Larger charities need three things from their broker: firstly, confidence that the broker shares their passion for charitable work; secondly, the relationship skills to work effectively with your internal team and external professionals; and thirdly, the skill set to deliver optimum risk advice. Innovation Broking is practised at being part of, or leading, multi-disciplinary teams to bring together the skills required, from straightforward Health & Safety, via ~Safeguarding, Trustee briefings and drafting continuity plans through to insurance policy archaeology.
Your duty of care as a charity applies to your beneficiaries or service users, your trustees, your own staff, volunteers and donors.
Service users and charity beneficiaries have a right to expect that you have robust safeguarding and health and safety processes, and training in place to address both your statutory and moral obligations. Innovation Broking works extensively with risk management specialists in Safeguarding and Health & Safety, providing free training to clients in many instances.
Trustees increasingly want to understand which insurance policies will protect them personally, and where they need to rely on the Charity’s insurance. Trustees want to know that in addition to traditional Trustee Indemnity, there is crime cover for the charity assets. Cover should include cyber-attack, cyber incident response, and a public relations expert. Trustees are also increasingly aware that their Trustees Indemnity cover is unlikely to include personal injury following abuse or malpractice, and with claims often brought many years after the allegation, are seeking assurance that the underlying abuse and malpractice cover is robust and sufficient.
Your own staff and volunteers want to know they are insured for anything which may create a legal claim against them, or if they are injured carrying out their role. Employees a long way from home, and often stretched management lines, require built in support systems, many of which can be offered by insurers, as well as confidence that evacuation can be adequately managed. Many “duty of care” insurance policies now go far beyond travel insurance and can provide both in-country support and confidential counselling.
Donors want to know that their donation is being administered appropriately, and that in the event of a crime there is adequate insurance.
Active claims management is a key part of any larger charity armoury, because unfortunately claims happen with frequency for larger charities.
Cost containment can be achieved by a combination of:
- Regular granular analytical challenge of insurers’ claim cost estimates
- Claims defensibility training
10 considerations for larger charities:
- A consultative insurance broker who can actively help your team
- Relevant regulatory requirements front and centre in your thinking
- Instantly accessible cyber event first response services
- Tested continuity plan
- Making sure insurance is robust in areas of safeguarding, abuse, malpractice and trials
- Tested cyber breach plan
- Duty of care to travelling employees, with 24-hour response
- Duty of care to protect trustees, and explain coverage to them
- Continuous claims reserve challenge and analysis
- An insurer who has a strong interest in your sector
Innovation Broking is practised at being part of, or leading, multi-disciplinary teams to bring together the skills required to support larger charities. We are highly experienced in the charity sector, with the capacity to deliver optimal risk advice and the ability to work effectively with your internal team and external professionals. Innovation Broking is completely independent and non-aligned to any one insurer. Contact us today for further information or assistance.
Markel’s Care Risk Advisory Practice