In a bid to make insurance cover for small not-for-profit (NFP) organisations more affordable, Vero
Insurance has reduced public liability premiums for many charitable organisations.
The majority of the organisations receiving the lowered premiums will have an annual turnover of less than $1m.
The move means that approximately a quarter of the Australian NFP sector will have access to more affordable liability cover.
The availability and the amount of the premium reduction will depend on the organisation’s risk levels.
“NFP charities and organisations make an immeasurable contribution to Australian society, often with minimal funding and cash flows,” said John Phillips, chief underwriting & portfolio manager – commercial, Suncorp
“It is very important that these organisations can obtain the right level of insurance cover without diminishing the services they provide to the community.
“With reduced premiums, these organisations will be able to devote more of their funds to where they’re needed most.”