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
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
Sexual Abuse and Molestation Liability
Directors & Officers/Employment Practices Liability
Employee Benefits Liability
Cyberliability and Data Breach
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 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
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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