April’s Action, July’s Peace of Mind - Why Nonprofits Should Jumpstart Their Insurance Renewal Today

If your US-based nonprofit organization's insurance renewal date is July 1st, it's crucial to start looking at your coverage options now.

In this blog post, we will discuss why starting the insurance renewal process now is important and provide tips on securing adequate coverage for your organization.

What happens on the run up to June 30th?

According to Candid, over 22% of nonprofits have their fiscal year end on June 30th, so if you want to review your insurance before it renews - now is the time to start the process.

As June 30th approaches, underwriters in the insurance industry become overwhelmed with renewals. This can result in less favorable responses and limited options for nonprofits. With recent labor force decreases impacting the industry, underwriting processes have become more thorough and time-consuming.

Starting the insurance renewal process in April allows ample time to gather necessary documentation, communicate with underwriters and ultimately, secure the best coverage for your organization.

Working with a broker who has strong underwriter relationships can boost your chances of receiving a favorable quote placement. By starting the insurance process early, you can explore various coverage options and negotiate terms that best suit your nonprofit's needs.

What do the experts say?

Expert advice suggests beginning the insurance renewal process well before June to ensure that all requirements are met and your organization is adequately protected.

Consultants familiar with California's unique landscape are available for consultation calls in April. They can discuss specific insurance requirements and guide you in navigating the renewal process effectively.

These experts can also help you understand the insurance market and strategize ways to reduce your premiums.

Additionally, it is recommended to thoroughly review your organization's risk management practices before beginning the renewal process. This can include implementing safety protocols, updating policies and procedures, and conducting regular risk assessments.

These efforts demonstrate to underwriters that your nonprofit is proactively managing its risks, potentially lowering premiums.

Other Considerations

In addition to starting the renewal process early and reviewing risk management practices, there are other factors to consider when obtaining insurance for your nonprofit. These can include:

• Your organization's budget: It's crucial to balance premium costs with the level of coverage your nonprofit requires. Work with your broker to find a solution that fits within your budget.
• Your organization's operations: Certain activities or projects, such as events or international programs, may require specific insurance coverage. Discuss these with your broker to ensure you have the appropriate coverage.
• Re-evaluating coverage needs: As your nonprofit grows and changes, so do your insurance needs. It's important to regularly reassess your coverage to ensure it aligns with your organization's current operations and potential risks.
• Reading the fine print: Review your insurance policy to understand what is covered thoroughly, any exclusions, and the claims process. This can help prevent surprises or misunderstandings in case of a claim.

By beginning your insurance renewal process today, you give yourself the best chance of securing adequate coverage that meets your organization's needs. Remember to communicate openly with your insurance broker and ask any necessary questions to ensure you have a clear understanding of your coverage.?

If you are a nonprofit organization offering services in California and looking for an experienced broker you can trust, I'd love for you to consider H.N. Christensen Insurance Brokers .

We are a family-run firm that has been brokering insurance in California for over 100 years and serving nonprofit agencies for over 40 years! Our expertise and commitment to excellence ensure that your organization is protected so you can continue positively impacting the communities you serve.

For an exploratory, no obligation consultation, please message me on LinkedIn or call us on 707 762-4700.