Protect your religious organization from unforeseen events, such as a lawsuit or property damage, with religious organization insurance. Designed to protect religious organizations from financial losses associated with covered events, religious organization insurance is ideal for churches, mosques, synagogues, temples, and more. Continue reading to learn more about religious organization insurance, including why you might need it and the best coverage types for your organization or faith community.
Why do I need religious organization insurance?
All religious organizations could benefit from insurance. Why? Because the protection it offers. Religious organizations typically offer a wide range of services, from worship services and events, like weddings and funerals, to community programs for youth, the elderly etc. Working with people and having them on your premises or a locations you rent or lease opens your organization up to liability risks. Plus, religious organizations often operate out of buildings of great value, like churches, mosques, and synagogues. These buildings are at risk of damage, vandalism, and more, not to mention the valuable contents from electronics/AV to furniture, equipment etc. which is yet another reason that religious organization insurance is so important.
The best religious organization insurance coverage
Each religious organization gets to decide what insurance coverage is right for them based on their operations, budget, risk management, preferences etc. However, some of the most popular and typically purchased types of religious organization insurance coverage include:
- Commercial general liability insurance: Commercial general liability insurance, also known as slip and fall insurance, protects your religious organization from claims of third-party bodily injury and property damage. If a third-party claim is brought against your religious organization, your insurer may cover the cost of the lawsuit, as well as any necessary medical expenses or repairs. In addition, commercial general liability coverage is key for religious organizations that rent space on a weekly or ongoing basis for events, services etc as protects the organization from damage to physical locations they may use and is typically required by the venue, landlord etc. as part of the contract or lease agreement.
- Commercial property insurance: Commercial property insurance aims to protect your religious organization and its business-related contents, such as furniture, music instruments, or audio systems, from damage caused by a covered loss. Windstorms, fire, theft, water damage, and vandalism are just a few examples of covered losses that your religious organization’s insurance policy may include.
- Directors & officers liability insurance: Almost all religious organizations are registered non-profits with a board of directors who rely on the donations of others and the stewardship of those funds by the board to use them in a prudent and appropriate fashion that is consistent with the reason the funds were raised/donated for. Given this, most religous organization purchase directors & officers liability insurance. This coverage can help cover the cost of a lawsuit if any of your board members are sued for covered matters like breach of duty, misrepresentation etc and can also include employment practices liability coverage which can be an important protection against allegations of discriminatory hiring and firing practies, wrongful dismissal, sexual misconduct etc.
- Abuse liability insurance: Abuse liability insurance can protect your religious organization from the cost of a lawsuit alleging abuse or misconduct from the public. With this type of coverage, your insurance company can cover legal fees, including defence costs, settlements and/or judgements and will respond regardless of the validity of the allegations.
- Professional liability insurance: If your religious organization, leadership or staff offers guidance, advice or counselling-related services to others, you open yourself up to risk. Professional liability insurance can help mitigate this risk by providing financial protection if a third party files a lawsuit against your organization alleging negligence, misconduct, or failure to deliver a service as promised.
How much does insurace for a religious organization cost?
Each religious organizations insurance is priced based the specific details of their operations, organization etc, but some key rating factors include:
- Scope of events and operations
- Annual budget
- Replacement cost of physical assets including buildings, equipment, instruments, art etc.
- Size of the community or congregation
- History of insurance claims
- Amount of coverage purchased
- Types of coverages purchased
- Other
ALIGN yourself with comprehensive religious organization insurance
Contact ALIGNED to find the right insurance policy for your religious organization. From the moment you contact us, we will work tirelessly to find a great policy at a competitive price. Get in touch today to learn more, or click here for a free quote.
