Church Liability Insurance Cost
No one wants to pay too much on their church liability insurance cost, but you also don’t want to find out you are not covered at the time of a claim. It is important to properly balance your church liability insurance cost, with the needed insurance coverage.
As church insurance brokers our job, is to know and understand what coverages a church need. We are also expected to understand how each policy reads, so we can let our clients know which church insurance company has a better insuring agreement.
Many times, there may be a reason two quotes look the same from the outside but offer much different pricing. One of those reasons could be due to the insurance company limiting coverage and the one church insurance company is extending more coverage.
What Church Liability Insurance Cost Are Factored Into An Insurance Policy?
Churches have one of the most comprehensive insurance coverages as compared to the average business organization. This is primarily because churches have many different exposures that other organization do not have. Your church insurance agent and their underwriters are looking at a church from all aspects of their operations. From general housekeeping, to written policies and procedures.
Some of the top church exposures being considered include the following:
- How established is a churches board of directors
- Rules associated with kids and church staff
- Visits people at homes
- Types of sponsored sporting events
- Does a church host lunches
- Are Employee covered by workers’ compensation insurance
- Does a church need volunteer labor workers’ comp coverage
- How are Overnight events with kids staffed
- Any International mission trips
- Does the church own any buses and 15 passenger vans
- Is there a written vehicle maintenance program in place
- Are church buildings being properly maintained
- Can church membership support the size of the church property
As a result of these added exposures, this adds to the overall church liability insurance cost that churches face year after year. All these added exposures, present an insurability issue for many insurance companies. Therefore, it takes a specialty church insurance provider, who understands the inner workings of churches. These companies have many years of experience, in working with churches to help keep your church liability insurance cost down to a minimum.
Why Is Church Insurance So Expensive?
Obtain church insurance may sound simple enough, until you discover most insurance companies do not want to offer insurance for churches. As of 2020 there are currently 5,929 different insurance companies.
Of these companies less than 20 insurance companies will consider to provide a church insurance quote. Of these 20 insurance companies, only 5 specialize in church insurance and offer competitive insurance coverage.
Many small churches find themselves insured with these insurance companies who do not specialize in church insurance. As a result their church liability insurance cost, are much higher than the average to large size churches.
The average small church, will typically pickup the phone and call their local Farmers or State Farm insurance agent. While these two companies can write church insurance, they fall outside of the 5 companies that specialize in insurance for churches.
Many churches have reach out to us, only to find out they were missing key church liability insurance coverages because their insurance company did not offer the needed coverages.
This is primarily due to the fact these insurance companies are charging a higher insurance premium for less coverage. When an insurance company does not specialize in a specific coverage and are more of a generalist, the pricing and coverage will suffer due to lack of underwriting knowledge.
To help reduce your church liability insurance cost, ensure you are insured with an insurance company and church insurance agency that is an expert in the church insurance space.
How To Safely Lower Church Liability Insurance Cost?
When attempting to save money on your church insurance, it is important to work with an insurance expert. This is someone who specifically specializes in church liability insurance. This will help ensure your church will not sacrifice coverage for a few dollars in savings.
Working with an independent insurance agency, who specializes in insurance for churches can help in your hunt for savings. They will have access to multiple insurance companies who specialize in church insurance and will know which insurance company will best meet your churches needs. It is important to provide the church insurance expert with a copy of your complete insurance policy.
When providing a copy of your complete church liability insurance policy, they will conduct a complete review of your church insurance coverage. Their review will exam the following items:
- Identify your current church insurance company
- Identify their AM Best Rating and if they have been downgraded recently
- Discuss their claims handling as compared to other insurance companies
- Is the insuring agreement comparable to other church insurance companies
- Review current church liability insurance cost
- Review current church property insurance coverage
- Review liability insurance limits
- Discuss areas where you may need more liability insurance coverage
- Discuss areas a church may be over insured.
- Review and discuss property deductibles
- Identify areas where we can obtain additional discounts from the insurance company related to your leadership experience, risk management practices, and overall church facility maintenance.
During this process you will quickly become aware if the insurance agent is an expert or not. You may also learn how good or not so good your current insurance agent is. When you obtain your new church insurance quote, compare the coverage liability limits and property limits to what you currently have in place. Make sure you didn’t sacrifice critical insurance coverage in the process.
We understand that you will not understand the differences in the insurance contract, it is hard enough just comparing the insurance coverage limits. One of our church insurance specialist is available and ready to help provide that needed expertise.
Integrity Now Insurance Brokers is here to help lower your church liability insurance cost safely. We will not sacrifice coverage or place a church with an insurance company, who does not specialize in church insurance. Let us know how we can help you lower your insurance bill. We are a full-service insurance broker who specializes in insurance for churches. No matter if you are looking to save money on your workers’ compensation insurance, church property insurance, or ministry insurance we are here to help. Reach out to one of our church insurance agents today.
