity can be liable for losses resulting from your trustees’ actions or inactions and, equally, your trustees may be exposed to personal liabilities in their role within the organisation. Many charities will choose to include this cover as a ‘sleep easy’ insurance. It provides security to both the charity and the trustees and having it in place can help you recruit the best trustees!
If you run events including meetings, seminars, exhibitions or fundraising activities (or if you’d just like the option to do so) then you should find a specialist charity policy that includes the cover you need so you don’t have to purchase additional insurance.
All of the above are provided within the CaSE Charity Insurance policy.