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Life is unpredictable. It’s impossible to know exactly what the future holds, which is why it’s important to be prepared for any situation. When considering insurance programs, many nonprofits overlook property coverage unless it’s legally required. Yet unexpected circumstances can have devastating consequences to your nonprofit, derailing your mission or even putting you out of business. If you own, rent or lease commercial property of any kind, then you should have property insurance.

What Does Property Insurance Cover?

A property insurance policy covers losses to your business property due to fire, lightning, wind and hail, as well as theft and acts of vandalism. Policies typically include coverage for:

–  Equipment, such as computers, tools, and special machinery

–  Furnishing and fixtures, including desks, chairs, appliances, and supplies

–  Inventory

–  Physical space

–  Valuable records

Insurance will reimburse you for the cost of replacing or repairing these if they’re damaged or destroyed. Without a policy, you’re responsible for paying any costs out of pocket. Note that typical this insurance doesn’t cover car accidents, flood damage, and earthquakes.

If you’re running a nonprofit out of your home, you may need to adjust your homeowners’ or renters’ insurance policy. Many exclude coverage of business-related claims. Be honest with your insurer about your nonprofit’s activities and get coverage in advance.

How Much Does Property Insurance Cost?

How much you’ll pay for commercial property insurance depends on the value of all of your nonprofit assets, including your building. Other factors that determine your premium are based on risk, including location, construction, occupancy, and general fire and theft protection.

Personalized Property Insurance for Nonprofits

CTG Insurance understands nonprofits better than anyone. We know that you’re focused on serving your community and making a positive impact. A key component to protecting your mission includes the right insurance coverage. Every nonprofit deserves access to personalized insurance solutions, so we provide budget-conscious coverage specific to organizations like yours. To find the right insurance policy for you, speak to one of our experienced advisors.

About the Author: Steven Elkins
Steven Elkins is the vice president of CTG Insurance.

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