At our recent CRNet CEO and Director Forum, members heard from Ravi Mulji ACII, Chartered Insurance Broker and Head of Sales at Unity Insurance, who shared valuable insights into the insurance risks facing charities, churches, and not-for-profit organisations today.
The session highlighted some eye-opening statistics:
✅ 71% of buildings are underinsured
✅ 30% of charities experienced a cyber attack in the last year
✅ 1 in 4 concerns raised with the Charity Commission relate to safeguarding
✅ Employment tribunal claims have increased by 39%
Many organisations assume they have the right protection in place, but common gaps can include cyber cover, safeguarding allegations, trustee liability, business interruption and underinsured buildings.
One of the key messages from the presentation was that insurance should not simply be viewed as a renewal exercise. As organisations face increasing financial pressures, cyber threats and governance challenges, it is important to regularly review both your cover and your risk management arrangements.
Some useful questions for trustees, directors and senior leaders to consider:
When did you last review your insurance programme?
Would your buildings sum insured cover the true cost of rebuilding?
Is your business interruption cover sufficient if you could not operate for 12, 18 or even 24 months?
Are your volunteers, trustees and staff adequately protected?
Would your team know exactly what to do if a serious incident occurred today
If it has been a while since your organisation reviewed its insurance arrangements, now could be the ideal time to take a fresh look and ensure your cover reflects today's risks.
CSC buying Group members can contact the CSC Buying Group team at buy@cscbg.org.uk today to arrange a free review with Unity Insurance Services of your insurance costs and cover, and discover where improvements and potential savings could be made.
Products available include: Buildings, Property, Business Interruption, Public & Employers' Liability, Trustees and Professional Indemnity, Vehicles, Cyber, Travel, and Risk Management.
Pricing: As every charity and not-for-profit organisation has unique requirements, specially negotiated terms are arranged on a case-by-case basis.
A small investment of time now could help protect your organisation from significant financial and operational challenges in the future.
