Insurance is a service that you pay for to provide financial support in case something goes wrong. The company that provides your insurance – your insurance provider – will pay an agreed amount as compensation if something goes wrong. There are a few different types of insurance that are useful to know about.
Public Liability Insurance
One of the most important types of insurance is Public Liability insurance. If someone thinks that they have been harmed or their property has been damaged by your activities, then they can sue you for compensation. Public liability insurance helps cover these costs and pays for any additional expenses.
Usually, public liability insurance covers legal fees (like the cost for a solicitor) as well as the cost you might have to pay as compensation. The amount of compensation will vary and could include repairs to someone’s property or new property altogether. It could also include any medical bills or income lost due to injury.
The amount that each public liability insurance policy will cover you for varies so it’s worth checking how much a policy offers to cover before you choose an insurance provider. It’s vital to pick a policy that’s right for you as the costs can add up quickly: if your policy covers you for £5,000 but the compensation costs amount to more than this, you are personally responsible for paying the difference.
While public liability insurance isn’t a legal requirement, without it you are personally responsible for all of the costs if you are sued, so it’s worth getting – and worth getting a good policy that covers you for the right amount.
Other types of insurance
- Personal accident insurance pays compensation to people who are injured as a result of an accident. If the person dies as a result then their family will receive compensation. This is different from life insurance as it only covers things that are the result of an accident and not old age or illness.
- Employers liability insurance pays compensation if someone you employ is injured or becomes ill as a result of the work they are doing for you.
- Contents insurance covers the cost of any loss, theft or damage to belongings.
These other types of insurance might also be worth considering. Some insurance providers offer packages with various types of insurance combined, so it’s worth having a good look at what’s on offer.
Useful links
- The Conservation Volunteers (TCV) run a Community Network. If you sign up as a member, you get a discount on insurance with Zurich insurance providers. Zurich also offers a package aimed at not-for-profit organisations.
- You can also use Zurich’s FAQ section to help you decide what insurance is right for you if you’re running not-for-profit organisation.
- You can buy insurance directly from a provider or by going through an insurance broker. A broker will charge for their services on top of the insurance cover cost, but can help you compare different quotes and provide advice on what cover is needed. You can find a list of local insurance brokers at Find Insurance – BIBA.
- If you want to compare insurance provider policies, there are a number of different websites which offer this functionality for free, including Compare the Market, Money Supermarket, and USwitch, among many others.
- Third Sector Protect has some useful information around planning and insuring a fundraising event here.
- If you’re unsure whether you need insurance or not, the Eden Project has this useful simple risk assessment, which will help you identify and assess the risks involved at your event.
- If you’d like to learn more about insurance considerations when planning positive action for nature within your community, you can now join our free online Pioneers Programme course. Find out more about the programme here.
