Charity Insurance & Charity Shop Insurance
In order to protect certain assets and investments of a charity, the trustees may choose to take out certain classes of insurance beyond those required strictly by law. The Charity Commission provide a comprehensive guide in this respect in their CC49 document on charities and insurance. Assuming that you and your fellow trustees have decided that there are insurance requirements, working with an experienced broker like Buckingham Insurance Consultants makes sense. We can advise you on a range of covers, and provide flexible cover of the right value, ensuring the charity is adequately protected without paying out for cover that’s not required.
Why buy Charity Insurance cover?
The simple answer is that in some cases it’s a legal requirement. Charities that have employees, even volunteers and casual labour, are required to take out employers’ liability insurance. So even if you simply have a small group of volunteers collecting donations locally, employers liability insurance must be bought.
A charity that owns or operates vehicles is legally required to take out motor insurance. So the mini bus used to ferry volunteers about has to be covered adequately.
Finally, if you have premises or operate event’s its likely that you will need public liability insurance in order to protect the charity from liability claims from members of the public.
The trustees legal obligation to protect the organisations assets and resources may well be best served through a charity insurance cover.
Charity Shop Insurance
Running a charity shop as part of fundraising activity is not unusual. On the surface of it, the insurance needed for a charity shop may not be unlike that of a standard retail policy. However, there are a number of cover conditions and considerations that should be specifically considered:
Charity Shop Insurance for donated items – Items can typically be covered at second hand value rate, while any new stock can be treated as such.
Insurance for Contents Temporarily Removed – It may be that donated items that come into stock need to be off the premises for repair or cleaning before they can be sold. Ensuring items are adequately protected under these conditions is key.
Charity Shop Volunteers Insurance – Anyone working for the charity, even if only on a part time, casual or voluntary basis must be insured through employers liability insurance.
Why buy Charity Insurance through an insurance broker like Buckingham Insurance Consultants?
Given that Trustees are legally bound to act in the best interests of the charity, working with independent professionals and taking their advice would seem to make sense. Buckingham Insurance is an independent, professional insurance broker with over 30 years experience advising charities and community organisations. We have relationships with a number of the UK’s leading providers of Charity Insurance, meaning that we can take your particular requirements and tailor cover to suit your needs.
Authorised and regulated by the FCA we operate within a strict legal framework that ensures we aim to provide the best advice and most effective insurance for charities.