Insurance for all the nonprofit’s stuff
05 Jul 2018

Insurance for all the nonprofit’s stuff

05 Jul 2018

Insurance for all the nonprofit’s stuff

You’re a board member of a midsize nonprofit, and your phone rings Monday morning at 8:00 am. The executive director is calling, and it’s not good news: when she walked into the office, she discovered a MESS. A pipe burst, and the office and everything in it is flooded and ruined.

Panic is a pretty reasonable response no matter what. But if the nonprofit hasn’t insured its property, things are going to get a whole lot more difficult, right?

Tom Wertish from Novallus Insurance sat down with me to talk about the ins and outs of nonprofit insurance needs (watch our conversation here), and this is a situation that definitely came to mind.  Any nonprofits that own any sort of stuff, whether it be property or equipment, should have some form of property insurance.

What kinds of insurance should can I get?

There are a few different kinds of policies to cover the property of a nonprofit. Basically, you’ll want a policy that can help cover the costs of replacing property, rebuilding, and lost revenue when bad stuff happens.

Depending on what the org owns, you might need to look closely at what the policy will cover. Here are a few kinds (with the weirdest names/acronyms ever, might I add 😊):

  • Business Owner’s Policy, aka BOP: This one is pretty much like homeowner’s insurance for a business
  • Commercial Package Policy, aka CPP: Is like a BOP, but may include some equipment as well
  • Inland Marine Policy (yep, you read that right): Covers more specialized, fancy equipment than a regular CPP. So, if the nonprofit does cataract surgery, for example, you might need this policy.

How do I figure out what policy is the right fit?

As always, both Tom and I recommend meeting with an independent agent who can get a sense of what needs to be covered. Plus, you probably don’t want to comb through those HUGE policies to see if your special situation is covered, right? Trust a professional.

And who better than Tom? Check out his brokerage at

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