1. General Liability Insurance
Foundational for any entity, it covers bodily injury or property damage claims possibly occurring on the non-profit’s premises or due to its activities.
2. Directors and Officers (D&O) Insurance
Protects the board members from claims related to their decisions, safeguarding personal liability and encouraging qualified leadership participation.
3. Professional Liability Insurance
Essential for non-profits offering professional services, advice, or counseling, covering claims of negligence or failure in professional duties.
4. Workers’ Compensation Insurance
Mandatory in Colorado for non-profits with employees, it covers work-related injuries or illnesses, including medical and rehabilitation costs, and lost wages.
5. Property Insurance
Critical for those owning or leasing space, it insures against damage to property from covered perils like fire, theft, and vandalism.
6. Cyber Liability Insurance
Offers protection against the costs associated with data breaches, crucial in today’s digital operation landscape.
7. Volunteer Accident Insurance
Provides medical coverage for volunteer-related injuries, complementing the absence of workers’ compensation coverage for volunteers.
By embracing a comprehensive insurance approach, non-profits in Colorado can ensure they are shielded against unexpected events and liabilities, allowing them to concentrate on their crucial missions.
How Much Does It Cost to Insure a Colorado Nonprofit?
Scenario 1: Small Community-Based Non-Profit
- Type: Educational Programs
- Annual Budget: $100,000
- Number of Employees: 5
- General Liability Insurance: Approximately $500 – $1,000
- Directors and Officers (D&O) Insurance: Approximately $600 – $1,200
- Workers’ Compensation Insurance: Approximately $1,000
- Property Insurance: Approximately $500
- Cyber Liability Insurance: Approximately $1,000 – $1,500
- Volunteer Accident Insurance: Approximately $300 – $700
Scenario 2: Medium-Sized Health Clinic Non-Profit
- Type: Healthcare Services
- Annual Budget: $1 million
- Number of Employees: 20
- General Liability Insurance: Approximately $2,000 – $4,000
- Directors and Officers (D&O) Insurance: Approximately $2,500 – $5,000
- Professional Liability Insurance: Approximately $5,000 – $10,000
- Workers’ Compensation Insurance: Approximately $5,000
- Property Insurance: Approximately $2,000 – $4,000
- Cyber Liability Insurance: Approximately $2,000 – $3,000
- Volunteer Accident Insurance: Approximately $500 – $1,000
Scenario 3: Large Environmental Conservation Non-Profit
- Type: Environmental Conservation
- Annual Budget: $5 million
- Number of Employees: 50+
- General Liability Insurance: Approximately $5,000 – $10,000
- Directors and Officers (D&O) Insurance: Approximately $10,000 – $20,000
- Professional Liability Insurance: Approximately $7,000 – $14,000
- Workers’ Compensation Insurance: Approximately $10,000
- Property Insurance: Approximately $5,000 – $10,000
- Cyber Liability Insurance: Approximately $3,000 – $5,000
- Volunteer Accident Insurance: Approximately $1,000 – $2,000
These estimates are indicative and can vary based on numerous factors. Non-profits should consult with a local insurance broker like Castle Rock Insurance. We specialize in obtaining accurate, tailored quotes for Colorado non-profits.
Get An Insurance Quote For Your Colorado Non-Profit
For Colorado nonprofits seeking insurance, consulting with Castle Rock Insurance, a local independent insurance broker, is a strategic choice. Their independent status grants them access to a broad network of over 50 commercial insurance carriers, providing the flexibility to craft customized insurance solutions that align with the unique requirements of nonprofits, often at competitive rates. With their deep expertise and extensive resources, Castle Rock Insurance can guide your nonprofit through the intricacies of securing appropriate insurance coverage, ensuring that your organization is well-protected against its specific activities and risks. Opting for Castle Rock Insurance means choosing a partner committed to delivering personalized service and a comprehensive strategy for your nonprofit’s insurance needs.
