Many news outlets reported on Wimbledon’s pandemic insurance policy that is to pay out $141 million on an annual $2 million policy!
During these unfamiliar times, this serves as good reminder that nonprofit organizations should continually evaluate their insurance needs to protect against the unexpected.
A best practice is to review insurance policies and coverages annually with your insurance advisor and pay attention to the nuances of the policies and how they pay out in the event of a claim.
Common policies nonprofits should be evaluating annually include, but are not limited to:
- Cybersecurity – now even more important with increased work-from-home initiatives
- Directors and Officers coverage
- Workers’ compensation
- Employment practices liability
- Property and casualty
- Special event insurance
- Accident insurance for volunteers
- Auto insurance
- Umbrella policy
If you have questions or need assistance, contact your local Yeo & Yeo professional.