Rising Commercial Property Premiums and How to Overcome

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You Need a Specialized Church Insurance Agency on Your Side

Struggling with affordable insurance premiums on your church property? If so, then you’re not alone. Most businesses are seeing more cost and less protection with their coverages. Especially in states where hurricanes produce extremely strong winds and heavy rains.

“The cost of property insurance has significantly increased and coverage amounts have been reduced.”

What’s causing the rise in property insurance premiums?

“Inflation and natural catastrophe risk were the main drivers of the Q1 premium increase in commercial property.”

When will the rates stop increasing on commercial property insurance?

“Commercial property insurance buyers can expect further rate hikes this year due to a confluence of factors, with catastrophe-exposed and loss-hit accounts bearing the brunt of tightening capacity and increases…”

What can businesses struggling with property insurance premiums do?

Find an insurance agency that specializes in covering your specific industry. Working with a specialized agent provides many benefits and can be helpful in other ways too. In this article we look at how a specialized church insurance agency can help you save money and so much more.


What Is a Specialized Insurance Agency?

A specialized insurance agency finds insurance for industry specific businesses. These professionals know the industry, its laws and regulations very well. They have experience with coverage options and can help determine what is best. Choosing an agency who specializes in your unique business is a smart choice. Especially for churches, private schools and nonprofits where things may be ran differently.

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What Are the Advantages of Working With a Church Insurance Specialist?

An insurance agent specializing in your business can provide unique benefits and specific help in various ways. Below is a list of the most important:

Understanding Your Industry

Specialized church insurance agents know your industry better than general agents can. They have a greater understanding of the issues and potential risks with these organizations. This provides them a more focused look into both common and unique situations. They can then provide insight and advice to help with the coverage needed.

Knowledge of Risks and Compliance Issues

A church insurance specialist knows the dangers of the location and the laws that govern the area well. They know the risks associated with religious organizations and the applicable compliance regulations. This allows them to offer tips to help protect from potential known pitfalls. Plus, they can point out unique risks and coverage gaps that may be overlooked otherwise.

Experienced Professional Advice

Agents knowledgeable about churches and other religious organizations can provide specific coverage solutions for a multitude of issues. They can best answer your unique questions about managing different risks. They can also provide useful safety info for other issues you didn’t know of yet.

Access to Policies Available

A specialized church insurance agent has access to many different church specific insurance policies and options. This is so they can help the organization meet the requirements set forth by laws and regulations. They can find coverage for all the possible risks your organization may face.

Customized Coverage Solutions

All churches are unique in some way or another. An insurance agent who knows the business can help it tailor its own unique coverage plan. A custom policy specifically for a particular religious organization. They can also find coverage solutions that meet or exceed the necessary business requirements.

Knowledge of Better Coverage for Lower Premiums

A specialized church insurance agent is well-versed in the various policies and premiums available. They can find the best coverage at the lowest cost possible. An experienced agent can negotiate on behalf of the church to get a more favorable term. They can usually find better prices while still meeting coverage requirements.

Range of Possible Discounts Available

An experienced insurance agent can help with various discounts and other cost-saving options available. This allows for the best deal available on the policy to get the most out of the coverage.

Ability to Negotiate on Your Behalf

A church insurance agency who knows the industry can use their long standing contacts to negotiate more favorable terms.

Availability and Quick Response

Insurance agents who specialize in churches can provide quick responses to your inquiries or requests. They are also more likely to be available when you need them.

Assistance with Claims

Having an experienced agent on your side can make filing and processing a claim much easier. They will understand the paperwork involved and ensure that everything is correctly done.

Access to Other Products and Services

Specialized agents have access to helpful ways to protect your church, private school or nonprofit. From the latest news and laws effecting you now or later… To risk management to help you manage your risks and reduce the chances of it happening to you in the first place.


What to Look For When Choosing a Specialized Insurance Agency

Below are traits to look for when considering your insurance agency options. You may not be able to find one agency that checks off all the boxes. But the closer they come to covering them all the better.

  1. Reputation
    Research the reputation of any insurance agency before you call them. Make sure they have a good track record of quality service and customer satisfaction. Read testimonials and reviews and avoid the shady players in the industry. Lack of research can cost you more in the long run.
  2. Level of Experience
    See how long the agency has been working in the church industry. This will give you an idea of their level of knowledge and expertise in getting you proper coverage.
  3. Selection of Insurance Providers
    Make sure to choose an insurance agency that works with multiple insurers. Doing this will provide access to more coverage options and possibly lower premiums.
  4. Wide Range of Related Services
    Working with experienced specialists can help you get the most out of your church insurance. Depending on their level of expertise, other related services may also be available. For example risk management, legal advice and financial planning.
  5. Professional Connections
    Choose a church insurance agency who has the knowledge, experience and connections in the field. For instance, knowing claims adjusters and other professionals can help out tremendously.

Conclusion

As you can see, working with a church insurance specialist can provide many benefits. You get advice from someone who is knowledgeable about your business and who knows its laws and regulations. Your church insurance questions usually get a quick response due to their knowledge and experience. Also, a professional church insurance agent can help in negotiating on your behalf. They can also help you sort out any claims you might need to make if and when the time comes.

Our mission at Beacon Insurance Agency has always been to help light the path to our clients’ peace of mind.
We help to empower them with the safety information they need to fulfill their own mission to the world.

Beacon Insurance Agency serves churches, private schools and nonprofit organizations just like yours. For over a decade we have built our reputation on providing customized coverages. This includes insurance policies that fit their needs and invaluable safety resources. We partner with GuideOne which gives us access to valuable risk management guidance and custom coverage solutions.

Contact us today to have us review your existing commercial property insurance policy.
We can also work with you to customize a plan that protects your ministry’s future.


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