Key Insurance Coverages for Nonprofit Residential Foster Care Providers

First of all, if you’re reading this, you probably run or help run a foster care facility of some sort.

Thank you for what you do. I know that it is a fulfilling job, but it is often a thankless job. And sometimes the thanklessness of things trumps the fulfillment. Each child you care for matters. Thank you.

photo credit: Jaro Larnos via photopin cc

photo credit: Jaro Larnos via photopin cc

Insurance Coverages for Nonprofit Residential Facilities

I’m not going to go into detail regarding these coverages.  I’m simply going to provide a list of the most common recommended coverages for a residential group home.  Some of these might not apply to your operations. Also, there might be other coverages that do apply to your particular situation. Always discuss your specifics with a licensed agent. 

Liability Insurance Coverages

General Liability

Professional Liability 

Sexual Abuse and Molestation Liability

Directors & Officers/Employment Practices Liability

Employee Benefits Liability

Cyberliability and Data Breach

Umbrella or Excess Liability

Property Related Insurance Coverages

Property Insurance – for your building

Property Insurance – for your business personal property or contents

Loss of Business Income with Extra Expense

Computer and Related Coverage (software, hardware, data loss)

Equipment Breakdown

Crime Insurance Coverages

Employee Dishonesty

Employee Theft of Third Party Property

ERISA

Theft of Money & Securities

Auto Insurance

Liability, Comprehensive, Collision for vehicles you own

Nonowned and Hired Auto Liability

Insurance for Those Who Do Your Work

Workers Compensation

Volunteer Accident Insurance

There Are More…

This is not an exhaustive list, but these are key items that you should review with your agent.

The main thing for most businesses is to identify your unique exposures and review coverages geared to those exposures.

Do not allow a contract to determine your insurance coverage. Over time, you’ll allow gaps to form if you depend on the state or other municipal entity to determine what insurance you purchase.

A reminder: Your situation is unique. Please discuss the specifics with a professional.

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Questions?

If you have questions about any of these coverages, please drop a note in the comments, request more information, or find my contact info on my About page. I work with an agency licensed in most states, so perhaps I can help.

Are you involved with a nonprofit group residential facility?

What risk management issue most keeps you awake at night?

 

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