Co-operators Insurance understands the importance of the work non-profits do for their communities. That’s why they’ve created Community Guard – a special insurance policy for non-profit organizations such as arts and music clubs, associations, religious institutions, cultural centres, foundations and food banks.
“We have advisors that are expertly trained in the voluntary sector,” says Solvi Stokholm of Stokholm Insurance, a Co-operators Agent. “Whether it’s insurance or investing, we offer financial skills that can provide you peace of mind for the future.”
Stokholm and her staff meet with board members and go through a comprehensive 21-question survey. They then create a custom package that contains only what the non-profit needs.
“We offer lower rates, because we know how important it is to keep the money in the organization,” says Stokholm. “We also have long-term stable premiums.”
The types of coverage Stokholm offers non-profit organizations include:
- Commercial general liability
- Accident insurance
- Tenants legal liability
- Owned and non-owned car insurance
- Directors and officers liability
- Errors and omissions liability
- Abuse and sexual misconduct liability
- Crime coverage
Stokholm also offers a range of group benefits for staff that include health as well as dental. And the Co-operators also offers investment options—such as group RRSPs—that come with low minimum contributions and ease of administration.
Stokholm advises non-profits to become educated about their insurance because there are special situations that these organizations have to consider.
“A lot of organizations don’t think they need Directors and Officers liability, for example,” Stokholm says. “But there was one case where the organizers of a large cultural festival hired someone they thought was a professional party planner, only to have the person disappear with the money they were paid without doing any work.”
The organization’s members sued each Board Member and the Board had to pay the money back since the loss was deemed to be the result of a bad decision on the Board’s part.
“They had to divide the amount among the members, forcing some to take out loans,” Stokholm recounts. “It’s more common than you think. What if a volunteer accidentally gives out personal information of another volunteer, donor or recipient? You can be sued for that, too.”