Fundraiser businesses should have business insurance to protect against potential financial losses that may occur as a result of various risks. Some common things that can go wrong in a fundraisers business include:
- Professional liability: Fundraisers may be held liable for errors or omissions in their advice or services, which can result in financial losses for clients or donors.
- Cyber attacks: Fundraisers may store sensitive client and donor information electronically, which can make them vulnerable to cyber-attacks.
- Property damage: Fundraisers may need to protect their office and equipment from damage or loss due to events such as fire, theft, or natural disasters.
- Business interruption: Fundraisers may lose income if their business is interrupted due to an event such as a natural disaster or other unforeseen circumstance.
- Employee injury: Fundraisers may be held liable for injuries sustained by employees while on the job.
- Misrepresentation: Fundraisers may face claims of misrepresentation of the cause or organization they are fundraising for which may lead to legal liabilities.
- Event Cancellation: Fundraisers may face financial losses if events are canceled due to unforeseen circumstances such as natural disasters, pandemics, or other unforeseen circumstances
Having the right business insurance in place can help protect a fundraiser’s business from these and other potential risks. Common types of insurance for fundraiser businesses include general liability insurance, professional liability insurance, cyber liability insurance, property insurance, event cancellation insurance, and workers’ compensation insurance.
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