A New Way To Look At Church Insurance


Many ministry organizations do not have the luxury of having a full-time or even part-time trained risk manager. The reasons for this may include cost, not having a need for the position, or relying on outside consultants or agents for help. Over the years, we have seen well-intentioned buyers of insurance and risk products make decisions that, while they may appear to help the organization, actually hurt it in the long run. Here is a list of top mistakes that uninformed insurance buyers often make. We provide it to you in the hope that you can learn from the errors of others.

Thinking That Bidding Your Insurance Is The Best Way To Get The Best Program

Most insurance buyers have the false belief that getting three bids from three different agents is the best way to make sure they are getting the best “deal.” This is like asking a builder to provide a bid without seeing the building plans. When talking to your agent about your insurance issues, give the agent the full set of “plans,” including losses and premiums, financial data, and policies. Utilizing the services of one agent whom you can trust will lead to reducing the short term and long term costs. Comparing multiple conditions, including terms and conditions, in addition to premiums is crucial, as even the best-priced policy can fall short in other areas.

Selecting The Cheapest Policy

Low cost and insurance generally means you are giving up coverage to get a low cost. That is not always the best thing to do for your business.

Your Agent Should Be A Trusted Advisor

Many buyers have a false belief that the agent’s only function is to place coverage and administer insurance. Your broker/agent should be offering much more than that. Your broker should be helping you identify risk factors and developing solutions that help you to manage these issues.

Coverage And Risk Change Over Time

It pays to keep up on the changing risk and insurance landscape. Trending risks like cyber, employment, pollution, professional liability, and directors and officer’s liability should be part of your business insurance package. Keep your insurance agent updated on the changes happening within your business and be prepared to change your policy as necessary.

Not Taking The Time To Review Your Insurance Policy

Your business insurance policy contains important coverage information such as limits, deductibles, and exclusions. Take the time to read the entire policy before you purchase the policy. This way, you can clarify any questions you have with your insurance agent.

Business insurance isn’t simply something that would be nice to have in the event of an emergency. It’s a necessity for every responsible business. An independent insurance agent can help you find the right package of policies to protect your unique business.

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