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What is Charity Insurance?
Charity insurance is a flexible, multi-section insurance policy which, at it’s simplest, can cover your Assets (Buildings, Contents and Stock), Earnings (Loss of Profits) and Liabilities (Employers, Public and Products) under one single policy with a single premium and renewal date, reducing administration, thereby saving you money.
So what type of organisations can buy Charity insurance?
Pretty much every type of charity or community organisation can buy this type of insurance, as long as they are operating as a not-for-profit.
If you speak to us, as an insurance broker we can advise as to whether this is the best type of insurance for you to purchase.
What does a Charity Insurance policy actually cover?
The basic policy will cover damage to your assets by a list of specified perils including fire, lightning, explosion, aircraft, riot, vandalism, storm, flood, burst pipes, impact, theft and subsidence.
It can also be extended (and we would always recommend this) to include accidental damage. That way, you’d be covered if, for example, someone spills gloss paint all over your stock or accidentally broke a machine by knocking it over.
Once the core cover has been triggered this will allow you to claim for loss of profits if you can’t trade.
It also covers Public Liability (in case someone enters your premises and slips on the floor), Employers Liability (as required by law, in case a staff member gets hurt in the course of their employment) and Products Liability (in case something you’ve sold hurts someone or causes damage to their property).
The policy can be extended to cover damage to Glass, loss of Money, damage to Goods in Transit, Terrorism, Fidelity (cash by an employee), Cyber and Engineering Breakdown.
How much does Charity insurance cost?
The cost of charity insurance depends on so many factors.
The main ones considered include the type of work you undertake, the type of service users you help and the size of your turnover. We have clients paying premiums anywhere in the range of £100 to £25,000 per annum.
Have a question?
Our team is
here to help!
One of our team will talk to you about your current circumstances in order to advise the best way forward. If you’d prefer to visit us at our offices in Tamworth, feel free to pop in! Just check our office hours on Google to make sure we’re open.
Charities need the same basic cover that all organisations need, including Employers Liability (even if they only have volunteers) and Public Liability (in case they injure a member of the public and/or damage their property). After that, each charity has its own unique requirements which we can help advise upon, whether it’s Trustees Indemnity or Shop or Cyber insurance.
We don’t. Well, yes we do, but please keep reading. We care passionately about giving back. We have over 300 years of insurance experience, and when we formed Prizm we decided the fairest way to treat clients, especially charities and voluntary associations, was to charge them the absolute minimum we needed to cover our costs – because it’s the right thing to do. The money we’d save the charity by arranging cost effective charity/voluntary organisation insurance could then be spent on better aspects – such as caring for the things that really matter.
Without charity insurance, whatever damage is caused to your property you’ll have to pay. Likewise, if someone gets injured because of something you’ve sold them or something you’ve done, you’ll have to pay for that too and that could be REALLY expensive.
Should you need to make a claim, make Prizm Solutions your first port of call. As your broker, we are here to help. If your call is out of hours, all insurers operate 24/7 claims lines, and we’ll inform you of these when you take out the policy.
At Prizm, we primarily deal with Aviva, AXA, NIG, Royal Sun Alliance, Ecclesiastical, Ansvar, Markel, MI Commercial, Zurich, Victor, NBS and Lloyds underwriters although the companies offering this insurance may change as the market changes.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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We’re here to assist you to put plans in place, to help provide you with some protection from those unexpected curveballs that can be a normal aspect of everyday life!
So, let us help you find the right cover for you.
01827 313 931
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