Charity Insurance – the questions to ask when looking for cover
02 October 2009
Charities, community groups and other non profit making organisations have a duty to keep their expenses under control.
Here we look at questions to ask when buying charity insurance to make sure cover is adequate and at a premium that is right. The truth is, few people enjoy buying insurance and yet for most voluntary organisations, it is perhaps one of the most important purchases they will ever have to make. Certainly if you speak with the person in charge of sorting out a charities insurance whose premises has just burnt to the ground or whose volunteer has just been seriously injured at their premises then you can guarantee having the right insurance is number one in their list.
So armed with this information, what exactly can charities do and indeed ask of their insurance provider to make sure they get the advice, service, premiums and ultimately the cover, protection and peace of mind they need?
To begin with, it is important to remember that there are several ways in which insurance policies for charities can now be purchased. An online search, a flick through the yellow pages or a walk up your local high street might all be viable ways to find an insurance broker or company who can provide you with a quote.
However, the first question charities need to ask is, which of these routes is best for me and how can I make sure I choose the right charity insurance provider? There are actually a few ways to do this and here are just some of the questions you need to be asking to find the answer?
You really need to decide what you actually want from your insurance broker as this shapes what questions you need to ask. For example, do you just want the cheapest premium or do you want a little more than that?
Perhaps you want someone who understands the voluntary sector and can talk you through the options available or perhaps you want an insurance broker with a good credit rating and who seems to know what they are talking about. These are all perfectly valid questions you might want to ask and here are a few more you could be asking to establish how suitable your prospective charity insurance provider might be.
What experience do they have of providing insurance for charities? How long have they been helping businesses in the non profit making sector? What insurance companies do they use and what cover and service levels can they provide that their competitors cannot?
People assume that when looking around for insurance that they will be faced with the same questions over and over again. However, for a charity who is serious about getting the best possible from their charity insurance policy, maybe it is time to start asking questions as well as answering them. If you do this then your chances of getting the cover and protection you and your charity need could dramatically improve. Give it a go and see what happens.
NCi Charity are Charity Insurance Specialists and for details of their Charity Insurance facilities or to get a charity insurance quote simply visit the UK Business Insurance Brokers at their website or give them a call.
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