Nonprofit Organization Insurance Virginia. If you are in charge of fraternal organization, charitable foundation, or house of worship, then you must take steps to protect your non-profit from liability by obtaining a high-quality insurance policy. Your non-profit organization, or NPO, must shield itself from financial loss with a policy that is tailored to the custom needs and inherent risks that you face.
If your NPO handles large amounts of revenue and works with a lot of people, it's doubly important to review your nonprofit organization insurance Virginia needs with a licensed agents.
Nonprofit organization insurance Virginia protects your 503(c) from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
There are more than 1.5 million non-profit, tax-exempt organizations operating in the United States. Around two-thirds of them are public charities, while less than 100,000 are private foundations. Civic leagues and fraternal organizations account for nearly a half-million of these NPOs, and non-profits pay around 10 percent of all salaries and wages in the country, making up around 5.5 percent of the gross domestic product.
Although they don't operate for profit, VA non-profit organizations must protect their assets and finances in much the same way as businesses do. Business insurance policies for these types of groups are specially designed for the individual coverage needs of each group. Being fully covered against damage and loss is important to the health of the organization. Some of the different types of nonprofit organization insurance Virginia coverage for non-profits to think about include:
While many charity groups and non-profits are under the misconception that they are not at risk for liability and claims from others, the truth is that they are just as vulnerable. The actions of representatives of the non-profit or charity, including its volunteers and its employees, are the responsibility of the non-profit. As an organizer or founder or the non-profit, it's crucial that you take measures to mitigate any claims by having a good nonprofit organization insurance Virginia policy in place.
In today's society, there are many litigious people, and even the most frivolous of claims can turn expensive for the non-profit agency. A good non-profit insurance policy has a sufficient level of liability coverage. This type of coverage protects the non-profit from third-party claims for property damage or bodily injury. It can also cover court costs and fees for legal representation.
Some instances that necessitate a strong nonprofit organization insurance Virginia liability policy:
Most insurance experts recommend that the basic NPO carries at least $1 million in nonprofit organization insurance Virginia general liability coverage. The more your organization can afford, the better.
Another area to consider is VA commercial vehicle insurance. If the VA NPO owns a van, truck, or car that it uses for business operations, then it is important to carry commercial insurance. Likewise, if the charity's members sometimes use their private cars while performing business for the organization, then a non-owned or vehicle-for-hire policy is a good investment, since it protects the organization from liability and claims involving those types of vehicles.
Check with your insurance agent for specific types of nonprofit organization insurance Virginia insurance and riders that you may need to consider for your non-profit's specific needs to guard against potential liability and to cover any claims against the NPO that might affect its financial future.
If you're planning on starting a business, a lot of planning and factors need to be taken into consideration. Of course, having a great business model and offering valuable products and services are all keys to your success; however, there's something else that you need to take into consideration: where you're going to set up shop.
In order to reap the success that you hope for, you need to choose a location that offers favorable conditions for your specific business. If you operation isn't located in a location that can benefit from what you plan on offering, you aren't going to achieve the success that you desire.
For entrepreneurs who are thinking about Virginia as a location for their headquarters or a branch of their company, it's important to familiarize yourself with the economic trends in the commonwealth. It's also essential that you have a keen understanding in regard to the type of insurance coverage you'll need to carry to protect yourself, your clients, and your employees.
In regard to job growth, VA exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.
The Commonwealth of Virginia has seen a dramatic upswing in economic growth in recent years. As of late 2019, the unemployment rate had fallen to a record low of just 2.9 percent; a significant difference compared to the national unemployment rate, which was 3.7 percent. In a one-year period, nearly 65,000 jobs were added. In 2019, the unemployment rate and economic growth of the state continues to be positive, and it expected to remain in the green well into 2019 and the future.
In regard to areas that offer the most favorable conditions for business owners, there are several. Metropolitan areas, including northern (Arlington, Fairfax, etc...), central (Richmond, Ashland, Lynchburg, etc...), and southern (Chesapeake, Newport News, Hampton, Norfolk, etc...) all afford great opportunities for entrepreneurs. However, virtually any location in the Commonwealth of Virginia can be considered favorable for business owners.
Industries that offer great promise in Virginia include:
The Virginia Bureau of Insurance regulates insurance in Virginia. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 2 or more employees are required by VA state law to have workers comp insurance coverage.
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
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:
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.
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Also learn about Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including VA business insurance costs. Call us (703) 747-9779.