Insurance saves you from numerous future financial risks attached to owning a nonprofit business.
This is why it is important to seek out insurance companies that provide insurance services unique to a nonprofit organization.
In this post, we summarise the best insurers available for all non-profit businesses/organizations.
8 Best Nonprofit Profit Insurance Companies.
- Best General Liability → The Hartford
- Best for D&O (Directors & Officers) Insurance → Affinity Nonprofits
- Overall Best Insurance → Nonprofits Insurance Alliance
- Best for Workers’ compensation → AMTrust
- Best Value for Budget → CoverWallet
- Easy Commercial Auto Insurance → Progressive
- Best for Property Insurance → GuideOne
- Best for Event Insurance → Eventsured
The Hartford:
Table of Contents
Hartford is recognised as the best insurer for the general liability of nonprofits. This is due to their high coverage amounts, competitive prices and specialized business plans for customers.
Pros
- Offers services 24/7
- Variety of coverage options
- High coverage limit amount
- Offers customized policies
Cons
- Excludes non-profits located in high-risk areas
- Not available in Alaska or Hawaii
- Unsatisfactory rating from customers
Affinity Nonprofits:
Affinity non-profit offer a variety of insurance policies for nonprofits but are well known for their highly customized policies that especially benefit the directors and officers in a nonprofit organization.
Pros
- Available in all 50 states in the US
- Offers individual-based customized policies
- Covers a wide range of organizations
- Offers benefits to current and former staff members/workers
Cons
- Limited online support—no online quotes or chats
- Limited hours of service
Nonprofits Insurance Alliance:
Nonprofits Insurance Alliance company is an exclusive nonprofit insurance provider that’s been in existence for more than 30 years.
They are widely recognised for their numerous non-profit policies, quality satisfaction of consumers, high customer retention and free additional perks they provide customers.
The company is also known for its effective risk management services supplied to nonprofits.
They are voted as the overall best due to their numerous quality plans.
Pros
- Offers a variety of policy options
- Quality customer satisfaction
- Strong customer retention
- Multiple perks for members
Cons
- Offer limited to 32 states
- No ready quotes online
- The quote process is lengthy and can take several days to get one
AMTrust:
AMTrust is the best insurer for workers’ compensation in any nonprofit business or organisation.
Established as a nonprofit insurance company in 2013, they are well experienced in offering coverage benefits, particularly for employees.
Pros
- Efficient online platform
- Well-versed in nonprofit services
- Offers employee-focused benefits
Cons
- No available online quotes
- Relatively younger compared to older established companies.
CoverWallet:
CoverWallet is best known for its affordable range of policies made available to nonprofits. They operate by offering a variety of flexible and customised plans that is specific to each nonprofit organization’s needs.
Customer-focused plans with affordable rates make CoverWallet be the best insurer for acquiring value on a budget.
Pros
- Easy management of policies online
- Offers specialized plans
- Provides online quotes
Cons
- Online quotes are not available on some occasions
- New company
Progressive:
Regarded as the number 1 auto insurance company in the US, they offer comparably cheaper rates specifically in their car insurance plans to nonprofits.
Pros
- Covers almost any type of business vehicle
- Specializes in commercial auto insurance services
- Easy online quotes
- Availability of discounts
Cons
- Discounts are limited to certain states
- Does not operate in Washington DC
Eventsured:
Eventsured is the best choice for ensuring events in nonprofits organisations. The company offers easy insurance policies to nonprofits for their various fundraising events.
Pros
- Very fast and efficient online service
- Allows for changes to policies 24 hours before an event
- Zero deductible
Cons
- Offers limited events features insured under a certain policy
- Coverage is not on a yearly basis
GuideOne:
GuideOne is the best choice for property insurance coverage of non-profits such as churches. They also offer various other specific-church focused insurance services.
They offer unique options on their property insurance. Making it easier for customers to choose the one that best suits them.
Pros
- Customized nonprofit insurance plans
- Special options for property coverage
- Around-the-clock phone service
Cons
- Does not over a wide range of policy services compared to other nonprofit insurers
- No online quotes
- Limited online service
In Conclusion,
Choosing the best nonprofit insurance among various options available might seem like an arduous task sometimes. However, the best way to usually go about this is to seek out what you need to ensure your nonprofit business against and search for the nonprofit insurer that best satisfies these needs.
Also, compare quotes from companies available online to get the best price for your plan.
