Is your Nonprofit overpaying for insurance?, compliments of the Ontarion Nonprofit Network

Although most organizations shop around for insurance when they first buy policies, they have a tendency to settle in and simply stay where they are once that item is checked off their task list.  After all, the current policies were a great deal when you bought them, so they must still be good value, right?

Not necessarily.

Rates change over time, sometimes dramatically, and each insurance company charges different rates. So if you haven’t shopped around in a while to compare, you could be overpaying without knowing it. The Government of Ontario included helpful statistics on premium increases in their risk management report of Ontario’s voluntary sector (pg. 39).

The big secret insurance experts know is that insurance rates are not static. Each insurance company has the ability to review and change their rates regularly.

It’s a good idea to check annually to see what might have changed that could affect your rate- things like revenues, number of employees, scope of operations, change of location, and more.

The best way to ensure you’re not overpaying is to compare your insurance when your policy renews, whether it’s for products like coverage for directors & officers, home and auto or commercial liability. Get competitive quotes to make sure you’ve done your due diligence in managing your organization’s financial resources. And it’s a good rule of thumb to allow for 90 days before renewal, in case you want to change providers.

For more information on what nonprofits should know about insurance:

www.theonn.ca/onn-insurance/

Call ONN’s insurance partner to get a free quote, see savings of 30%+ and support ONN’s work for a stronger sector!

Contact Paul Spark, St. Andrew’s Insurance Brokers at 1-866-621-6980 or paul.spark@standrewsinsurance.com.

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