Strategies for Insuring the Sector

In February 2020, prior to the COVID-19 pandemic reaching crisis levels, The Wall Street Journal wrote about the steady rising cost of insurance for U.S. businesses, highlighting an example of The Children’s Shelter in San Antonio, noting that their coverage premium went from $176,000 to an astonishing $750,000. That same month, the Insurance Journal outlined how carriers are getting out of certain markets in the nonprofit sector—including those who serve children and adults. Needless to say, the impact of those trends on community-based organizations’ risk management and sustainability since the start of the pandemic has not significantly improved.

What is the sector to do? The task and challenge of insuring nonprofit organizations is a complex one and agents, brokers, underwriters, and carrier representatives are more limited than ever for multiple reasons. This webinar from the Advancing Financial Sustainability SPARK Exchange will examine these challenges, including the state of insurance marketplace (where it’s going and where it’s been), where claims are originating from, the proper limits needed to protect your organization, corporate structure and risk mitigation, legislation and improved language, and how state governments and community-based organizations can work together.

About SPARK Exchange Groups

Social Current’s SPARK Exchanges unite social sector professionals around functional roles and key issue areas to collaborate, share, and/or access resources and solutions, discuss emerging trends, and receive policy updates and action opportunities.

Facilitated by staff at Social Current and led by a core team of group members, SPARK Exchanges provide specialized advice from peers throughout the country, as well as rich, timely content delivered through conference calls, webinars, discussion boards, and in-person and virtual networking events.

SPARK Exchanges are offered as a key benefit of Social Current’s engagement package. All staff at organizations that have enterprise-level engagement packages may join any of the SPARK Exchanges.

Takeaways

• The driving factors behind the current market conditions impacting the nonprofit sector
• How to position your organization for the best possible renewal outcome
• Risk management best practices overview
• How to get involved in advocacy opportunities

Who Should Participate

• Engagement Package holders
• Chief executives
• CFOs
• COOs