Transcript Insurance Every Church Needs

Insurances Every Church Needs
Pay Me Now or Pay
Me Later. Later will
be more, much
more…
Some Insurance is NOT an Option
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Property Insurance
Liability Insurance
Church Directors and Officers
Errors and Omission for Counselors
Disability Insurance
Life Insurance
Worker’s Compensation
Specific Needs (may be temporary or for a certain
period
• Not a complete List…
Property Insurance
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Buildings
Contents
Signs
Property in the Open
Fences
Loss of Income: covered disaster
Crime Coverage
Liability Insurance
• Bodily injury or property damage for premises
or operations
• Personal and advertising injury offenses-libel
and slander
• Medical expense coverage included
• Minister’s spiritual counseling
• Violent incidents during church sponsored
activity
Liability Insurance
• Protection could include church members,
employees, official, staff and volunteers acting on
behalf of the church
• Optional coverages
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Non-owned, hired auto
Directors, officers and trustees liability
Employment practices
Sexual misconduct
Employee benefits
Lost wages
Counselor’s Liability (licensed and fee-based)
Church Directors and Officers
• Liability covers D and O as a group
• A D and O policy protected against individual
lawsuits
• I have a webinar just on this subject
http://www.csbc.com/article327380.htm
Disability Insurance
• Employees of a church or convention or association
of churches or an organization that operates
primarily for religious purposes and is operated,
supervised, controlled, or principally supported by
a church or convention or association of churches
are not subject to UI, ETT, and SDI but are subject
to PIT withholding. Ministers who are duly
ordained, commissioned, or licensed in the exercise
of their ministry and members of a religious order
in the exercise of duties required by such order are
not subject to UI, ETT, SDI, or PIT withholding.
Disability Insurance
• Since it is not required, does the church have
a responsibility to provide insurance for it’s
staff?
• A better question is, “How do you provide for
an employee that is disabled while serving
your church?”
• What if one of your pastors has opted out of
Social Security?
Life Insurance
• $50K policy group term without tax
consequences: cost of doing business
• Additional coverage can be supplied at a
nominal taxable fringe benefit
• Providing LI to your staff helps protect your
church as well as the family
• It’s a stewardship issue
Worker’s Compensation
• It is REQUIRED by law
• Can be a public agency or state compensation
board will supply it at a cost
• Get your insurance agent involved: use
his/her connections
Specific Needs
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Mission trips, especially out-of-country
Camps
Special events
Large block party
Volunteers: childcare, daycare
Who Do We Insure With?
• These are not recommendations, but they
are insurance companies that have a good
reputation
• www.guidestone.org
• www.Brotherhoodmutual.com
• www.guideone.com
• www.doublehonorbenefits.com
You cannot insure for everything!
You have to make choices!
High Deductibles
Catastrophic Coverage
What Questions do you have for me?
Rod Wiltrout
CA Sent Specialist
Church Finance Specialist
(559) 256-0858 direct line
(559) 287-7840 cell phone
[email protected]
Remember: Pay me now or pay me later.
Later always costs much, much more!