From emerging technology to volunteer shortages, nonprofits face new exposures that present unique insurance needs.
The pandemic has been a challenging period for nonprofit organizations worldwide. Donations halted, philanthropic work paused and access to resources was restricted.
Recent Agent Authority Research from Nationwide found that nearly six in ten nonprofits were negatively impacted by the COVID-19 health crisis, and 81% of nonprofit leaders said they have concerns about their organization’s ability to make it through economic downturn.
Nationwide’s survey of nonprofit decision-makers also revealed that many nonprofits adopted new technology in the past year to keep their organization going (92%), to meet the changing needs of their clients (91%), and to monitor employee or volunteer efficiency (91%).
These technology investments provide fresh opportunities for agents to explain to nonprofits clients about the risks they face as cyberattacks become more frequent and how cyber insurance can help. Especially when 33% of survey participants said their nonprofit does not currently carry cyber coverage.
Furthermore, more nonprofits today rely on technology such as wearable (82%), Internet of Things devices (81%), voice-activated devices (80%) and telemedicine (78%) in their operations. However, less than half of nonprofits are leveraging telematics despite having concerns around driver safety.
“Many organizations are investing in technology, and it’s important for agents to understand how those investments may change clients’ operations and the risks they face,” said Cheryl Tamasitis, regional vice president of Nationwide’s Specialty Care practice, in a release.
Article By: Heather A. Turner
Source: Property Casualty 360