How Much Time Will It Take for My Nonprofit to Get an Insurance Quote? (Part 1)

It Takes Time // Photo by Sonja Langford/Unsplash

It Takes Time // Photo by Sonja Langford/Unsplash

At Least One Month

The quick and dirty answer is that you are best served to give your agent 1 month to develop an insurance proposal for your nonprofit.

Too many new nonprofits leave the insurance to the last minute. The home and auto insurance industries have trained buyers to expect a 15 minute turnaround.

It’s simply not possible when you are an after school program, a museum, a foster placement organization, or any other human or social service nonprofit. There are too many variables.

Maybe Shorter Maybe Longer

If you are a well-established nonprofit with a large property portfolio, multi-state or international presence, or some other special circumstances, you might need to have your broker work on your account roughly 2-3 months ahead of the renewal date of your policy.

There are times when small nonprofits can have their insurance turned around quickly, even in a day or two, depending on the nature of their work and the type of policy they are applying for.

But it’s not a good idea to leave your insurance purchasing until a day before you have to lease space or sign a contract for a funder.

Start the insurance application process early in your planning. You won’t regret it. Plus, you will have more information for budgeting for the expense and won’t be slapped in the face with a bill you weren’t expecting at the very last possible minute.

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We’ll pull back the curtain on the process in a future post.

What has your experience been in the insurance buying process?

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