Surprisingly few policyholders take proper advantage of these potentially invaluable resources. Attorney hotlines, for example, can provide answers and next steps when you think you have a problem; it’s certainly worth a quick call before, say, firing a challenging employee. Similarly, signing up for an email alert about changes to the law can keep your organization from putting an illegal box on an application that results in a subsequent class-action suit.
4. Don’t settle for a shelf policy. Many insurance companies have “B policies” and “A policies.” The difference is in the details—usually five to seven “endorsements” that improve the coverage. For example, standard policies don’t allow for a claim to be initiated until there is a subpoena; better versions begin the process upon request for information. This is an important difference, given that you will have to pay for lawyers from the beginning.
5. Think before you renew. This will require a little homework, but your future self—and organization—will thank you. First, make sure your broker has the necessary capabilities in your sector. Second, make sure he or she isn’t just selling a shelf policy. Third, engage the competition. Most brokers are willing to critique your existing policies for free, which will give you more data about what’s working and what’s not.
As a responsible nonprofit leader, you’ve doubtless put thought into your organization’s insurance policy. But to ensure a healthy future, you need to maximize your protection. By reviewing your existing policies, leveraging your broker and taking advantage of valuable free benefits, you should be able to get the most out of your coverage without paying more.