Church Insurance – How You Could Save Money
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How much is church insurance? Do churches really need insurance? These are some of the most common questions asked when thinking about protecting ministries nationwide. Especially during difficult financial times like the present, many people may be worried about church insurance costs. While you should always have appropriate insurance to help protect your church, there are things you can do to help lower your church insurance cost in the short-term and long-term and keep more dollars for your ministry.
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Here are some tips to consider if you are looking to lower your insurance costs:
Review Your Coverage
You should never skimp on insurance to try to save money for your church. In fact, being underinsured or without coverage can put your ministry at great risk should the unexpected happen and you are left financially liable.
However, there are times when you may be over-insured with coverages and limits you do not need. In these instances, you may be able to reduce your coverage which can result in a lower insurance cost. Suracy Faith offers free coverage reviews to churches.
Shop Your Coverage
Comparing rates can unlock savings! Rates for coverages vary between insurance companies. When you receive quotes from multiple carriers, you can see what the best available price is. If any of the pricing you receive is lower than what you are currently paying, you can make a switch and save! Also, remember that even if you are in a multi-year contract, there still might be opportunities to save money.
Help your church keep more dollars - see if you could save with a free coverage review!
Follow Safety and Prevention Guidelines
Taking steps to help prevent accidents from happening can make a big difference in potentially saving your church money. Knowing how to maintain a safe property, properly screen staff and volunteers, and safely run special events, among many other things can help save your church from costly claims in the future.
There are a wealth of safety and prevention resources available to churches online. Not sure where to begin looking? Check out our article on where you can find church safety and prevention resources.
Check Your Deductible
Always be sure to review your deductibles associated with your insurance coverage. You should have deductibles that work for your ministry and its operations. Remember that having a higher deductible for your policy/policies can mean a higher out of pocket cost should you have a claim. If the unexpected happens and you need to pay a high deductible that was not planned for in your budget, it can be a substantial financial stress and take money away from other ministry-related initiatives. Sometimes paying a higher amount for your premium with a lower deductible can save you money in the long run.
Have Appropriate Coverage
As we mentioned earlier, it is possible to save money on your church insurance by reviewing your coverage to ensure you are not over insured. However, the importance of having appropriate insurance that reflects your ministry’s needs and current operations cannot be overemphasized. Having too little or no coverage at all puts your church at serious financial risk should an accident occur. If you are unsure of if your coverage is appropriate for your church, Suracy Faith offers free coverage reviews by calling (855) 979-5891.
Remember, you can have outstanding coverage at competitive pricing!
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Becca R.
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Suracy and/or Suracy Faith is Suracy Insurance Agency, Inc.