Three Types of Insurance: The Shoulds, the Have-tos, and the Don’t-Want-tos

There are a lot of shoulds, have-tos, and don’t-want-tos in commercial insurance. There are the coverages that you should have because you have the exposure to potential loss – and you will admit it’s a good idea. There are the coverages that you have to have because you have a contract with someone who won’t pay you […]

How Much Time Will It Take for My Nonprofit to Get an Insurance Quote? (Part 2)

For the short answer to the question of how long it takes to get an insurance proposal, please read Part 1. Pulling back the curtain Many insurance applicants assume when they call that the commercial insurance underwriting process is as simple as it is when applying for auto or homeowners insurance. It is not. For […]

How to Buy Insurance for Your Nonprofit – Step 10: Make a Decision

In this final installment of the nonprofit insurance buying series, I simply encourage you to sign an application, cut a check, and make a decision. Although I’ve laid out a pretty complex and involved process, buying insurance isn’t signing a deal with the devil or otherwise eternal commitment. Typically, you’re in for a year, but […]

How to Buy Insurance for Your Nonprofit Step 9: Review & Discuss

We’re in the home stretch of our series ‘How to Buy Insurance for Your Nonprofit.’  Step 8, chronologically, goes hand in hand with today’s step 9.  It might even be more appropriate to switch them. But it’s my blog and I make the rules, so reviewing and discussing the proposal is step 9 of the […]

How to Buy Insurance for Your Nonprofit – Step 8: Negotiate

After engaging an agent and applying for coverage, you will start the review and negotiation processes. I hesitated about putting ‘negotiate’ before ‘review’. The two really go hand in hand, time-wise. You will review and discuss with your advisers and board members and intermittently dial in the numbers, policy provisions, and other details through negotiating […]

How to Buy Insurance for Your Nonprofit – Steps 6 & 7: Connect with an Agent and Apply

In an effort to save you some reading time (and to move on to more exciting insurance topics), I decided to knock out Steps 6 and 7 in one post.  The previous posts in the series can be found under ‘How to Buy Insurance for Nonprofits’ (see menu above) Step 6: Connect with an Agent […]