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What Insurance Does a Charity Need?

April 20, 2012 | Comments: 0 | Views: 161

Charities all over the UK face risks daily and the best way of dealing with these problems when they arise, is having insurance. Insurance is a protection for charities against any loss, damage or other liability risk that has potential of nastily appearing.

Unfortunately, risks of litigation are growing steadily, with society now having a new love; prosecuting for the slightest problem. Charities are not immune to this despite their ethical standing. Accordingly, the trustees and other officials of various charities have the responsibility to protect their resources. One of the most appropriate protections is with adequate insurance of either simple or more comprehensive packages in place. By law, certain types of activities have to have insurance.

Cover for insurance ranges from charity public liability insurance to indemnity for the trustees. Beginning with a cost-effective economical cover to a more comprehensive package that has possibility for increase with time if necessary, is usually sufficient for the small to the medium-sized charities.

On the Internet, are various companies providing insurance especially suited for charities and voluntary organisations. Reading through their offers gives you information and quotes for the best package appropriate for the charity with which you are involved. Alternatively, arrange an appointment with a professional consultant who has a longstanding record in insurance, to give you expert advice on the package that is most suitable for your charity. They are also in a position to tailor-make a package especially for you as an alternative to off-the-shelf packages.

When doing calculation for insurance cover, do remember to include VAT that you may be liable for paying.

The Charity trustee indemnity insurance is cover especially designed for management risks incurred by charities and their trustees. It also covers financial advice and counselling. Giving security to charity trustees, officers and directors, knowing that the recognised charity, with which they are involved, it has cover for most personal losses. The policy should include charity public liability insurance as well.

By law, charities that employ any staff have to have employer's liability insurance.

If you have premises from where the charity operates, you will need the appropriate buildings insurance. You may think you can get away with this expense but what happens if you are unable to use those premises? There might be the costs of repair, or you may have to use temporary premises whilst still paying rent on your existing premises.

If you are operating retail premises, you will need Contents and all risks at the cost price of new replacement of goods that you have to pay for, and include the second-hand value for the donated used stock. Include the value of documents, stationery and other material.

At times charities take out special insurance for events they hold outdoors against the loss for cancellation of the event due to bad weather condition.

In summary, charities should see themselves as a regular business where insurance is concerned, but, especially where public liability insurance is concerned. Check out more details at Specialistrisks

Denise is an experienced author able to write on all niches

Source: EzineArticles
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