The idea of servicing a nonprofit group within a community has philanthropic appeal for many independent agents, but brokers who specialize in placing insurance for these programs say good intentions may leave clients vulnerable to unanticipated exposures.
Nonprofits are a niche in which many brokers do not have an expertise, observed John Prichard Jr., director of nonprofit practice for Heffernan Insurance, an insurance broker based in Walnut Creek, Calif. “There are many issues and exposures that are unique to nonprofits.”
Since 1988, when the firm was founded, Heffernan has been one broker that has developed a specialty for nonprofits. The firm operates nationwide, with about 350 employees, and with offices in California, Oregon, Nevada, Illinois, Missouri and Florida. With $50 million in annual revenue, Mr. Prichard said the nonprofit business accounts for roughly 20-to-25 percent of the firm's business.
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