Many nonprofit managers dread the insurance purchasing process. Here are 10 suggestions to make the process effective and efficient.
Many nonprofit managers dread the insurance purchasing process.
An insurer may demand a lot of information, but then decline to offer a policy. The process may seem to waste valuable time and resources. However, insurance is an important risk management tool. Insurance protects against catastrophic losses, stabilizes expenditure flow, preserves earnings and resources, and provides settlement money so that small claims do not turn out to be big ones. Insurance gives your staff the peace of mind that they will be protected in the event that a claim does arise.