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As a social enterprise ourselves (we’re part of Scouts) and specialist insurance broker for the charitable sector, we know the way social enterprises and community interest companies (CICs) operate, their activities, and the risks they face. This makes us the right choice to arrange your organisation’s insurance.
Unity can offer a detailed picture of your organisation’s threats and risks and advice on how to address them through risk management practices and insurance.
By working with leading insurers in the not-for-profit sector and specialist underwriters, we can provide wide-ranging insurance policies designed for not-for-profit organisations at affordable prices. Let us help you make sure your social enterprise takes out the right cover for the risks it may face.
(based on 411 replies to our surveys from June 2021 to May 2022)
Find out more about some of the covers we can arrange for your organisation either as a package insurance policy or stand-alone policies.
If your organisation wasn’t insured and suffered a serious loss such as major damage to its buildings or a large claim, you’d have to cover the loss from your own funds.
In the worst cases, you may have to close, cut back or stop your core activities. The loss may not only be the cost of replacing physical assets such as buildings and equipment, but also the loss of income while these are replaced. The costs of claims made against your organisation could be damaging, both financially and to its reputation.
Risk management can minimise your risks, but in some cases you don’t want to or can’t eliminate the risk completely. Unfortunately, some threats to your organisation are outside your control. Insurance can mitigate those risks you cannot completely control or remove.
Some types of insurance cover are required by law. If your organisation employs people or owns motor vehicles, you must take out the necessary insurance.
Asking yourselves the following questions should help your CIC get the protection it needs and avoid unnecessary costs.
Some cover is required by law. Firstly, if your social enterprise employs people, you must have Employers’ Liability Insurance. Secondly, if it owns, loans or rents vehicles, you must have motor insurance.
Each social enterprise has unique insurance needs according to their activities and assets. A comprehensive risk assessment of your organisation should highlight the risks it faces.
Your social enterprise could be exposed to compensation claims and, in an increasingly litigious society, you can never be too careful. Public Liability Insurance can cover many risks involving members of the public, such as harm caused by the actions or negligence of your staff or volunteers. If you sell goods, a Public Liability policy can also include Products Liability cover, which covers your liability for products you make available to the public. If you give advice or training, Professional Indemnity Insurance covers you if your services result in a financial loss or other grievance.
If a serious disaster strikes and your CIC’s offices or premises are damaged or destroyed, the right buildings and contents insurance policy can help pick up the bill.
Unlike charities, who mainly reply on donations, community interest companies tend get most of their income from trading and selling something. Business Interruption Cover would help cover the shortfall in income and pay any increased running costs, while you get your building back up and running.
Your directors or senior management could be personally liable to make good the CIC’s losses. Directors and Offers Cover can provide protection to the organisation and to directors where they may be held personally liable.
If you're a director, manager, trustee, treasurer, member of the exec committee or run a social enterprise or Community Interest Company call or email our team of insurance professionals.