Picture this: you're running behind schedule to prepare for an event you've been planning for weeks. Being in a rush to complete everything is quite normal when you want to knock it out of the park.
You may borrow a vehicle to pick up some essentials and volunteers who promised to give you a helping hand when setting things, and BAM, you rear-end the truck parked in front of you. Even if everyone in your vehicle is without injury, your heart will begin to sink into the stomach as your mind fills with thoughts of unknown financial obligations and legal issues. Your event plans would become the least of your problems at this moment as you step out to check on the folks whose truck you just hit.
Although we hope no one has to experience anything like this, the truth is that it could happen in an instant, even in the most controlled environments. As nonprofit or church leaders, you should proactively prepare for probable accidents rather than waiting for a calamity to strike.
A risk management mindset and regular auditing of your current insurance plan help ensure all the bases are comprehensively covered. As experienced church insurance specialists, we cannot emphasize enough the importance of reviewing the insurance plan with an independent insurance agent who is well-versed in local laws and vulnerabilities that surround your church or NGO. Regularly reviewing the policy coverage and terms and conditions before renewal can prove invaluable in the short and long term for your nonprofit or ministry in America.
Factor in any changes to the organization's leadership structure and modifications impacting the financial health, including expenses and revenue streams. Review the enhancements made to your program offerings, event calendar, operations, property, and assets.
If you purchased a new machine or building or sold a vehicle, consider this when auditing the insurance plan before requesting a renewal. The process is incredibly insightful as it provides a comprehensive picture of risks associated with your operations and ways you can optimize protection for your church or nonprofit. Here are some other benefits of reviewing your insurance plan regularly.
#1- Avoid Being Over or Under-Insured
While subtle alterations to your operations, assets, or financials might not seem crucial in the grand scheme of things, they sometimes have a significant impact on insurance requirements. The insurance coverage should adequately protect against the risks that are specific to your situation—nothing less, nothing more.
For instance, if you run a ministry, the church property insurance plan should reimburse any losses resulting from accidental damages to the property. It must help ensure you have enough resources to restore the property to the same condition it was before the loss.
Similarly, the church liability insurance policy should properly protect your nonprofit or house of worship from liabilities resulting from emotional injuries, bodily injuries, or financial damages to a third party.
Covering any potential gaps in your coverage to ensure you're not underinsured is important to avoid paying for claims out of your pocket. Conversely, being over-insured means wasting the already scarce resources with policies that are excessive or irrelevant to your organization.
If you're struggling to find the right balance, let specialists at Integrity Now Insurance Brokers devise a personalized plan to help you enjoy the peace of mind that comes when you're adequately insured and can focus on other things that matter more.
#2- Get Affordable Premiums
Nonprofits and churches function on donations and tight budgets. However, cutting corners on the insurance plan to save a few bucks might not prove beneficial in the longer run. This is because not all policies are created equal.
When you think you've streamlined the cheapest insurance plan in town, think again because choosing a more affordable insurance option doesn't always translate into the most feasible financial option for an organization.
On the flip side, choosing the most expensive option isn't recommended, too, especially if it doesn't provide comprehensive coverage. The goal is to remain mindful of the policies you're paying for.
Talk to our insurance specialists to learn how your premium is determined. Having a confident grasp on your insurance policy's scope will be your best bet, guaranteeing personalized and cost-effective coverage from reliable insurance carriers in your area.
#3 Ease of Other Audits
Depending on the state your organization operates in, there are various mandatory auditing requirements you need to comply with. Sometimes, insurance companies also conduct their own verification audits to ascertain the measures and policies that are being followed to mitigate risks. These audits play a critical role in the policy premiums and the amount of coverage provided.
#4- Opportunity to Shop for Better Options in the Market
The ever-changing landscape of the insurance industry keeps brokers on their toes. From constant price fluctuations to the latest insurance products, many variables need to be considered when it comes to niche insurance.
Partnering with an independent insurance agency allows you to explore your options and find the one you feel confident working with for renewals. While captive insurance brokers are obligated to underwrite with selected insurance companies, Integrity Now Insurance Brokers maintains the capability to quote with different suitable options to help you find the one that meets your needs cost-effectively.
#5- Empower Informed and Timely Decision-Making
While you may not be an insurance expert, that's what we're here for! All you need to do is keep a check on the overall financial health of your organization to make timely, informed, and profitable decisions for the organization's mission and future.
Rely on Integrity Now Insurance Broker's Systematic Auditing Process
If you're a driven nonprofit or church leader who wants the best for the organization, let experts at Integrity Now Insurance Brokers review your current insurance plan to determine the additions and eliminations it needs to become efficient.
What matters the most is working with a reliable ministries insurance carrier with a proven track record. We can connect you with top church insurance companies in your area to get you the best-tailored packages at the most suitable rates to ensure your ministry remains adequately covered.
We welcome you to schedule a consultation to discuss your concerns, identify the risks, and devise a proper risk aversion plan. Our specialized agents are well aware of every personal and professional liability that can take place in religious and nonprofit organizations. Our dedicated specialists go the extra mile to ensure your mission remains protected.
You can call us at 877-854-7396 or email us to learn more. Our expert church insurance agents can help you find all the information you need to devise a comprehensive nonprofit insurance or church insurance policy. One that comprehensively includes workers' compensation insurance, church property insurance, EPLI, pastors' and ministers' liability, abuse and molestation coverage, commercial auto insurance, umbrella insurance, directors and officers insurance, church liability insurance, and more in many states across the United States.
0
