You may not think of your church as a business, but it operates that way in many respects. Your church has employees, owns or rents real estate and may offer services that it charges for. Because of this, your church needs complex insurance coverage, and insurance needs can change over time, which means your church may need an insurance review.
With an insurance review, you will sit down with an agent and go over the coverages you have, whether they are appropriate and adequate and what changes may need to be made.
You should probably review your insurance coverage with an agent at least once a year, even if there have been no changes in your church. Prices and underwriting standards can change over time, there could be new companies in the market or there could have been changes in law that affect your insurance needs.
If there have been major changes in your church, then you definitely should meet with an agent to review your insurance needs. If you have grown, added a new location or moved, or bought new equipment, you will likely need to adjust your coverage. You may also need to adjust your coverage if you have added employees or had changes in your leadership.
Another reason you may need to adjust your insurance coverage is if your ministry and outreach has changed significantly. For example, if church members are routinely driving out of state or traveling overseas, you may need to adjust your coverage.
Churches operate on a tight budget, and ensuring yours isn’t paying too much for insurance is worth spending a little time reviewing your coverage.