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5 Ways Insurance Brokers Can Help Catholic Churches

Insurance Claim Religious Organisations Insurance Not for Profit Insurance

Last week, Catholic Church Insurance announced it's winding down its operations after failing to secure the regulatory capital funding requirements. Therefore, they will cease to issue or renew insurance policies for the Catholic Churches they serve.

Proclaimed as one of Australia’s oldest insurance companies, the closure of Catholic Church Insurance may leave many Catholic Ministries across Australia without adequate insurance and increase their exposure to risk while they find new insurers.

However, all is not lost. The potential closure heralds the opportunity for religious organisations to review their existing insurance programs. It’s a chance to explore the market for insurance solutions that may better suit their specific needs.

So, for Catholic Ministries affected by the changes, here are 5 ways Insurance Brokers can provide risk and insurance advice to support the transition across to an appropriate insurer.

5 ways Insurance Brokers can help Catholic Churches:

1. Gain Clarity on Risk

While Catholic Church Insurance winds down there may be time to take stock. Talk to your insurance broker and ask them to evaluate your risk exposure against your current insurance program.

It will help you to better understand your risk appetite and whether your existing program meets your needs. You can decide which risks to keep, mitigate or transfer to insurance.

2. Gather Accurate Valuations

With a possible move to another insurer, it’s a good time to gain accurate valuations. With accurate asset insurance replacement valuations, insurers can underwrite your risks with greater accuracy.

Your insurance adviser can signpost you to the most appropriate and certified insurance assessors.

3. Update Business Continuity Plans

Clarity on risk exposure will help you to ensure you have appropriate plans in place to keep operating. Whether it’s an IT breach, weather event or other claimable event, a business continuity plan will ensure you know what to do and who to contact to keep servicing your community’s and congregation’s needs.

4. Build Insurance Programs That Meet Specific Needs

Insurance Advisers are experts in insurance and understand which types of insurance your Catholic Ministries and other religious organisations need.

Your adviser will work with you to evaluate your risk appetite and advise on the insurance solutions available. Their advice can help you decide which risks to transfer to insurance.

Cyber Liability Insurance

Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.

Details Get Quote

Public Liability Insurance

Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.

Details Get Quote

Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Details Get Quote

Your adviser will work with you to evaluate your risk appetite and advise on the insurance solutions available. Their advice can help you decide which risks to transfer to insurance.

5. Ongoing Advice and Claims Support

Insurance is a contract, like any other. Therefore, there are duties to declare potential claims and changes in circumstances. Changes could include contracts, events, youth programs, community outreach programs, fundraisers, new assets and more.

Your insurance adviser will act on your behalf by advising your insurers when you notify them of changes. Additionally, insurance advisers can explain any impact your plans may have on your insurance. For example, you may need an additional policy if your activities are not covered by your policy.

In the event of a claim, your insurance adviser can advise on what to prepare and negotiate with insurers on your behalf.

Does your Catholic Church or religious organisation need advice on transferring to a new insurer?

Clear Insurance offers a risk review on a fee-for-service basis. It will assess your existing insurance program against your risk appetite and provide clear recommendations to guide your next steps.

Contact our team today for a chat.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

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This article originally appeared on Clear Insurance In The News and has been published here with permission.