The day-to-day operations and challenges of running a ministry can often overshadow the importance of reviewing your insurance coverage. Updating your insurance may not be at the top of your priority list, what with work, home, and personal obligations. Have you ever wondered when you should update your insurance policy? We recommend your take the time to review your business insurance program before each renewal.
The length of time it takes to renew your policy is determined by the size of your company, the complexity of your risk, and the insurance carriers you use. However, starting conversations two to four months ahead of time has a significant advantage. We have discovered that it allows you to communicate with your insurance broker about various difficulties and ideas. You can talk about potential company developments as well as the various insurance options.
A good market strategy can be condensed to five simple criteria regardless of an organization’s size, complexity, or risk profile.
Start The Process Early
Some agents like to start 120 out from the renewal date, and others say 90 days is ok. We think the more time you have, the better. This gives you plenty of time to plan your strategy and goals, gather data, create attractive underwriting submissions, engage underwriters to consider your options, and get post-binding papers like ID cards, certificates of insurance, and invoices. The idea is never to give an insurer a reason to deny participation because “there isn’t enough time.
Review Your Risks In Relations To Your Coverage
The process of risk and coverage review can be important to ensure your proposed coverage meets your goals. If you have an uncured loss due to a lack of understanding of your risk is never acceptable. This gives you and your agent an opportunity to thoroughly review your risks and design a program to meet your needs.
Recognize That Low Price May Not Be The Best Option
Often businesses will look to the lowest cost as the main factor in considering which program to select. This may not be in your best interest. Low-cost insurance can mean that there are coverages missing, restrictive terms, or exclusion you may not want to be included in the quote.
There are cost-saving options when purchasing or renewing company insurance coverage to help you save a large amount of money. If you can persuade your insurance that your risk exposure is modest, for example, your premium can be lowered.
Be Prepared To Negotiate
While a small business doesn’t have the same bargaining power as a firm that pays a six-figure premium, there are a few things you can ask for, including:
- Multi-year policies. These are helpful from a budgeting standpoint.
- Can the carrier assist with loss control? Identifying dangers in the workplace, advocating better controls, giving staff training materials, and developing best practices for a safer work environment are just a few examples. Mock Occupational Safety Health Administration (OSHA) inspections help ensure the business is OSHA compliant.
- Deductibles. As a result, assuming more significant risk in the form of a higher deductible should lower your premium. Determine how much your company can afford to pay if you need to file a claim while contemplating this choice.
Yes, the renewal procedure can be time-consuming and complicated, with many loose ends. That does not have to be the case. Not if you follow the correct procedures and have a well-defined strategy. A qualified insurance broker specializing in commercial insurance plans may make things a lot easier and more cost-effective.
Commercial business insurance is an important aspect of any business that cannot be ignored, especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.
Posted in Church Insurance Church Risk Church Safety by .
Oct 21
27
Church Cyber Liability Trends
Cyber Liability Trends
Cyber Liability continues to be a major issue for many churches. Is Cyber Liability part of your Insurance Program? In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show 40% of all cyber incidents affect businesses with fewer than 100 employees.
Here are a few examples:
- A University of Texas student hacked school network and stole 4,719 student and faculty social security numbers.
- A hacker successfully obtains sensitive personal information from the insured’s computer system. As a result, a number of donors bring a claim against the insured for allowing access to their personal information. Total cost to business was over $75,000.
- The insured’s Chief Customer Service Officer has his laptop stolen. The laptop contains over 100,000 donor records, including their personal contact information. Notification cost ran over $200,000.
- An insured receives an email that appeared to be from its bank but was not. The insured’s employee opened the email, which activated a computer virus called a Trojan horse that reads key strokes from their computer. The perpetrator used this means to obtain banking and password information and initiate a fraudulent electronic wire transfer from the insured’s bank account Total loss to business was $55,000.
Some Items to Consider
- With more companies beginning to store information on the “cloud” there will be more universal breaches causing greater losses.
- Cyber Liability insurance is a real option providing value added coverage and services.
- Industries most exposed are; healthcare, medical, retail, financial institutions, technology and hospitality,
- Cyber recovery costs are rising, even with new technology.
- Individual states will be beefing up mandatory reporting laws and imposing fines for lack of reporting.
- New technologies will allow cyber-attacks to come through smart phones and tablets.
- Small businesses may be the most prone, as they have the least protection.
Posted in church board Church Insurance Property insurance by .
Oct 21
18
Workers’ Compensation Best Practices
Ministry owners go to great lengths to provide a safe working environment for their employees. However, when dealing with humans, accidents can happen, and Workers’ Compensation Insurance can help. Workers Compensation Insurance should be an important part of every risk management program.
What Is Workers’ Compensation?
Workers’ compensation insurance is insurance that provides lost income, medical benefits, disability benefits, and rehabilitative services for workers injured on the job or while performing work-related duties.
Why Your Business Needs Workers’ Compensation Insurance
When an employee gets hurt on the job or has a work-related illness, only workers’ compensation will cover them. Health insurance benefits will not provide coverage for on-the-job injuries.
What Is the Best Way to Keep Costs Down?
- Provide training for hazardous work, especially for new or inexperienced workers.
- Enforce safety rules and practices.
- Enforce drug and alcohol rules.
- Require safety equipment to be worn at all times.
- Keep work areas clean.
- Workers should not wear loose clothing or jewelry around machinery.
- Where required, workers must wear protective equipment such as goggles, safety glasses, masks, gloves, hairnets, etc. appropriate to the task.
- Safety equipment such as restraints, pullbacks, and two-hand devices are designed for worker’s protection. Be sure such equipment is adjusted for each worker.
- Do not ever remove machine safety guards.
- Develop a system for reporting unsafe practices.
- Have monthly safety meetings that review safety issues and related topics.
- Create accident investigation procedures that focus on prevention and change.
Posted in Church Insurance Church Safety by .
Oct 21
14
Chruch Insurance
Property Insurance
When your ministry’s property is damaged, destroyed, lost, or stolen, your ministry suffers financially and in other ways. Brotherhood Mutual’s property insurance offers protection for physical items—from songbooks to steeples.
Liability Insurance
Liability insurance fills the gaps and protects your ministry’s people and finances. Brotherhood Mutual offers a wide variety of liability coverage options to help safeguard your organization from the unique risks Christian ministries face.
Excess Liability Insurance
Churches and related ministries aren’t immune to legal action, or the millions of dollars in damages that courts are known to award. That’s why Brotherhood Mutual offers optional excess liability coverage to provide an ‘umbrella’ of protection over your ministry’s primary liability coverages—general, vehicle, and employers’ liability coverage.
Save Money with Deductible Reduction
Get rewarded for ministry safety. If you’ve operated your ministry without a payable claim for two years or more, we reduce your deductible on a future covered claim. The longer the loss-free period, the higher the reduction—up to $500. Ask your agent for details.
If you manage a ministry, you know how hard you have worked to get your business started and sustainable. Most small businesses fail in the first year. So congratulation, you have made it this far. Even if your firm is run out of your house or car, you should think about small business insurance and its benefits. You’re buying safety for your small business when you acquire insurance. If something awful happens to the business, this protection will be there for you.
Why Buy Commercial Insurance
- It protects your investment. If you have a building or equipment, insurance can help your recovery in the event of a loss.
- Certain customers may require commercial insurance. If you run your business out of rented office space, your landlord will almost certainly require you to carry business insurance, which will be spelled out in your lease.
- Business interruption losses can put you out of business. Business disruptions can take various shapes, but they all boil down to anything that prevents or slows your company from running normally. Natural disasters such as floods and tornadoes cause most business interruptions, but they can also be caused by fires or delays in supply chain management.
- Protect your employees. It’s a good idea to protect your staff with liability insurance and workers” compensation insurance. It will not only make them feel more at ease at your company, but it may also safeguard them from losing their jobs if a lawsuit arises.
- If you own commercial vehicles, it is required by most states. You’ll almost certainly need commercial vehicle insurance if you’re doing any form of business on the road. Simply put, it’s the commercial version of your personal auto insurance. Commercial vehicle insurance can be used for transportation in buses, taxis, or shuttles, even if you’re not driving; it’s a safety plan that works in any shape or form.
Most small businesses need at least a few insurance plans. These will include:
- Workers’ compensation insurance
- Liability insurance
- Workers’ Compensation insurance
- Property insurance
- Commercial Auto Insurance
- Professional Liability
- Cyber insurance
Now that you know how important insurance is, you may be motivated to choose a plan and purchase it for your company. Our staff is pleased to be able to provide a more straightforward method of purchasing commercial insurance. You have options when it comes to your insurance and how you receive and keep it. Contact us today to learn more about our policies and to ask us any questions you may have.
Posted in church board Church Insurance Church Risk by .
As a church leader, you search high and low for commercial insurance for your business. But did you know that one of the most important things you can do is lay a good foundation before you start your search?
Business Insurance Buying Tips
- Know your risks. It is a good idea to review your operations and consider all the risks your business may have. Review recent legal actions and settlements in your industry. Talk to peers and find their level of coverage. Using your peer feedback and industry research, determine the average legal costs and settlement to set your coverage limits.
- Get your documents in order. Gather up your losses history, copies of current policies, and financial information. This will help expedite the renewal process.
- Find an agent or broker you can trust. Look for an agent who knows about your type of business.
4. A commercial insurance agent can guide you to a policy that fits the needs of your business. Using an independent agent allows you to have the agent shop the market to find the best combination of coverage, price, and service. An agent can also help you with all these items. The more the agent understands your overall business and finances, the better they will be able to find competitively priced products for you.
Consider the following non-traditional kinds of insurance.
- Flood or earthquake
- Employment liability
- Cyber liability
- Directors & officers liability
- Increased umbrella or excess liability
- Professional liability
- Third-party dishonesty
We offer many lines of Commercial Insurance. We provide business insurance for Special Events. We also specialize in insurance packages for specialty and general contractors who can provide coverage for most retail operations, including restaurants, bars, stores, shops, vendors, and distributors. We also offer the following packages and mono-line coverage.
There are more remote workers in American today than at any time in our recent history. Many employers are embracing this trend, but there are new risks to consider. As a result of this distant work environment, a crucial problem arises in new security threats. In our digital age, businesses have had to improve their cybersecurity, yet cybersecurity dangers have increased significantly due to remote labor. Employees who work from home are at a significantly higher risk than those who work in offices.
Ransomware attacks are also a big concern for more than two-thirds (69%) of IT executives, who anticipate that the hybrid workplace will be a target for ransomware. Targeted organizations faced a threat to their business continuity as a result of these attacks.
Sharing a computer and using it for personal purposes are two different things. It may seem self-evident, but sharing a business computer with family or roommates can be a security concern. This should be avoided at all costs, especially if your work result contains sensitive customer information.
Cyber Tips For Remote Workers
- Keep devices patched and up-to-date.
- Accommodate the increase of remote VPN workers.
- Proved employee training.
- Require passwords to be updated regularly, use PW managers.
- Use cloud software for file management.
- Use only secure Wi-Fi.
- Have good backup systems
Have a good cyber liability insurance plan in place. Cyber liability insurance is a type of insurance that offers a variety of coverage choices to help organizations protect themselves from data breaches and other cyber security risks. It’s not a question of whether, but when your company will be hacked. Policyholders with cyber insurance can also use tools and services to manage and minimize cyber risk both before and after a breach.
For remote employees, cybersecurity necessitates ongoing monitoring. Give us a call if you’re concerned about your present remote security practices. We’ll examine and put safeguards in place that will allow your remote workers to work securely and productively.
2020 and COVID-19 have changed the way we think about remote working. Most businesses are having employees work from home, and even if there is a vaccine, the work-from-home trend is likely to continue well into 2021. A PWC survey on US remote working found that 55% of executives believe that most of their employees will continue working remotely at least one day a week post-pandemic.
A Remote Work Policy Might Include:
- Work hours
- Equipment used
- Time management
- Define the scope of work
- Designated work area
- Proof of presence in the work area
How Does Worker’ Compensation Apply To Remote Workers?
In general, employees are covered for work-related injuries that occur outside the office or other workplaces. Generally, employers are still responsible for injuries that occur during a detour, such as when an employee physically departs from his or her job duties that is considered minor activity, getting coffee, etc.
Some questions that will determine whether an injury is a work-related include:
- Was the employer benefiting from the employee’s actions when the injury occurred?
- Did the employer require the employee to engage in the injury-causing activity?
- Did the employer approve the off-site activity in advance?
While employers cannot completely eliminate safety hazards in a home office setting, just as they cannot in the traditional office setting, employers should enforce good risk management practices to ensure those home office workplaces are as safe as possible.
Finding and buying the insurance that meets the unique needs of your business can be easy when you work with the experienced team at our agency. We understand that your business is one of a kind and needs specific protection.
Call us to speak with one of our agents or complete our online quote form. Please have your current policies available when you call.
Disaster Preparedness
Our thoughts and prayers continue to be with the people of Houston. Hurricane Harvey caused over 75 billion dollars of damage. While this is fresh on our minds, let’s get prepared for the unexpected. This could be a flood, hurricane, earthquake, wild fire, or any other event that causes damage to our homes.
Remember, your homeowners insurance may or may not cover the next disaster, so it is a good idea to have our team complete a personal insurance review. Here are some things you can do right now. Ready.gov has provided many good resources.
Basic Preparedness Tips
- Know where to go. If you are ordered to evacuate, know the local evacuation route(s) to take and have a plan for where you can stay. Contact your local emergency management agency for more information.
- Put together a “go-bag” or disaster supply kit should you need to evacuate, including a flashlight, batteries, cash, first aid supplies, medications, and copies of your critical information.
- If you are not in an area that is advised to evacuate and you decide to stay in your home, plan for adequate supplies in case you lose power and water for several days and you are not able to leave due to flooding or blocked roads.
- Make a family emergency communication plan and review it regularly with members.
- Many communities have text or email alerting systems for emergency notifications. To find out what alerts are available in your area, search the Internet with your town, city, or county name and the word “alerts.”
- If there is a chance of flash flooding, move immediately to higher ground.
- If floodwaters rise around your car but the water is not moving, abandon the car and move to higher ground. Do not leave the car and enter moving water.
- Avoid camping or parking along streams, rivers, and creeks during heavy rainfall. These areas can flood quickly and with little warning.
- Disconnect electrical appliances and do not touch electrical equipment if you are wet or standing in water. You could be electrocuted.
- If instructed, turn off your gas and electricity at the main switch or valve. This helps prevent fires and explosions.
More resources for you
As a business owner managing your risk is critical to keeping your business going and your family safe. It is important to have an insurance program that is designed that addresses your needs and risks. While insurance covers many kinds of loss, preventing loss can be better. You’re aware that severe weather might strike at any time, so you’ve purchased insurance to assist you in recovering from a storm. You’ll want to get back on your feet as soon as possible if your home or business is damaged by wind, fire, flood, tornado, hailstorm, or other natural disasters. As a result, we urge that you take the following steps to ensure that your claim is handled as quickly and efficiently as possible.
If you have a claim, here are some actions to take
- Review your insurance and have it ready as a reference.
- Assess the damage.
- Most insurance contracts require notice as soon as possible following a loss, and your policy includes contact information for filing a claim.
- Take action to mitigate any further damage. (typically insurance company will re-reimburse you.
- Call your agent or insurers claims hotline.
- Be available for the restoration contractor to arrive.
- Stay in touch with your adjuster and agent.
- Don’t hire a contractor without references and approval from the insurance company.
- Take pictures of damage and repairs.
- Take inventory of what was lost or damaged.
- Don’t toss anything before the adjuster or insurer approves.
- Don’t sign any contracts for repairs without discussing it first with your agent, adjuster, or insurer.
- Keep all receipts and invoices for every expense you incur after the loss.
Understanding your insurance coverages and the claims process will help you recoup as quickly as possible following a loss. Follow these suggestions and contact your insurance agent for further information.
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