Key benefits to your church of conducting an insurance review
Itís likely that youíre very busy and perhaps arranging the insurance for your church falls to you out of necessity rather than choice. Time-pressures or even (donít shoot me here) a potential lack of either interest or insurance knowledge can mean itís often easier to roll your cover over each year, assume allís well and leave it up to the professionals.
However, your insurance professional can only help you if theyíre armed with all the pertinent information and thatís where a periodical review is not just something you should ideally do but is essential.
If you donít know what you should be looking for thatís a separate issue. Check out our 3 important church insurance checks for non-experts if thatís you.
A review naturally gets you thinking about risk - and thatís got to be a good thing, right?
A review is the perfect opportunity for you to gain an understanding of your cover and how it applies to your activities. When itís coupled with a hand-hold from a qualified insurance professional it brings you along on the journey, involves you in your protection to an appropriate level (informed oversight) and should inspire trust in the advice youíre receiving.
Youíll become more confident in providing some challenge to your provider. If theyíre worth their salt theyíll welcome the interaction because it gives them the reassurance that risk is at least on your radar.
Itís all about making sure you have adequate protection in place
Go on, be honest, at each renewal you only really look at whether the premium has gone up, donít you?
However, it is important for you to be convinced in your own mind that both you and your provider have done more than just cast a cursory glance at your renewal in passing.
Churches are often complex and diverse by their nature, with inherent exposures to legal liability and other losses that are not always obvious. Making sure thatís met with appropriate protection requires a considered, thought-through approach from a qualified church insurance specialist. That could involve them in tailoring a bespoke, rather than off-the-shelf, solution.
A review creates the space and time to realign your cover with your ministries and avoid unnecessary exposure to risk.
A church insurance review also gives you the opportunity to look to and consider the future. Maybe you have aspirations to expand into new areas, take on staff or start offering a new service in your community. Planning for all the consequences of that becomes possible when it emerges in the natural course of an annual renewal discussion.
The focus shifts from cost to value
Sound advice and fit for purpose cover is king and neednít cost the earth but the consequences of getting it wrong could be devastating for your church trustees and your finances. Whatever you pay, if itís for the wrong cover or an incomplete service, itís a waste of money. Paying the right amount for the right result is not - and thatís what youíre trying to gauge as part of any review. Are you getting value for money?
By reviewing your needs from time to time you have the chance to engage in arranging your cover rather than being a spectator.
You canít know everything and itís not your job to double-check everything youíre being told. However, armed with a little knowledge you should feel more confident than ever and able to make an informed choice.
Keeping your provider close and working together in partnership with them to help you deliver your ministry gives you the best chance of success and prevents your mission from being crippled by an unplanned event.