Save Money with One Change
May 9, 2023
Did you know a higher deductible can actually save you money?
A periodic review of your insurance policy is a good way to make sure your ministry is protected for its most current needs, but it also may offer the opportunity to find some significant savings. For property and liability insurance, you can lower your premium payment by choosing a higher property deductible. This is because a ministry with a higher deductible takes on a little more of the financial risk from a claim event. This approach can save money over time, enabling you to have additional funds to directly impact your mission.
Let’s say a ministry currently has a $1,000 deductible and an annual premium of $8,500. If it raised its deductible to $2,500, the annual premium would be reduced to $8,100. Over time, the premium savings can add up, even if the ministry files a claim. Not only does this free up ministry resources now, but it can save money long term.
Additionally, you can maximize your savings by implementing risk management practices to help prevent losses altogether. Our agency highly recommends Brotherhood Mutual’s free online Safety Library with hundreds of risk management articles, sample checklists, forms, and more. Give us a call to discuss how a higher deductible may benefit your ministry today.
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- Save Money with One Change
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A periodic review of your insurance policy is a good way to make sure your ministry is protected for its most current needs, but it also may offer the opportunity to find some significant savings.
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- Responding to Mission Issues
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Having insurance coverage specifically designed for long-term international missions helps protect your people and organization from the financial impact caused by injuries, lawsuits, property damage, and more.