At a time when every penny counts for a charity, a leading not-for-profit insurer is encouraging charities to check their policy to ensure that what they are paying for is specific to their requirements.
After seeing instances where charities have been sold cover that is designed for risks that are not relevant to them, charity insurance specialist Ansvar is calling on organisations that operate in the third sector to work with providers and brokers that understand the nuances of the industry.
Sarah Cox, Managing Director of Ansvar, commented:
“Charities need to manage risk, just like any other commercial organisation. The level of risk will depend on the activities charities undertake to achieve their goals and the amount of property they are responsible for. A charity that organises day trips for the elderly will have different insurance and risk management requirements to a charity feeding the needy, or one providing space for a warm bank.
“The charity sector is involved in a wide range of activities and we encourage organisations to work with an insurer or broker that fully understands the charity sector. This way, organisations can be assured that their cover is fit for purpose.
“Charities suffered greatly during the COVID-19 pandemic and this has been compounded by the more recent cost-of-living crisis, resulting in funding challenges as donations and grants fall away. However, ensuring that their insurance cover continues to meet their needs is vital.”