Essential tips for buying small charity insurance
26 October 2009
NCi gives small charities some top tips towards essential & cost effective protection.
Insurance comparison websites can dress it up all the want but before we look at some top tips when buying small charity insurance let us be totally honest and up front about insurance. Insurance is not fun, insurance is not sexy and for most people and businesses, insurance is something they only really see the importance of when they have suffered a loss and need to make a claim.
The truth however is that for small charities is essential as it gives them the peace of mind of knowing that they are firstly, lawful and secondly, protected in the event of a loss or an accident occurring. Without the correct level of cover in place, a loss could otherwise leave a small charity in a position whereby they simply would not be able to carry on their sterling work.
What is clear is that many small charities have extremely small budgets and expenses such as charity liability insurance have to be kept to an absolute minimum. With this thought in mind, it would be very easy for charity trustees or managers to assume that the cheapest insurance premium is the best. If you are responsible for the purchase of insurance then the first tip when it comes to buying your policy is not to assume that the cheapest premium is best.
It can be but make sure your purchase decision is based on much more than price. What you really need to make sure is that the policy you are purchasing is giving your small charity the protection it actually needs. You can actually make sure this is the case by tracking down a small charity insurance expert and ask them questions.
Ask them if they think you need trustee indemnity insurance, ask them what level of public liability insurance they think you need and ask them what steps you could take to reduce your premiums. The second essential tip is therefore to ask questions.
The final tip is to make sure the company you are the right company for you. By asking them questions you will be able to check how knowledgeable they are but more than that, do you like them, do you feel confident in what they are saying, are they well established and do they have a good credit rating? Insurance for small charities is vital to make sure you, your volunteers, your trustees and your organisation is protection. Following these essential tips can make sure the road to buying small charity insurance is a smooth one.
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