Business Insurance helps pay costs related towards property damages, lawsuits, lost income, and other covered losses. A business needs an insurance policy to protect itself against risks. Similarly, churches require this insurance policy as well.
A church can hold large gatherings and, despite being a place of peace and sanctuary, is at risk for many of the same liabilities as any other local business. In 2021, 49% of Christians attended church for social activities. There are high chances of someone getting hurt in a large gathering. Merely getting church insurance, however, is not enough. You should review all of your insurance policies on a annual basis.
Environment and Conditions Change
The environment does not remain static. It can constantly change as needs and situations change. Even though change is expected, the intensity of it can often catch people off-guard. The new situation may not be covered in your previous insurance policy.
There might be gaps in your churches business insurance policy that will not cover the latest environmental changes. That’s why it’s necessary to do an annual review to catch these gaps. This is to help deal with any recent environmental change that happen. If your area is now prone to flooding, your church may want to now consider a flood insurance policy.
Avoiding the Risk of Overpaying
As new conditions and gaps emerge, business insurance policies for churches may need to be changed. Policies may become too excessive, instead of lacking in covering these gaps. If you avoid checking the policy, there’s a chance of overpaying. Over time this cost can add up, costing an untold amount. We have found that churches get rid of property that they no longer need, but forget to inform their church insurance brokers to have them remove the property from their policy.
Taking the time to review the business policy will ensure that no money is being wasted.
Chances of Lower Rates
Lastly, an annual review of your churches business insurance policy, can highlight areas where the church can save money. Checking it over can also reveal opportunities for discounts of where the church might be eligible. It is recommend to have your church insurance agent help you review your insurance and offer coverage recommendations based on your current situation.
Employee Compensation Coverage
It’s necessary to ensure the health of the employees when ensuring the longevity of the church. Group Health insurance for churches, will protect the employees from large medical bills. It keeps them safe and healthy in addition to providing their families with peace of mind.
It’s important to review the insurance policy to check if the coverage covers all of them. If there’s not appropriate coverage for all the employees, a person’s health may come at a risk. The person in return can also sue for liability.
Potential Mistakes in your Business Insurance Policies
Insurance agents are experts and work hard so that their client’s policies are accurate in computation and information. However, mistakes can be made.
Annual reviews are necessary to catch any potential mistakes and find a solution. This is to reduce risks before they become major problems.
Review Your Business Insurance Policy Yearly
Reviewing your churches business insurance policies should be necessary every year for every church organization. However, churches don’t have the same resources as large corporations. Therefore, you need to be especially smart and strategic when choosing a business policy that will protect your church.
It is important that your church is insured with church insurance providers that are not just there to take your money, but will also pay your covered claim in your time of need.
We at Integrity Now Insurance Brokers can help place your church with the best church insurance companies. Our professional agents help churches in Arizona, California, Colorado, Nevada, Ohio, Texas, and Washington get the best health insurance they need for their church’s employees. Thanks to our experience, we offer a variety of services, including church property insurance, church liability insurance, church building insurance, workers’ compensation insurance for churches, and more.