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Non Profit Insurance

Running a non-profit business is no easy task. Oftentimes, there are unique insurance exposures that can be detrimental to the financial stability of the business. Non-profit companies typically require the use of volunteers and a board of directors, which can present challenges when physical or financial injuries occur. Rhodes Risk Advisors specializes in insuring non-profit organizations and protecting these companies from the exposures that are presented through their line of work.   

Market Segments We Serve

  • Adult Day Care Centers 
  • Assisted Living Facilities
  • Child Care Centers 
  • Group Homes
  • Home Health Care
  • Homeless Shelters 
  • Hospices 
  • Mental Health Organizations 
  • Religious Organizations 
  • Skilled Nursing Facilities 
  • Substance Abuse Rehabilitation Facilities
  • Thrift Stores/Goodwill Centers
  • Vocational Rehabilitation and Training
  • Youth Services Organizations  

Coverages   
  • Property 
  • Business Interruption 
  • Inland Marine 
  • Crime
  • General Liability 
  • Commercial Auto 
  • Worker’s Compensation
  • Employer’s Liability
  • Umbrella
  • Errors & Omissions
  • Directors & Officers 
  • Aviation 
  • International Coverage
  • Kidnap and Ransom 
  • Sexual Misconduct Liability
  • Special Event 
  • Travel Accident
  • Volunteer exposures 
  • Cyber Liability
  • Data Breach Liability   


Industry Solutions
  

Unemployment Claims  
Nonprofits organizations are required to pay for unemployment claims in one of two ways:   

  • State Unemployment Insurance Tax (SUI): This tax is paid in advance, at a set rate, based on your wages and unemployment record. The funds go to the state’s unemployment compensation pool to pay benefits on all statewide employees. Rates are based on a combination of the overall risk of the unemployment pool and the individual employer’s experience. Any balance remaining in an employer’s account participating in the state unemployment pool is non-refundable and owned by the state. 
  • Reimbursement Financing: This option is available only to 501(c)(3) nonprofits. It began in 1972 when a federal law recognized that nonprofits, on average, pay more than their employees claim in benefits and thus subsidize higher turnover industries, such as retail and manufacturing. With this alternative, an employer is only liable for the actual amount of unemployment claims paid to former employees. Opting out of the state tax pool usually saves nonprofits significantly, often 30 to 50%,  but this choice subjects your organization to potential risks. The largest risks are unexpected loss of funding, program closures, or during difficult economic times. In effect, the law allows nonprofits to self-insure their unemployment claims.   There are two safe alternative to paying the UI tax and self-insurance.  
    • Unemployment Savings Program      
      • Lower cost than the SUI Tax 
      • Fixed annual cost 
      • An interest-bearing, proprietary reserve account owned by the nonprofit 
      • Stop loss insurance for each individual member account 
      • No pooling or shared risk
      • Professional claims management
      • Representation at all hearings
    • Bonded Service Program:
      • Lower cost than the SUI Tax
      • Fully insured, guaranteed cost coverage
      • Fee set at a percentage of gross payroll
      • Experience Credits for positive claims performance
      • Multi-year coverage options
      • Professional claims management
      • Representation at all hearings



 

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