Every non-profit organization, regardless of its mission, shares a common goal: to make the world a better place. This noble aim comes with unique and specialized needs. To support these efforts, we’re excited to announce the release of our 2023 Non-Profit Benchmark Report, offering industry-specific insights into insurance buying decisions.
The Impact of Non-Profits
The non-profit sector plays a vital role in our economy. According to the Internal Revenue Service, there were approximately 1.9 million registered non-profits in 2022, contributing over $1 trillion—or 5 percent—to the U.S. economy. Additionally, the Bureau of Labor Statistics reports that non-profits employ nearly 12.5 million people.
In 2021, an estimated 23 percent of U.S. adults volunteered, contributing 4.1 billion hours valued at around $122 billion. The 2023 Non-Profit Benchmark Report highlights the immense impact of this sector.
Providing Insights with the 2023 Non-Profit Benchmark Report
Now in its third year, the report focuses on the insurance purchasing habits of non-profits. Based on responses from 541 organizations generating $20.8 billion in revenue, the report provides valuable data and insights to inform your strategic planning.
Key Insights
A brief overview of the report is available in our Key Findings document. For a full copy, reach out to Mike Harp.
Key findings include:
- Revenue per employee increases as organizations grow, with productivity accelerating at larger sizes.
- Professional liability limits have risen compared to last year, while D&O liability limits have decreased. Abuse and molestation coverage limits remain lower than professional liability limits.
- Community services organizations face higher rates for professional liability, D&O liability, and property insurance than religious, social, and giving organizations. They are also more likely to purchase larger cyber limits.
How Kapnick Can Help
At Kapnick, we’re here to guide and support you with resources, solutions, and a team of experts in employee benefits and business insurance. Contact Mike Harp to discuss how the 2023 Non-Profit Benchmark Report can inform your insurance purchasing decisions or to request a full copy of the report.
We’re ready to help you navigate your unique challenges with confidence.
