States require us to purchase auto insurance. Banks make certain we have mortgage insurance. Parents with children buy life insurance to protect their families in case of an unexpected death.
Yet, despite the fact that research shows we are much more likely to become disabled for more than three months than die in any given year, many of us do not have disability insurance.
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You have just met with your insurance agent to decide what type and amount of insurance coverage will best meet your church’s needs. But, before you make a decision, it’s important to read and understand the terms and conditions of the policy being offered.
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The loan underwriting process is centered on determining the level of risk associated with each ministry. As a part of that risk management process, we inquire about the amount of debt, cash reserves, as well as the limits and type of insurance coverage the ministry maintains.
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In the insurance world, agents — or brokers, in some instances — are oftentimes viewed as the “expert” when it comes to all things regarding liability, protection and coverage. As individuals, protecting things like personal vehicles and homes is thought of as a “no-brainer.”
What isn’t always top-of-mind is protecting the church.
As a ministry, there are innumerable assets and coverage options that should be considered when purchasing insurance. That’s where an insurance agent comes in to help.
The one constant when purchasing insurance is uncertainty. A few days of unexpected rain can carry in its wake a flood of unwelcome expenses and stress. Thankfully, insurance minimizes the havoc that can occur from such an event.
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The aisles that guide your congregation to a higher power could lead to slips, trips and falls if you’re not careful. Falls are one of the leading causes of unintentional injuries in the U.S., according to the National Safety Council. Those injuries accounted for about 8.8 million visits to the emergency room in 2013 — a nearly 500,000 drop from about 9.3 million visits to the emergency room in 2011.
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According to the U.S. Fire Administration (USFA), arson is the leading cause of fires in the United States, resulting in more than $1 billion in property loss each year. USFA recently reported that approximately 30,500 intentional structural fires occurred over the last year. By nature, places of worship are often easy targets for arsonists. Here’s how to protect your church.
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Insuring for less than full value is a common problem among churches. By “value,” I mean the replacement cost of a building, not the depreciated actual cash value or the market value. Underinsurance is common for several reasons.
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Every day, five churches are damaged by fire in the United States. At that rate, a church in your state would catch fire every 10 days! It happened 1,800 times last year, causing more than $98 million in damages to religious properties.
When was the last time you and your senior staff sat down and considered a contingency plan for a fire which seriously damages your church?
