Running a community center can be very rewarding since you’ll be able to give back to Canadians. Nevertheless, you have to remember that Canada is an unpredictable place. Anything that could go wrong will. Therefore, you need to make sure that your community center is protected with a comprehensive non profit business insurance policy. Remember that you can save money by acquiring quotes online.
ProfessionalsCoverage can help you find an insurance broker who will walk you through the process of signing up for a business insurance policy for your Canadian community center. Below, you’ll learn more about the business you need as the owner of a community center.
Types Of Insurance Needed
As a community center owner, you’ll face a lot of risks. Therefore, you need insurance to cover the majority of those risks. You’ll want to obtain professional liability, general liability, and a business owner’s policy. Why is this insurance important? You’ll find out below.
General Liability
First and foremost, you need to make sure that your community center is protected by general liability insurance. This policy is going to offer basic coverage for slip-and-falls, property damage, and more. It is possible to bundle general liability insurance with property insurance to save your organization money. With this insurance, you can sleep soundly knowing that your community center is going to be protected from slander and libel lawsuits. Furthermore, you won’t have to worry about visitors getting hurt or their vehicles getting damaged. This insurance has you covered.
Business Owner’s Policy
Ultimately, all Canadian business owners should acquire a business owner’s policy. This removes the guesswork because it allows you to conveniently bundle general liability and property insurance. Acquiring a BOP is one of the easiest ways to protect your business and save money. When you sign up for this plan, your organization will be protected if someone gets hurt when visiting your facility. If they park their vehicle outside and your sign falls on top of it, the insurance will pay for the repair. A business owner’s policy covers visitor injuries, damage to your organization’s property, and damage to visitor property. It is a must for any Canadian community center owner.
Professional Liability Insurance
Professional liability insurance is often referred to as errors and omissions insurance. You’ve likely heard of one or the other. Well, you should know your organization needs this insurance. Without it, you’re taking too many risks and could be forced to close your business due to a small mistake. If a visitor decides to sue your organization by saying you failed to live up to your end of the bargain, this insurance will help. You never know when you’re going to anger one of your customers. There is always a risk that they’re going to file a lawsuit against you and your organization. Therefore, you should not serve any member of the public until you’ve obtained professional liability insurance.
This insurance offers protection from not living up to your end of the bargain, oversights, mistakes, and negligence.
Directors & Officers Insurance
Since you’re running a community center, you’ll likely have a board. This means you are the director and you have several officers working under you. This can be very helpful when you’re trying to make difficult decisions. Nevertheless, you never know who you can trust. With that being said, you should obtain directors and officers insurance. Directors and officers make important decisions for your community center. If they make a bad decision and it negatively impacts one of your customers, you may get sued. That customer may claim that your decision caused them to lose money. Well, you’ll want to protect your partners with this insurance. If you have this insurance, it ensures that your board will be protected against legal expenses.
It also offers protection from board members misusing or mismanaging funds and failing to perform their official duties. Finally, it can protect you from defamation by an officer or board member.
Workers’ Compensation
You’re going to be hiring a lot of workers. After all, you need someone to help visitors, watch the swimming pool, and handle problems. These individuals work hard for your organization. So, you’ll want to do your best to repay these individuals. One way to do that is by acquiring workers’ compensation insurance. With this insurance, you will be able to help workers who’ve been injured on the job. It is required by law and it’ll protect to be very helpful for you and your workers. If someone breaks a finger at work, you’ll want them to recover quickly so they can return to work. Paying their medical expenses ensures that they’re able to return quickly. Workers’ compensation is important because it will help pay the injured worker’s medical expenses.
Also, it can help them deal with lost wages. If an injured worker decides to sue your community center, workers’ compensation insurance will help you defend yourself in the courtroom.
Employment Practices Liability Insurance
Despite going above and beyond to hire the best, something could go wrong. You may choose one employee instead of another. You may base your decision on something you shouldn’t and that could lead to accusations of discrimination. You never know. Your community center may be sued for harassing one of your employees. You were only trying to get them to work hard but you crossed the line. Now, you’re facing a lawsuit that could cripple your business. This is why you must have employment practices liability insurance. With this insurance, your organization will be able to fight back from lawsuits associated with harassment, discrimination, and wrongful termination. With this insurance, you will have assistance paying the legal costs.
It offers assistance from claims of wrongful termination, discrimination, and sexual harassment. Get covered now so you won’t have to worry about lawsuits tomorrow.
The Costs Of Insurance For Nonprofits
Running a nonprofit can be rewarding but you may face numerous problems. You need to make sure that you’ve taken steps to protect yourself and your employees from potential problems. As a nonprofit, you’re going to make money and you’ll be scrutinized for your actions. How much will it cost to protect your nonprofit with comprehensive insurance? Ultimately, the overall price will depend on numerous factors including your location, revenue, services provided, assets, and size. Having more employees and assets will require you to pay higher premiums.
Nevertheless, it is worth it to get covered. While it may seem expensive, this insurance will pay off dividends in the long run.
Does Your Community Center Need Insurance?
Your community center has been doing very well so you may think you can survive without insurance. This is a fallacy and it could prove to be a costly mistake. If you don’t have insurance and your nonprofit gets sued, you’re going to be in a world of hurt. Having insurance ensures that your entity is able to fight back and stick around. Acquiring community center insurance allows your Canadian nonprofit to defend itself in the courtroom while also paying settlements due to injuries and lawsuits.
If you’re running a Canadian nonprofit and you don’t have insurance, you need to change that immediately. Otherwise, you’re going to wait too long and you’ll regret it. You won’t be able to get insurance after the lawsuit has been filed so you’ll be hopeless to defend your nonprofit.
Need coverage in effect? Compare the market!
Other Types of Non-Profit Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of non profit industries.