Most non-profit organizers know you have to be careful with the checkbook. There usually isn't a lot of money to spare, even when you need it. That makes everything, from your computers to your paper clips, of critical value to you. You can't afford to lose items.
Protecting your non-profit's physical property should remain one of your paramount concerns. However, there might come a time where you cannot prevent damage from occurring. What can you do in these situations? If you don't have a lot of money on hand, you might wonder how you will be able to afford replacements.
With non-profit property insurance, you'll likely be able to worry less. If you get coverage, you can receive funding to help you afford those repairs. Even so, there are certain things to consider to ensure you get the appropriate policies.
The Ownership Of Your Building
Property insurance can usually include structure coverage. It will cover your building against hazards such as fire, theft and weather. Some policies will also insure other structures, such as detached buildings, signs or fences.
Still, you must pay attention to exactly which structures you have responsibility for. For example, if you lease your building, you likely don't have to carry coverage on the structure. That responsibility will likely fall to the building's owner.
Regardless of which type of structure you own, do your best to insure the full value of that property. That way, you'll likely be able to receive an adequate amount of money to fully repair or rebuild the structure.
The Value Of Your Belongings
Think about everything inside your operation. Computers, furniture, machinery, supplies, electronics — all of these items come with a price tag. If something were to happen to them, would you have the funding to replace them? Many non-profits really do not have unlimited luxuries. Therefore, insuring these belongings is one of the best ways to repair or replace lost or damaged items.
Possessions coverage will take the value of your cumulative property into account. So, you'll need to make an appraisal of the most critical items in the business. This means documenting their value.
Your total appraisal will likely equal several thousand dollars. It's a good idea to back up appraisal values with receipts, photos and more evidence. Keep in mind, most policies will come with limits on how much money you can receive to replace these items. Ask your California Church Insurance Services agent to protect your most valuable items to the highest degree.
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