Goodwill Industries Insurance Policy Information
Goodwill Industries Insurance. Goodwill Industries is a non-profit organization famous for its network of thrift stores, the proceeds of which go on to benefit people in need of education or training so that they can find employment.
Goodwill chapters provide vocational training, employment placement services, and other assistance to jobless individuals. Many employees are disabled, disadvantaged, or undereducated. Some are veterans transitioning back into civilian life.
Marketable work skills are developed through training and on-the-job experience to receive, clean, repair, and sell donated items in Goodwill stores or on internet auctions. Volunteers may work with the employees to aid in their development. Goodwill chapters may partner with local businesses to develop opportunities for workers to improve their employment skills.
Some Goodwill chapters offer additional assistance to employees such as literacy improvement, high school diploma or GED classes, English as a second language (ESL) courses, child care, after-school programs, or referral services to other social agencies for such needs as food, clothing, housing or overcoming substance abuse.
Facilities for offices, retail stores, and warehouses may be owned or leased from others. Goodwill chapters are nonprofit and funded primarily through retail thrift stores, donations, and fundraising activities. Although there is a national organization, local groups are independent and develop their own programs within the national framework.
Many people are not aware of the fact that each Goodwill store is run independently, as a local non-profit. While Goodwill stores play an especially important role in individual communities because of this, it also means that each board of directors will need to assess the risks their stores face carefully.
The process of obtaining the right insurance coverage can be daunting and complex, but to make sure that a Goodwill store has the chance to thrive - so that it can achieve the goals it has set out to - it is crucial to carefully evaluate your insurance needs.
What types of Goodwill Industries insurance coverage might Goodwill chapters require? Discover more here.
Goodwill Industries insurance protects Goodwill chapters from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked Goodwill chapters and stores insurance questions:
- How Much Does Goodwill Industries Chapter Insurance Cost?
- Why Do Goodwill Industries Chapters Need Insurance?
- What Type Of Insurance Do Goodwill Industries Chapters Need?
How Much Does Goodwill Industries Chapter Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for Goodwill chapters and stores ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Goodwill Industries Chapters Need Insurance?
Goodwill stores face a myriad of risks - much like any business, charitable organization, government entity, or even private residence does. Although many of those risks can be minimized by, for instance, investing in quality security systems and adhering to health and safety protocols, the potential for catastrophic events always remains.
A Goodwill store could, for instance, be hit by an act of nature such as a serious storm of earthquake, causing significant damage to the building alongside inventory loss. Burglars or robbers may target the store, or it may fall victim to an act of vandalism.
Digital records could be hacked, employees could suffer a workplace injury, or a product you sell could turn out to be dangerous and hurt somebody. The list of possible perils goes on - but that does not mean you have to be paralyzed with worry.
Equipped with solid Goodwill Industries insurance, many of the costs that result from major perils will be covered, allowing the store to continue its important work without massive financial burdens.
By planning for the worst, a Goodwill store can more realistically hope for the best, even in the face of challenges.
What Type Of Insurance Do Goodwill Industries Chapters Need?
Each Goodwill chapter is, of course, unique. As such, each store will also have specific insurance needs. They depend, to name a few examples, on the size of the store, its location, the materials from which the building was constructed, and its number of employees.
A skilled insurance broker can walk you through the steps of acquiring optimal insurance for your individual store, taking all the factors that influence your risk profile into account. Some of the most important kinds of Goodwill Industries insurance coverage for any chapter, however, include:
- Commercial Property: Perils such as fire, theft, vandalism, and natural disasters can all damage - or even destroy - your building and the varied assets within, such as cash registers, inventory, and HVAC units. Property insurance helps you manage the repair and replacement costs that follow these events. As an addition, business interruption insurance covers revenue lost to these perils if your store has to close for repairs, something that also includes workers' wages.
- General Liability: It is always possible for someone to become injured on your premises when they, for instance, fall over unfortunately placed inventory. Your activities could also lead to third party property damage. In these cases, general liability insurance covers resulting legal fees.
- Product Liability: This type of Goodwill Industries insurance protects you from the financial costs that may arise if someone were to be injured by a product you have sold, and it is essential to any entity engaging in retail.
- Workers Compensation: Should an employee of your Goodwill store suffer a work-related injury, they may have medical costs as well as needing to take time off work and thereby losing wages. Workers' comp covers these costs, so that you don't have to.
It is important to be aware of the fact that these key types of insurance may not amount to a comprehensive insurance plan for your Goodwill store. You may further require auto insurance, or cyber insurance to protect you from the fallout of data breaches, among other options.
An insurance broker who specializes in the non-profit sector is best suited to explain what types of Goodwill Industries insurance coverage are needed to protect your store from all the major perils it could be confronted with.
Goodwill Industries' Risks & Exposures
Premises liability exposure is moderate at donation locations, processing locations, warehouses, retail locations, and the office due to the number of visitors. Donation locations must be easily accessible for convenient drop-off, with security to prevent unauthorized access while the premises is closed.
Offices, processing, and warehouse operations have limited premises exposure due to lack of public access. Retail operations have frequent visitors who can be injured by slips and falls. Aisles must be adequate and free of debris. Floor coverings must be in good condition, no frayed or worn spots on carpet, and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked with backup lighting systems in case of power failure.
Heavier items such as appliances should be kept on easily-reached shelves to prevent falling on customers. Crowd control may be a concern if the store offers special cut-rate sales during peak seasons. Parking lots and sidewalks need to be adequately lighted, in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.
There should be appropriate security for the area. If janitorial services or other operations are performed off-premises, property damage may result to customers' property. Personal injury exposures are from dressing rooms, which must be well maintained with privacy carefully guarded, and from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Abuse and molestation exposure is very high due to the supervision of disabled individuals. No coverage is available for the abuser. While there is some coverage available in the standard market for the institution where the abuse takes place, it is very restricted.
More complete coverage should be purchased through specialized markets. The institution must take all care possible to protect at-risk employees from predatory employees and volunteers through criminal background checks, training, monitoring and supervision, and reporting all allegations of abuse to the proper authorities.
Products exposure can be high if the institution restores and repairs donated items. Since extensive modification may take place, the organization could be considered the manufacturer of an item that causes damage.
Professional liability exposure could be extensive depending on services provided. The job training aspects may include evaluation by psychologists and psychiatrists. Physical and occupational therapists may assist in the development of employees' job-related motor skills.
Workers compensation exposure includes clerical workers who may develop repetitive motion injuries such as carpal tunnel syndrome, warehouse and retail store workers who can slip and fall or incur back injuries from lifting, and custodians who can develop respiratory ailments or contact dermatitis from working with chemicals to maintain the premises. Since the primary goal of the organization is to provide training, all such training must be well documented.
There is a special concern with working with the disabled because of the potential for making an already difficult physical situation worse. The employees must be supplied with appropriate safety gear and be adequately supervised based on the type of job and the level of disability.
Instruction in proper lifting techniques must be provided, along with appropriate equipment for the situation. Handling donations may include exposure to hazardous substances, insects or vermin, or communicable diseases.
Equipment used for repair operations should be appropriately maintained to prevent injury. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures include office, retail store, and warehouse locations. Ignition sources include electrical wiring, heating, and air conditioning systems. Operations may be in older buildings. All heating systems and electrical wiring should be up to date and meet current codes for the occupancy. Warehouse storage should have proper shelving and wide aisles, with separation of flammables from combustibles.
Cleaning and mending clothing can produce dust which adds to fire loads. Restoration of furniture includes the use of flammable liquids such as adhesives, paint, and varnish. These must be stored away from combustible materials.
Valuation of the donated items at the time of loss could be a concern and should be considered when coverage is written. Donation centers may be targets for thieves or vandals. Adequate security should be in place after hours to deter pilferage or dumping.
Crime exposures come from employee dishonesty and theft of money and securities, particularly from cash drawers in retail stores. Background checks should be conducted on all employees and volunteers handling money. Employee dishonesty coverage should be expanded to include volunteers as employees. Money should be regularly collected and moved away from the collection area, preferably to a safe on premises.
Bank drops should be made throughout the day to prevent a buildup of cash on premises. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements. Audits should be periodically conducted, preferably by an outside firm.
Inland marine exposures include accounts receivable for the work done for business partners and for the government services provided, computers for office work and job training, goods in transit from merchandise being taken to and from warehouses to stores, and valuable papers and records for donors' records, employment records, and documentation for government and private grants.
All records must be duplicated and stored at an off-site location for easy restoration in the event of a loss. While fine arts, collectibles, and other high-valued items are occasionally donated to Goodwill, possession is temporary until sold at auction. Valuation can be a concern.
Commercial auto exposure is moderate due to the transportation of donated goods from collection centers to processing centers to warehouses to retail stores. If the organization transports employees, including disabled persons, the exposure increases.
All drivers must have an appropriate license for the vehicle being driven and acceptable MVRs. Owned vehicles must be maintained, with records maintained at a central location.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8322 Individual And Family Services, 8331 Job Training And Vocational Rehabilitation Services
- NAICS CODE: 624310 Vocational Rehabilitation Services, 624190 Other Individual and Family Services
- Suggested ISO General Liability Code(s): 16881, 16750, 47474
- Suggested Workers Compensation Code(s): 8864, 8017, 8868
Description for 8322: Individual And Family Service
Division I: Services | Major Group 83: Social Services | Industry Group 832: Individual And Family Social Services
8322 Individual And Family Service: Establishments primarily engaged in providing one or more of a wide variety of individual and family social, counseling, welfare, or referral services, including refugee, disaster, and temporary relief services. This industry includes offices of specialists providing counseling, referral, and other social services. Government offices directly concerned with the delivery of social services to individuals and families, such as issuing of welfare aid, rent supplements, food stamps, and eligibility casework, are included here, but central office administration of these programs is classified in Public Administration, Industry 9441. Social Security offices are also classified in Public Administration, Industry 9441. Establishments primarily engaged in providing vocational rehabilitation or counseling are classified in Industry 8331; and fraternal, civic, and social associations are classified in Industry 8641.
- Activity centers, elderly or handicapped
- Adoption services
- Adult day care centers
- Aid to families with dependent children(AFDC)
- Alcoholism counseling, nonresidential:except medical treatment
- Centers for senior citizens
- Child guidance agencies
- Community centers
- Counseling centers
- Crisis centers
- Crisis intervention centers
- Day care centers, adult and handicapped
- Disaster services
- Emergency shelters
- Family counseling services
- Family location services
- Family service agencies
- Helping hand services
- Homemaker's service, primarily nonmedical
- Marriage counseling services
- Meal delivery programs
- Multiservice centers, neighborhood
- Neighborhood centers
- Offender rehabilitation agencies
- Offender self-help agencies
- Old age assistance
- Outreach programs
- Parole offices
- Probation offices
- Public welfare centers, offices of
- Referral services for personal and social problems
- Refugee services
- Relief services, temporary
- Self-help organizations for alcoholics and gamblers
- Senior citizens associations
- Service leagues
- Settlement houses
- Social service centers
- Telephone counseling service
- Traveler's aid centers
- Youth centers
- Youth self-help organizations
Description for 8331: Job Training And Vocational Rehabilitation Services
Division I: Services | Major Group 83: Social Services | Industry Group 833: Job Training And Vocational Rehabilitation
8331 Job Training And Vocational Rehabilitation Services: Establishments primarily engaged in providing manpower training and vocational rehabilitation and habilitation services for the unemployed, the underemployed, the handicapped, and to persons who have a job market disadvantage because of lack of education, job skill or experience. Included are upgrading and job development services, skill training, world-of-work orientation, and vocational rehabilitation counseling. This industry includes offices of specialists providing rehabilitation and job counseling. Also included are establishments primarily engaged in providing work experience for rehabilitees.
- Community service employment training programs
- Job counseling
- Job training
- Manpower training
- Rehabilitation counseling and training, vocational
- Sheltered workshops
- Skill training centers
- Vocational rehabilitation agencies
- Vocational rehabilitation counseling
- Vocational training agencies, except schools
- Work experience centers
Goodwill Industries Insurance - The Bottom Line
Having the right goodwill industries insurance coverage is essential for Goodwill chapters. To discover what types of options are available to you and how much your coverage will cost, speak to a reputable commercial insurance agent.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
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.