What Insurance Do We Need For Our Stuff?

Say you’ve got a building full of office equipment, or you own equipment to vision screenings, or something of that nature. If there’s a flood or fire, you need to be sure all that stuff is protected.

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 silliest 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: Like a BOP, but may include some equipment as well
• Inland Marine Policy: 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?

This is where I remind you how important that the nonprofit surrounds itself with professionals. You combing through a giant policy isn’t a good way to make sure you’re covered. Find a good insurance agent, and work with them to make sure you’re covered. I definitely recommend my friend Tom Wertish. Check out his brokerage at https://www.novallus.com/.