TXINS November E-News: Do Charities Need Business Insurance?, Ask the Agent, Agency Happenings, Texas Trivia & More!



Do Charities Need Business Insurance?

Americans are very generous. On average, each American household donates approximately $400 to charitable organizations each year. Just like any business, however, charities do not operate without risks. Fortunately, they can be protected by business insurance plans designed specifically for organizations that operate under a charitable business model.

What Kinds of Insurance Do Charities Need?
Like any business organization, charitable foundations need to protect assets and finances with a suitable business insurance policy. Charity insurance policies are designed specifically to meet the unique coverage needs of these groups. If you own or run a charity, be sure you are fully covered for losses and damage. Some coverage options to consider include:

  • Liability insurance
  • Property insurance
  • Directors and officers insurance
  • Other business-related insurance

Be Sure to Have Sufficient Charity Liability Insurance
We live in a litigious society. It is very important that businesses, including charities, are protected by adequate liability insurance. Some liability insurance that may interest charities includes:

  • General liability insurance: This will provide your organization with coverage, including compensation for court costs and legal fees, when you face a lawsuit for liability, like a personal injury or property damage case. This can happen if a third party is injured while in your offices or if members of your organization damage another’s property while setting up a fundraiser.
  • Charity event insurance: Also known as special event insurance, a charity event insurance policy provides coverage for a single event. The more people that will be in attendance, the more a policy will cost. This insurance provides liability coverage if a guest at the event is injured or if the venue is damaged in any way throughout the course of the event. This coverage may be required by banquet halls or ballrooms in which your event is sponsored.
  • Commercial vehicle insurance:  If your charitable organization uses a company-owned vehicle or a fleet of vehicles, they will need to be insured to meet your state’s minimum liability coverage requirements. This will protect your organization if an employee is responsible for a motor vehicle collision that causes injuries or property damage to a third party.
  • Non-owned or for-hire vehicle insurance:  If members of your charity routinely use their privately-owned cars to do business or volunteer work for your organization, the charity can be held liable if they cause bodily injury or property damage to another. Non-owned vehicle insurance can provide liability coverage whenever privately-owned vehicles are used for work-related purposes for your organization.

Charitable Organizations Need Property Insurance
Your charity may have a lot of valuable property including computers, telecommunication systems, office furniture and supplies. If this property were to be lost or damaged in a catastrophe or burglary, you could receive compensation for these losses through charity insurance property coverage.

When you purchase your policy, you will want to be sure that you are purchasing enough coverage to allow you replace all your lost items in the event of a total loss. Many plans will allow you to purchase coverage at your items actual depreciated value, or you can pay more for replacement-value compensation.

Directors and Officers Insurance Protects Your Charity
Charitable organizations and private foundations typically operate under the management of a board of directors. The members of these boards often work for free or for a nominal fee. It is important to be able to attract talented and well-connected board members to help with fundraising. This will be easier to accomplish if your organization carries directors and officers insurance.

Many people think those who work for a charity would not be likely to sue their employer. This is not the case. Directors and officers insurance can protect your charity’s management team from claims of improper actions such as sexual harassment, discrimination, wrongful termination, or misuse of the organization’s funds. Even if the claims are frivolous, the necessary legal fees to build a defense can often be very high.

Other Insurance Options for Charitable Groups
Charity insurance policies offer additional coverage options. Some insurance your charitable organization can benefit from includes:

  • Fidelity insurance: This will shield your organization from financial losses brought on by the dishonest or illegal actions of an employee or volunteer. This includes coverage for embezzlement, theft, or deliberate misappropriation of funds.
  • Loss of income insurance: If your organization is forced to temporarily stop operations because of a covered event such as a fire, this insurance can provide you with a continuation of income so that you can pay your scheduled monthly bills. Most policies limit this coverage to one year.
  • Workers compensation insurance: If a worker or volunteer is injured while working, your organization will be responsible for covering any ensuing medical costs. Workers compensation insurance can be purchased through your business insurance plan and will provide coverage for these expenses.

Learn More about Insurance for Charities
Shopping for insurance for charitable organizations can often be confusing. It’s a good idea to build a policy that is right for the unique needs of your organization, just be sure that you are not paying too much for coverage.

When you’re looking for the best charity coverage for your organization, it’s a good idea to find a trusted:

  • Lawyer, to make sure you’re in compliance with state and federal requirements, and that your liability risks are identified.
  • Financial advisor/CPA, to make sure that you understand how to budget for enough coverage, and that you can plan for fundraising activities understanding how much your overhead costs will be.
  • Insurance agent, to advocate for you, update your policies, and cover special events, volunteers, etc.

When you consult with experts, you’ll get a better picture of what’s required of you. But your search won’t end there. It’s highly recommended that you seek out at least 3 quotes for similar coverage from different insurers before you buy. With precious funds at stake, it’s important to get a bigger picture of what charity insurance costs, and what that investment is going to do to help your organization succeed.

We Are Here for You 

Texas Insurance & Financial Services, Inc. is your trusted advocate. As an independent insurance agency, TXINS represents a wide network of A-rated insurance companies, which allows us to find the best insurance policy to fit your needs and budget. We don’t believe in cookie cutter policies and will customize a plan specifically for you. Your overall satisfaction is our top priority. That’s a promise.

TXINS offers complimentary insurance reviews to ensure you are getting the right coverage for yourself, your family, or your business. To schedule your review, contact us today at 800-541-9849 or via email. Together, we will ensure you are protecting what matters most.

The employees of TXINS are active members in our communities. Here’s a quick list of what we have planned for the month.

  • The Commercial Lines Department will be attending an education course hosted by Texas Mutual on November 8 in Houston.
  • All agency locations will be closed on November 23-24 for the Thanksgiving Holiday. We wish everyone in the TXINS family a very Happy Thanksgiving. We are thankful for your friendship and patronage. 
  • Save the date for the annual El Campo Christmas Parade on Thursday, December 7. TXINS will have the Hochheim Prairie Float in this year’s parade so stop by the office, grab a bag of popcorn, and give us a wave as we roll by!
  • Happy November work anniversary to the following TXINS staffers: Marcy Diaz-1 year and David Green-1 year. We are so proud to have you as members of the TXINS team!
  • Congratulations to last month’s Texas Trivia winners: Ray Legett and Wanda Eiteman. Be one of the first three people to answer the Texas Trivia question correctly and win your own full-sized Texas flag!

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Think Pink! Several of the ladies in our El Campo and Georgetown offices donned their best and brightest pinks on Friday, Oct. 20 as a part of TXINS Pink Out Day to support breast cancer awareness month.
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Hector Gutierrez and David Green attended the South Texas Farm and Ranch Show in Victoria on Oct. 25-26. Also in attendance but not pictured is Doug Roberts.
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No tricks, just treats when Amber McDonald attended the Central Fort Bend Chamber Expo at the Fort Bend County Fairgrounds on October 31. We love a good Halloween themed show!

Dear TXINS:

I’m in the process of buying my first home. I know I have to buy homeowners insurance, but how do I know I’m getting the best value or the coverage I’m buying is enough to protect me and my new house?  – Danielle R., Rockwall, TX

Dear Danielle:

Congratulations on purchasing your first home! How exciting!

Choosing the best homeowners insurance policy depends on many factors, and there really is no one-size-fits-all plan where home insurance policies are concerned. Insurance companies offer varying coverage plans with significant differences in rates. Comparing home insurance costs and coverage from multiple insurers can be a very daunting task, especially if you are comparing plans online.

Rather than spending a day entering your personal information into multiple websites in search of the best home insurance rates, contacting your TXINS again is your best bet. Your TXINS agent will do a home insurance comparison for you, and help you find the best homeowners insurance for your needs.

How to Compare Home Insurance
The first concern of most home owners is the cost to cover their house and property. You purchase your home based on what you can reasonably afford, considering the cost of insurance, taxes, and anticipated repairs. Comparing homeowners insurance from several different insurance companies is one of the best ways to keep costs down. Here are some important tips for comparing homeowners insurance:

  • Work through a TXINS agent. TXINS insurance agents work with several different carriers, and will compare rates from top insurance companies to help you find the right coverage at the right price.
  • Ask to review the home insurance company ratings. All top insurance companies are rated by independent organizations like A.M. Best. You want to work with a company that has an A+ or A++ rating. These ratings are based on customer service, financial stability, and other indicators that can help give you confidence in the company you choose.
  • Narrow down your choices. Select a few of the best homeowners insurance companies that serve your state.
  • Ask about all available discounts. Collect discount information from the top insurance companies you want to compare. TXINS agents will compare the discounts available through each carrier. For example, these may include:
    • Claims-free discounts
    • Discounts for installed security systems and other safety measures
    • New customer discounts
    • Better rates for a good credit score
  • Provide the information each company will need to provide a quote. Be sure to supply the same exact information for each plan you compare.
  • Compare various scenarios with each of the plans, including increasing your deductibles. Increasing the deductible you will pay in the event of a claim will lower your premium quotes. Just make sure you feel confident that you can afford the deductible amount out of pocket in the event that you need to file a claim.

By working with a TXINS agent, you’ll have someone who will advocate for you and help you find the best home insurance for your needs. Your agent will also answer all of your questions and help you evaluate multiple options so that you can make an informed decision on your home coverage plan.

Do you have a question for our agents? Email it to us! If we choose your question, we’ll send you a thank you gift! Be sure to include your mailing address and phone number in your email.

 

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Congrats to Marcia Connelly of Georgetown, TX, our October Referral Program winner! Thanks for your referrals, Marcia!

If you love Texas Insurance & Financial Services, Inc., tell a relative, friend, or co-worker about us. When they call to receive a quote make sure they let us know that you referred them.

As a thank you, you’ll receive a surprise gift and will be entered into our monthly gift card drawing and our annual Grand Prize drawing for a $1,000 gift card!!!

(Grand Prize drawing will be held on December 7, 2017.)

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Texas Trivia

When people think about iconic Texas singer/songwriters, Willie Nelson is always at the top of the list. Willie was born in Abbott, TX on April 29, 1933 and he and his older sister, Bobbie, were raised by their grandparents. Music was a huge part of Willie’s life from an early age. He wrote his first song at age 7 and at 13, performed with Bob Willis, the inventor of Western swing music. And as they say, the rest is history.

Since his professional debut in 1962, Willie has released 72 studio albums, 10 live albums, 37 compilations, 27 collaborations, and two soundtracks He wrote “Crazy”, which was made famous by Patsy Cline. He’s sold more than 40 million albums in the U.S. alone and has a tremendous international following. Not too shabby for a former Bible salesman. And whenever he plays here in the Lone Star State, he always attracts a sell out crowd. Texans sure do love their Willie! In addition to his 49 Grammy nominations and 8 wins, Willie was nominated for an Oscar in 1981 (Best Song, Original Music). What song did he receive the nomination for and what movie was it in? Email your answer to Kara Wood. If you are one of the first three people to answer correctly, you’ll win a full-sized Texas flag!

Show Your Spirit, Texas!

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TXINS is proud to be a Trusted Choice® agency. We are dedicated to you and are committed to treating you as a person, not a policy. This commitment means we will:

  • Work with you to identify the insurance that is right for you, your family or your business, and use our access to multiple companies to deliver those products.
  • Guide you through the claims process for a prompt and fair resolution of your claim.
  • Help solve problems related to your coverage or account.
  • Thoroughly explain the coverage and options available to you.
  • Return your phone calls and emails promptly and respond to your requests in a timely manner.
  • Use our experience and company relationships to customize coverage specific to your unique needs.
  • Treat you with respect and courtesy.
  • Conduct our business in an ethical manner.

This is our promise to you. For more information on Trusted Choice, click here.

From our customers…

“I want to personally thank you for ALL you have done over the last several years in going above and beyond in handling ANYTHING we needed as a family. Your efforts have always been appreciated!” — Evelyn Alongi, Houston, TX

 

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