ONN Insurance
Group Insurance for the Nonprofit Sector
ONN has been working to enrich the value of your ONN Supporter Membership. Along with other exciting benefits, our newest benefit is a comprehensive insurance program designed specifically for registered not-for-profit corporations operating in Ontario.
Nonprofits have different insurance needs than for-profit businesses. ONN has done all the homework for you and found plans that will strengthen your organization’s governance, reduce costs and protect your organization and staff.
SECTOR STATS
Ontario is home to 5 million volunteers and 600,000 employees in the nonprofit sector:
- Roughly 10% of nonprofits have no insurance coverage because of the high cost to secure 1
- $7,500 is the average annual premium nonprofits pay for insurance coverage*2
- 32% of volunteers sit on committees or boards 3
- Wages and benefits have essentially remained the same, yet inflation has increased by 23%, making it harder for nonprofits to compete with other sectors to get the best talent 4
*Typically includes Office Package or Property Policy, Directors and Officers Liability; could include Event Insurance, Abuse Coverage and Professional Liability, among others
Sources below
Popular types of insurance coverage for nonprofits
Common claims filed against nonprofits
Attracting new talent: Directors and Officers Liability Insurance
Ensuring property coverage for stakeholders
As a sector leader, ONN is in a unique position with its cross-sectoral reach to put the size and economic power of the sector to best advantage to get high quality products at the best rates. That means the sector can see savings of 30% and more. It’s interesting to note that at a federal level, it can be difficult to create group packages and maintain value because of varied provincial and jurisdictional regulations and broad scopes of organizations across the country. And locally it can be challenging because often there isn’t enough pooling power to gain substantial discounts to make it worthwhile.
But provincial power works! And after more than a year of doing comprehensive and detailed research on insurance programs nonprofits need and the right partners to deliver them, ONN launched our own sector insurance program.
By taking advantage of this exclusive benefit for ONN members, nonprofits can cover all of their organizational and staff insurance needs with this program.
And with your member support, we can continue to monitor issues and areas that impact nonprofits across the sector, including insurance, to convene the voices of Ontario nonprofits and take action. You’re also privy to more great benefits in our membership plan.
ONN has partnered with St. Andrews Insurance Brokers, an Ontario-based independently-owned and operated firm. Working with multiple insurance companies to ensure the best rates, we make sure they are competitive.
- Three types of insurance: Directors and Officers Liability, Property Insurance/ Office Packages and Group Home & Auto for employees of ONN member organizations
- Customized plans, not limited to Choice A, B or C. A local theatre has different needs than a soccer club, which are different compared to a provincial federation. We’ve been hearing accounts of nonprofits realizing that they’ve been overpaying for years, including for coverage they don’t need.
- ‘Directors and Officers Insurance Product’ has been developed exclusively for ONN and its members and offers the best rates and coverage out there
- 30% savings or more
- No pre-qualifiers- as an ONN Member you are automatically approved for the program
- Quotes and consultations are free and a time-efficient way to get advice on what you need and compare current rates
- Zero Deductible for ONN members with annual revenues of less than $5 million
- Coverage available for registered nonprofits for ALL types (rates may vary)
Related resources
Charity Village: Beyond the dollar: How non-financial incentives help retain staff
Volunteer Canada: Directors’ Liability: A Discussion Paper on Legal Liability, Risk Management and the Role Of Directors in Non-Profit Organizations
Government of Ontario: Taking Risks the Safe Way- Risk Management and Insurance Practices of Ontario’s Voluntary Sector
Charity Village: Beyond the premiums: Understanding nonprofit insurance
Insurance Bureau of Canada: Insurance Toolkit for the Voluntary Sector
Imagine Canada My Risk Management Plan.ca
Sources:
1 Government of Ontario. (2009) Taking Risks the Safe Way- Risk Management and Insurance Practices of Ontario’s Voluntary Sector
2 Ibid.
3 Imagine Canada. (2007) Giving and Volunteering in Ontario- Findings from the Canada Survey of Giving, Volunteering, and Participating
4 Community Social Planning Council of Toronto. (2009) Heads Up Ontario!