When is it Time for a Policy Review?
June 28th is National Insurance Awareness Day, established as a day every year to pause and review your commercial insurance policy.
Every commercial insurance policy is reviewed at renewal time. But, when are some other times you will want us to provide a review of your organization’s property and general liability policies?
Ask the following 3 questions. Is your church, school or nonprofit organization:
- Adding new buildings, updating existing buildings or significantly changing a building’s purpose (for example, a gym converts to a permanent childcare space)? Church and school property insurance policy limits and premiums are underwritten based upon the building information provided. Many times, this is at the binding of the policy then again at renewal. However, churches, schools and nonprofits make updates all the time that make a difference in the premium-sometimes saving thousands of dollars per year in annual premium dollars.
- Making a big purchase? When you plan to make a large purchase for your church, school or nonprofit, notify us and we will review your relevant policies together. What exactly is a big purchase? Some examples are a new 15 passenger van or other commercial vehicles, new audiovisual equipment or even a costly musical instrument.
- Adding a new ministry? Examples are a new mission trip abroad, a new outreach team in the community or a new children’s ministry. New ministries may change your organization’s exposure to certain liabilities, which falls under your general liability policy. It’s our mission to make sure you have the optimal coverage to any exposures you may face.
If your organization makes any of the above changes, simply send us a quick email to set up a policy review @ TFortune@beaconinsuranceagency.com.
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