James McAluney: Guard Your Nonprofit With the Proper Coverage

As the Executive Director of a nonprofit entity, you have created an entity with a specific mission in mind. Whether your cause is serving underprivileged youth or saving marine animals, do not let being underinsured get in the way of your mission.

When it comes to properly assessing and recommending insurance coverage to Hawaii’s nonprofit organizations and businesses, insurance broker and active philanthropist James McAluney is the person to call. With nearly two decades of experience in the insurance industry and a thorough understanding of the risks nonprofits encounter, James McAluney can create a customized insurance policy to meet the unique demands and structure of individual nonprofits.

Here are some types of insurance that such insurance agents may suggest:

Property Insurance

From computers and records to anything else that is leased or owned by your nonprofit organization, property insurance will help pay for these items should they become damaged or stolen. This policy may also cover other items including:

  • machinery and equipment
  • fixtures
  • office furniture
  • onsite inventory and supplies

Fidelity Insurance

While it may be unpleasant to think about, fidelity insurance can protect the nonprofit should one of its employees do something wrong. Fidelity insurance covers various types of losses caused by employee dishonesty. This may include embezzlement, breach of trust or a number of other dishonest or disloyal acts.

Product Liability Insurance

Nonprofits that sell goods or products to the public will need product liability insurance. Items sold can range from baked goods and campaign-themed rubber bracelets to a wide variety of other items.

This insurance protects the organization or company from lawsuits that may emerge as the result of defective products or product-related injuries.

Directors and Officers Insurance

Also known as D&O insurance, directors and officers insurance protects the present, future and past officers and directors of nonprofit companies. In the event that they become responsible for punitive damages that result from alleged or actual misdeeds they may have committed while in their positions, D&O insurance will help pay for them.

Wrongdoings may include errors, omissions, misstatements, breach of duty or misleading statements. Certain policies may allow this coverage to be extended to all employees. Additionally, it covers work-related sexual harassment or discrimination claims.

Business Auto Insurance

Any nonprofit that, rents, borrows, leases or owns a vehicle will need business auto insurance. Not only does this cover damages caused to the actual company vehicle, it also covers damages and injuries to other people.

Managing a nonprofit organization is a huge undertaking. Your nonprofit company has the power to influence and change lives for the better. With so much at stake, it is critical to properly assess and manage the risks of your organization. Do not leave anything to chance: Consult an experienced insurance broker like James McAluney to ensure that your business is adequately covered.

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