Top 5 Things to Consider When Purchasing Insurancebeing there // on Thursday June 18, 2015
Your ministry is important to you, and there’s a lot to be done in order to protect it. Beyond your day-to-day tasks to ensure its safety, having insurance to safeguard your organization from severe loss is critical. But how do you make sure you’re getting the right policy, working with the best company or covering all of the needs of your organization?
These questions cannot be answered simply by a policy’s price tag.
Purchasing insurance can be overwhelming. For extra guidance when making your decision, remember these five items: stability, coverage, history, complements and availability.
- Stability. A company’s past performance is a good indication of their stability and financial strength. It also is a good predictor of their ability to follow through on their services to their customers. A quick way to find this information is by looking up the company’s rating from A.M. Best, the insurance industry’s recognized measurer of financial strength. Secure company ratings include A++, A+ (Superior), A, A- (Excellent), B++ or B+ (Good).
- Coverage. While price and value are important factors to consider, seeing that your entire facility is protected is even more significant. Make sure the policy covers all areas or structures among your organization’s property.
- History. You want your insurance company to treat you fairly. Their history is a good testament to their customer service practices. To help you with this question, check out a consumer buying guide or J.D Power and Associates.
- Complements. An insurance policy is good, but does the company offer any resources that could be helpful in preventing a claim or further protecting your ministry in other ways? Ask about items such as risk management tools or educational supplements.
- Availability. When it comes to the safety, protection and support of your ministry, you want those assisting you to be easy to communicate with. Some situations will require quick attention and high priority. For policy changes, payments and other policyholder concerns, make sure the company can be easily contacted in the ways that work best for you. Check out their online and mobile capabilities if that’s important to you. Or, see if their call center is open 24-hours-a-day if you prefer to communicate by phone.
With something as intimidating as insurance, you want to ensure you are working with the right company, purchasing the right policy and seeing that all your needs are covered. In doing so, you will find confidence in the protection over your facility, staff, congregation and ministry.