Nonprofit buyers have many options. Those wishing to shave dollars off the annual premium can often do so by choosing only those policy provisions considered most critical.
Many insurers offer a range of policy forms containing various provisions.
For example, a volunteer-run nonprofit without paid staff may forego employment practices coverage until it hires staff. Two other alternatives are available. First, some insurance agencies offer premium financing - even on a relatively low cost liability policy. If affording a lump sum premium is a concern, inquire about the availability of premium financing from your insurance provider. Finally, some start-up nonprofits address the question of cost by charging each board member a fraction of the policy premium.