Does your charity need insurance?
Make sure you are aware of the insurance that your charity requires
All charities have a duty of care to protect its assets and resources; depending on the charity's activities it may then need additional cover. For example, if volunteers are used or an advice service is offered then additional cover may be required.
It is advisable to undertake a full risk assessment to identify your charity insurance requirements.
Types of charity insurance
Volunteer and paid staff insurance
Employer's liability insurance is essential if your charity employs paid staff or volunteers. Should anyone working for your charity suffer an injury it is your employer's liability insurance that will protect you against the claims.
By law, charities must meet a set of conditions including:
- Minimum of £5 million worth of cover
- Employers liability insurance must be purchased from an authorised insurer or broker
- The insurance certificate must be prominently displayed in the charities premises
The penalty for failing to obtain employers liability insurance is a fine of up to £2,500 every day that the insurance is required.
Although volunteers are not required to be covered by law it is best practice to have employers liability insurance in place to protect your charity's volunteers.
Vehicles and property insurance
If your charity operates any vehicles on public roads then it is a legal requirement for those vehicles to be insured. If your staff or volunteers use their own vehicles for the charity then they will need to arrange the appropriate level of insurance, usually it means they should have business use cover.
If your charity owns or simply occupies any land or buildings then it is best practice to obtain public liability insurance. Should anyone suffer an injury or property lost or damaged on your charity's premises then public liability insurance will protect you against these types of claims.
If your charity hosts events such as fundraisers, shows or fetes then public liability insurance is necessary. Some venues may require a certain level of cover. Depending on your charity's event/activities it may be financially economical to purchase insurance for one off events, or if events are on a more regular basis incorporate protection into your overall public liability insurance.
Additional insurance considerations for charities
Depending on your charity's requirements you may want to consider additional protection. Contents insurance for example would be applicable should your charity wish to cover the costs of theft or damage to items like computers. Legal expenses insurance would be applicable should your charity wish to cover the cost of court action if an incident occurred.
Using a specialist broker such as CARE gives charities access to third sector insurance expertise and knowledge. With policies developed specifically for charities and underwritten by 'A' rated insurers with CARE you can get the right cover for your charity.
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