Connecticut Charity Insurance Policy Information
Connecticut Charity Insurance. Charities are subject to the same level of scrutiny and bureaucracy as commercial businesses. Just like company directors, trustees and charity managers are legally responsible for their charity's activities; from finance to health and safety, volunteers' welfare, to the promises a charity makes.
For this reason, they need insurance to provide cover against various risks. An accident involving a visitor at a fundraising event, or an allegation of wrongdoing against a volunteer injuring themselves while working for the charity could have disastrous consequences. Few charities have the financial strength to pay the costs, damages and any awards made against them in the event of a claim. Connecticut charity insurance provides protection against these scenarios, giving you the peace of mind that if something unexpected happens, your organization is covered.
Connecticut charity insurance protects your non-profit or social service organization from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
What Kinds Of Charity Insurance Does My Organization Need?
There may be certain types of insurance that your charity is legally required to take out, and there may also be optional Connecticut charity insurance policies that you will choose to purchase, to ensure you're comprehensively covered, which is why it's important to do research.
The policies that you include in your CT charity's insurance package may be influenced by a number of factors, including the size and nature of your organization, and the work it carries out. That said, there are likely to be a handful of risks that your charity could be exposed to, no matter what its circumstances. So, you need these basic Connecticut charity insurance coverages:
General liability insurance (CGL) covers third party property damage or personal injury claims against you or your charity. With Connecticut charity insurance you're covered for:
- Third-party bodily injury or property damage claims against your charity.
- Public liability at your premises and at fundraising events such as: fetes, craft fairs, walks, dinners, fun days, etc.
- Replacing third-party keys, locks and pass cards lost while in your care.
For example, if a member of the public trips over the cable that's powering your projector and breaks her ankle, your general liability insurance pays any compensation that's due, and your legal defense costs. And if one of your volunteers spills coffee over a visitor's laptop, it's still your general liability policy that pays for its repair or replacement.
This type of Connecticut charity insurance protects your buildings, contents and stock against damage from causes including fire, explosion, storm, falling trees, vandalism, escape of water, vehicle impact and theft. Flood and earthquake are not part of a standard business property policy.
Directors & Trustees Liability
Trustees are legally responsible for a charity's activities, in the same way that directors are responsible for a business' activities. This means having oversight of things like fundraising and donations, as well as making sure your people are looked after and that your charity complies with relevant laws.
If someone alleges your charity's done something wrong, as a trustee, it's your responsibility to defend the claim. Connecticut charity insurance for trustees' insurance gives you expert legal representation and pays any fines you're liable for. You're covered for:
- Your personal liability as a trustee.
- Actual or alleged 'wrongful acts', including breach of trust, defamation and negligence.
- Legal defense costs and damages.
Professional liability, also known as errors and omissions, protects your charity if it provides services or advice. Perhaps your charity helps people start businesses, designs websites to publicize other people's events, or lists other products and services? Giving advice or services exposes your charity to the risk of negligence claims and could mean it's forced to defend its reputation, whether or not the accusations are just.
With this type of Connecticut charity insurance you're covered for:
- Protection against mistakes your charity makes.
- Legal defense costs if your charity infringes someone else's copyright.
- Coverage for damages and fines.
This Connecticut charity insurance policy covers any compensation that your organization has to pay if you accidentally share someone's details with a third party, for example. Lists of wealthy donors are common hacking targets. Plus, it pays for your charity's defense costs, if that person sues you for doing so. You're covered for:
- Financial losses caused by your charity's mistakes and things you've failed to do.
- Compensation and defense costs if someone brings a data protection claim against your charity.
Many charities have employees and also will use the services of volunteers. Many states class volunteers as employees, even if they're unpaid, temporary, part-time, or simply helping out. And because they're classed as employees, their health, safety and welfare is your organization's legal responsibility.
Without CT workers comp, your charity or social services organization would have to pay out of pocket for lawsuits or medical bills if an employee or volunteer experiences a work-related injury or ailment. Plus it is required in most states anyway.
Equipment And Business Interruption
Equipment Connecticut charity insurance covers the things your charity takes out and about, from tables and chairs to computers and display screens:
- Loss, theft or accidental damage to your charity's property.
- Damage caused by fire, storm or operator error.
It's an 'all risks' policy which, as the name suggests, means your charity's property is covered in all reasonable circumstances including theft, fire and accidents. If there is a disaster and your charity's forced to move out of its premises, business interruption cover pays for your charity to set up somewhere else.
CT Charity Insurance
Charity and social services insurance is designed specifically for the sector to give you peace of mind that all your vital assets and people are covered and safe. It's important to find a competitively priced policy that offers flexibility and sufficient coverage to support the groups, communities and individuals you are involved with.
Connecticut Economic Data, Regulations And Limits On Commercial Insurance
Entrepreneurs who are thinking about starting a business knows how crucial it is to choose the best location for their business. Selecting an area that offers a healthy workforce and the right demographics for your target market is key to the success of your business.
If you are considering the state of Connecticut for the headquarters of your corporation or a new division of your existing company, it's vital to ensure that state provides a climate that will enable success.
By assessing the unemployment rate as well as the key industries that are booming in the state, you will be able to determine if Connecticut is the right place for your operation.
Additionally, being aware of the types of business insurance that you are required to carry is also important for your success. Below, we offer an overview of these areas to help you decide if the Constitution State is the right place for you to establish your business.
Economic Trends For Business Owners In Connecticut
The unemployment rate of a state is a good indicator of the economic growth of a state, as it indicates that business is growing and there are enough jobs available to support the state. As per the Bureau of Labor Statistics, as of 2021, the unemployment rate in Connecticut was 3.7%, which is 0.3% higher than the national unemployment rate.
However, in one year, the rate has dropped by 0.1%, as it was 3.8% in December of 2018, and in a two year period, it dropped 0.9%, as it was 4.6 in December of 2017. Economists have indicated that job market is expected to increase in coming years, as it is predicted that the economy will continue to grow.
There are numerous areas in Connecticut that are beneficial for business owners. Key areas include major cities and the suburbs that surround them, including:
- West Hartford
These areas offer a well-educated workforce, the highest number of both established and newly opened businesses, the lowest unemployment rate, and the healthiest median household income.
While several industries are thriving in the CT, the sectors that are seeing the most success include:
- Advanced, large-scale manufacturing
- Bioscience and healthcare
- Digital media
- Green technology
- Insurance and financial services
- Tourism and entertainment
Commercial Insurance Requirements In Connecticut
The Connecticut Insurance Department regulates insurance in CT. Connecticut mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Connecticut requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees who work fewer than 26 hours per week, though you should check to make sure any contractors you have are true contractors, and not employees.
Connecticut also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Non-Profit Insurance
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
- Animal Shelter & Pet Rescue
- Classic & Collector Car Clubs
- Fraternal Organization
- Goodwill Insustries
- Labor Union
- Parent Teacher Organization
- Public Administration
- Red Cross Chapters
- Salvation Army
- Social Work Services
- Veterans Groups
- Volunteers of America
- Youth Groups
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
- Coverage A: Bodily Injury and Property Damage Liability
- Coverage B: Personal and Advertising Injury Liability
- Coverage C: Medical Payments
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Computers, Valuable Papers and Records, General Liability, Directors and Officers Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Fine Arts, Musical Instruments, Commercial Articles Floater, Computers, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Connecticut Charity insurance quote in Ansonia, Avon, Berlin, Bethel, Bloomfield, Branford, Bridgeport, Bristol, Brookfield, Burlington, Canton, Cheshire, Clinton, Colchester, Coventry, Cromwell, Danbury, Darien, Derby, East Hampton, East Hartford, East Haven, East Lyme, Ellington, Enfield, Fairfield, Farmington, Glastonbury, Granby and East Windsor, Greenwich, Griswold, Groton, Guilford, Hamden, Hartford, Killingly, Ledyard, Madison, Manchester, Mansfield, Meriden, Middletown, Milford, Milford city, Monroe, Montville, Naugatuck, New Britain, New Canaan, New Fairfield, New Haven, New London, New Milford, Newington, Newtown, North Branford, North Haven, Norwalk, Norwich, Old Saybrook, Orange, Oxford, Plainfield, Plainville, Plymouth, Prospect, Ridgefield, Rocky Hill, Seymour, Shelton, Simsbury, Somers, South Windsor, Southbury, Southington, Stafford, Stamford, Stonington, Stratford, Suffield, Tolland, Torrington, Trumbull, Vernon, Wallingford, Waterbury, Waterford, Watertown, West Hartford, West Haven, Weston, Westport, Wethersfield, Wilton, Winchester, Windham, Windsor, Windsor Locks, Wolcott, Woodbury and all other CT cities & Connecticut counties near me in The Constitution State.
Also find Connecticut insurance agents & brokers, CT local small businesses by General Liability Class Code and learn about Connecticut small business insurance requirements for general liability, business property, commercial auto & workers compensation including CT business insurance costs. Call us (860) 900-0799.