Working on your booster club fundraising ideas is a more enjoyable pursuit than considering booster club insurance. And although coverage is not obligatory, it makes sense to protect your assets in all their forms against risks. But how high are these risks, and what is the best booster club insurance for your organization’s property?
Even though it is possible to reduce risk levels, accidents can still happen at charity functions. Any owned or rented equipment used is exposed to property damage or destruction during a live fundraising event. And the last thing a club needs is to spend the money it raises on costly repairs and damage to assets.
This article covers four reasons why your organization should consider coverage. The primary focus is on booster club property insurance and why it matters, but we also touch on other policy types. There’s something for everyone, whether you’re an established group or in the process of starting a parent booster club.
How Booster Club Insurance for Property Works
Property and assets include the physical items used at an event, whether your own or rent them. There’s usually a lot of stuff used to support a fundraiser, and some of it will be costly. So, knowing that all personal and third-party property is covered is good for peace of mind.
#1 Damage Cover for Your Property
Booster club property insurance protects owned, borrowed, and rented items. The coverage protects against accidental fire, vandalism, theft, and other events. This type of policy also covers things that many newer organizations may not realize.
Examples are raffle and auction merchandise and school spirit items. Property coverage includes movable objects such as furniture and machinery. Moreover, your club is covered during the setting up and closing down process.
#2 Insurance Protection Against Defacement
Insurance covers the accidental or intentional defacement of moveable property. For instance, graffiti is deliberate vandalism. It’s caused by intentional scratching, painting, drawing, or other unwanted permanent markings beyond normal wear and tear. Sadly, it happens.
Booster club insurance protects all your organization’s owned, borrowed, or rented property. The coverage has options to safeguard your stuff during storage and at live events. Examples of items covered are fundraising equipment, supplies, raffle prizes, items purchased for donation, and more.
#3 Scenarios of Property Destruction
Most fundraising events are good-natured gatherings for local communities. However, the risk of property destruction by criminals is more likely if your event spans over one day.
Your club’s property and equipment are also at risk during storage, transit, and events. Property destruction can result from fire, smoke, water, accidents, and freak weather. How likely these risks are, depends on your location, the time of year, and the type of fundraiser.
|Extreme Weather Events and Property Damage
Billion-dollar hurricanes and flash floods are on the increase in America. In the past five years alone, the US has seen four billion-dollar hurricanes and seven flash floods, each causing over a billion dollars of property damage .
#4 Property Theft—An All Too Common Crime
Sadly, theft is not that uncommon. The trust element associated with non-profit charitable organizations is one of the main reasons for this. Why? Because wherever there’s a high level of trust, there’s always a risk that someone will exploit it. Property insurance covers theft, of course. But it’s better to prevent the loss and inconvenience caused by embezzlement than to claim for it. How secure is your high school spirit store, for example?
A leading non-profit body tracked news reports of theft from organizations supporting school groups. At the last check, the total dollar loss over 39 months was $1,724,723. The actual figure is sure to be much higher. But having insurance encourages donors to contribute, knowing your club covers their contributions.
|Did you know people who volunteer are 200% more likely to donate than non-volunteers.
Know Your Property
Your club’s property goes beyond the obvious physical assets. It refers to any tangible items you have legal claims to, either temporarily or permanently. Examples are your fundraising equipment, club supplies, things bought for donations, etc. The question is, do you need to insure your club against theft?
Ask yourself what the consequences would be if someone stole your essential property prior to or during an event. Would it lead to a minor inconvenience or an all-out catastrophe? And if you weren’t insured, how soon could the club afford to replace the stolen item(s)?
Cover Your Booster Club Property (Inland Marine)
Have you insured your club’s property from everyday risks such as theft, vandalism, fire, and storm damage? AIM’s property insurance not only covers your fundraising merchandise from raffles and auctions, etc. But it also protects all property used regularly by your club. That includes cash registers, school supplies, machinery, coffee makers, etc., against damage and destruction.
This final section answers a few insurance FAQs and runs over other types of coverage.
When Is the Best Time to Take out Insurance?
It’s never too soon to get an insurance quote for your club’s property. Parent-teacher groups often sign up for coverage days or weeks before hosting an event, typically because the venue they are using requires them to have General Liability Insurance. Even though this would be a typical example of a moment when booster clubs require insurance, it is always best to examine the need for more thorough coverage—theft or embezzlement insurance, officers and directors liability insurance, or property insurance.
Planning ensures there are no last-minute glitches or forgetting to insure. Advance preparation allows you time to tailor your coverage and buy only the policy you need.
Do You Really Need Booster Club Insurance?
In an ideal world, non-profit organizations would not need insurance, but life isn’t perfect. So, booster club insurance matters because bad things can happen to any group, even with the best planning. On balance, damage, theft, embezzlement of funds, and accidents are unexpected, unpredictable, and potentially devastating.
Is Property Insurance the Most Important?
The type of insurance coverage will depend on your club, its size, activities, and other variables. Deciding on the correct type of cover can be tricky, especially for newly formed groups. That’s why it’s sensible to consult experts like AIM insurance for professional advice. Most new clubs are often surprised at how affordable the insurance is.
|Did you know booster club insurance starts at about $65 per year?
Prices will vary depending on your state and coverage. Get a quote and buy in just minutes.
Who Is the Booster Club Insurance Certificate Holder?
The certificate holder refers to the name of an individual or organization that provides proof of insurance in the event of a claim. Your organization’s certificate holder will be clearly stated on the Certificate of Insurance. When AIM adds a certificate holder, it means we will attempt to notify that entity if the insured cancels their policy mid-term.
Are There Other Types of Insurance for Boosters?
Property protection is vital, but there are other insurance considerations. It’s also wise to use an insurer that offers protection specifically for teacher-parent groups. Booster club insurance is categorized into four types of cover. They include property, which we’ve already covered, events, bonding, and director & officer liability insurance.
Event Insurance for Booster Clubs
Protection for fundraising events comes under general liability insurance, which includes accident medical payments. If an attendee at one of your fundraising events suffered an injury, they might wish to hold your club responsible. This insurance exists to protect members against any potential lawsuits. Additional insured coverage for social media liability is also available.
Affordable Event Liability Cover for Booster Clubs
What is your plan if someone holds your booster club event responsible for an accident or injury? Do you have insurance to protect your members from lawsuits? AIM’s general liability protection covers adults and kids who may get hurt in an accident at one of your fundraisers. It also protects your volunteers working with the club’s property and equipment, from setting it up to packing it away. Contact AIM to learn more about medical payments and liability sums per occurrence for events.
Booster Bond Coverage Insurances
This type of insurance covers dishonesty within your organization, namely embezzlement. If a so-called trusted member runs off with the money, the insurer replaces those embezzled funds. That includes all active members, i.e., the club president, treasurer, board members, general volunteers, and even couriers.
Director & Officer Liability Insurance
This coverage offers personal liability protection for your club’s officers and directors. Serving board members often need to make critical decisions as part of their legal responsibilities. The insurance pays to defend officers against anyone who decides to sue them. Such claims could be for alleged misleading information, misrepresentation, mismanagement, etc.
Below is a summary of AIM’s four types of booster club insurance packages.
Property Booster Club Insurance Closing Comments
From fundraising events to medical payments, property coverage, and officer protection, insurance makes a lot of sense. There are plenty of reasons to take out affordable tailored policies and no excuses not to. Additionally, the peace of mind that comes with coverage allows volunteers to focus and enjoy what matters most; fundraising for sports and clubs.