Churches are places of worship, but they are also often a space for events like weddings, services, funerals, and more.

These large gatherings put churches at risk for liabilities. Places of the sanctuary are not immune from lawsuits. Churches also have employees and a board of directors, who all may need insurance coverage of some sort.

Church insurance is a must. So keep reading to learn what types of insurance a ministry should have for security and financial peace of mind!

Coverage for Special Events

Dig deep into your current policy to see if it covers special events. If not, it’s important to ask for this coverage. This is especially true if your church holds special events like festivals, holiday celebrations, etc.

This is important if the special event is taking place outside of church property. So the location of the event is important and might determine if you need a separate policy for special events to provide coverage.

But even if your church doesn't host large events, you still likely need insurance coverage.

Church Property Insurance

If your church owns the actual structure, plus any personal property inside the church, then you need property insurance. This covers property like furnishings, landscaping, and buildings.

This could also include valuable items in the church. It may also cover historical property like pews, church pianos, and other musical instruments.

This type of insurance keeps you secure in case of other incidents, like a natural disaster, theft, fire, and more. Property insurance is key for rebuilding after an unexpected financial issue.

The premium for property insurance is typically based on a few factors. The first factor is the square footage of the church building itself. The year of construction and any additional newer construction that’s been done, will be factored in as well. It’s important to note any renovations, especially for an older church building.

Property insurance also includes auto insurance coverage. Does your church have buses or vans that need coverage? If so, property insurance would provide security for any damages that happen to the vehicle or any people injured.

But what type of insurance should you have to protect your church from any possible legal action?

Insurance Coverage in Case of Legal Action

In the event members of the church or other individuals sue, general liability insurance is necessary. This type of coverage has two parts. It includes coverage for someone claiming injury and coverage for someone claiming property damage.

So if someone slips and falls in the church, general liability insurance would provide coverage. Property damage is also covered with general liability insurance. This is especially important if the church doesn’t own the building of worship.

Churches must prepare themselves for all circumstances in which someone might sue them, and they incur legal costs!

Types of Liability Coverage

General liability insurance won't cover all circumstances therefore, additional liability coverage is needed for specific incidents. Some types of liability coverage to consider include: Sexual Misconduct, Directors and Officers, Pastoral Counseling, Church Security, Freedom of Religion, Volunteer Safety, Youth Safety, and Infection Disease Outbreak. The first is protection we will review is from an employee accusing the church. This is called Employment Practices Liability.

EPL insurance is important for churches, especially if an accusation arises. This covers legal costs and damages if an employee sues. Plus, if other legal accusations arise, like discrimination, sexual harassment, or wrongful termination, EPL insurance can help cover costs.

Also, when thinking about liability insurance, you want to include all employees of the church, including the board of directors and trustees. This will cover the church for claims of financial damage due to a decision that was made by the board occurs.

Another type of liability insurance that you may not think of relating to a church is cyber liability insurance. This type of coverage is helpful if a church uses computers and electronic data. Cyber liability insurance will help with recovery costs related to any cyber attacks, computer viruses, and data breaches, including legal fees and claims that may be incurred in a data breach.

Finally, Religious Freedom Protection is essential for your ministry. This liability insurance will protect the church against claims of emotional injury that result from the church’s religious acts, communications, activities, etc.

Coverage for Employees of the Church

Other than insurance to protect against possible legal fees, you may also need insurance for the employees of the church.

In some ways, churches operate as a business that has employees. These employees are not exempt from needing basic coverage, like health insurance. Providing health insurance to ministry employees can help attract more people to work for the church.

Also, Workers’ Compensation Insurance is needed for employees to benefit from any injuries on the job. The legal requirement to provide this insurance will vary by state. Whether it’s required, this type of coverage also helps the church against a claim from an employee who is injured on the job.

Your employees should also be covered for any mission trips, and any missionaries that are overseas.

Mission Insurance

Mission Insurance will help protect in case of an emergency. This relates to medical coverage, kidnapping, and other liabilities that occur in a missions.

If the mission is not domestic, meaning it is outside of the US, you may need a separate policy. You can also get worldwide liability coverage. This will provide insurance abroad.

Also, consider that employees traveling will need medical coverage. This is especially true in case of an emergency.

As mentioned above, having kidnap, ransom, and extortion insurance is very important. If you are traveling in a high crime area, you will need coverage to provide reimbursement from losses.

Church Insurance Is Important to Protect Your Place of Worship

Whether your ministry has one small church, or multiple property locations with many employees, church insurance is important to protect your place of worship.

Many events can occur that would require insurance coverage. Think about unexpected events like an employee injury, fire, theft, or something happening on a mission trip.

The Hummel Group can offer your church all the coverage it needs, and ensure you’re protected. Contact us today to receive a quote and learn more!

The logging and forestry industry has unique needs. As such, its insurance will have to follow suit.

Not only is the forestry and logging sector one of the top ten manufacturing employers in 48 U.S. states, but it's also one of the top three most dangerous occupations of the last decade.

With these specialized risks at hand, logging insurance comes in tailor-made for the industry to save the day.

Keep on reading for our full breakdown of what logging insurance entails. In addition, we'll take a thorough look at the different insurance sub-categories logging and forestry insurance can cover.

Do You Need Logging Insurance?

Before we start our deep dive into logging insurance, let's explore who actually needs a specialized logging insurance policy.

The truth of the matter is regardless of your job title or position: if you work in the logging industry, you should have insurance on hand. This applies to you, whether if you're a business owner or a clear-cutter.

What Are the Main Risks That the Logging Industry Faces?

Even though the logging industry is varied in nature, from logging in a dense forest or hauling logs to the mill, there is a multitude of risks that are common to the industry.

The main risk comes with cutting down trees. Of course, that's the industry's core job. However, during the process of cutting down trees things can go wrong.

For example, a felled tree can accidentally damage someone's property, the person who's cutting it down, or even the equipment that's been used to cut it down.

This is why logging businesses try their best to have a controlled process, where trees won't harm people or buildings on their way down.

In addition to that major risk, there are other risks to keep in mind. Issues like theft, fire, and even vandalism can cost a logging business thousands of dollars in the long run, if not covered by an insurance policy.

Logging Insurance 101: What Should It Cover?

A good insurance policy should always perfectly match the industry it's meant to cover.

When it comes to logging insurance as a whole, you'll find that the insurance will have different types of insurance packages that tackle every single aspect of the forestry industry.

Traditionally, there's general liability insurance that logging businesses can use to protect the majority of their assets when a claim is made due to business operations. But, you'll have to confirm that it covers all the essential parts and parcels of your business operations.

If you're not quite sure which insurance categories you need to have on hand, no worries.

Here are the main types of insurance that you should have if you're operating a logging business.

Logging Equipment Insurance

Nothing can wreak havoc on a logging business more than uninsured equipment. This includes trucks and tractors that are used to transport equipment and timber.

These are items that you need to have a functioning business operation. Therefore, if any unexpected damage occurs, logging equipment insurance can cover the damage.

The faster you replace damaged equipment, the sooner you get your operations back to normal.

In addition, you can specify which items your logging insurance can cover for extra peace of mind. For instance, you can cover your slashers, feller bunches, sliders, and processors.

Cargo Insurance

Now that you have your transportation equipment covered, it's time to tackle the actual material you're moving from point A to point B. That would be your cargo.

Whether you're moving cargo from or to your job site, the cargo is worth a lot of money. If your cargo gets damaged, lost, or even destroyed, it'll cost you even more time and money to get replacements.

However, with cargo insurance, you can prevent it from causing too much damage to your business deadlines and your bottom lines.

Pollution Liability Insurance

When it comes to nature-based industries like logging and forestry, it's almost guaranteed that you'll have to deal with pollution damage at one point or another.

Having a pollution liability insurance will protect your business operations when any spills, accidents, or other substances make their way to your surrounding environment.

The type of liability insurance will cover the cost of the inevitable cleanup.

Workers' Compensation for Logging and Forestry Operations

For this type of insurance, you might already be required to have it on hand, according to your state laws.

Regardless, having workers' compensation is important for businesses that have high probabilities of their employees getting injured on the job. As previously stated, the logging industry definitely counts as high risk.

This insurance will provide peace of mind for your employees, as they know that they'll get compensated if they get hurt. In addition, this will remove the fear of not being able to pay their medical bills for both the employee and their employers.

Individual Insurance

All of the previous types of insurance are typically catered to businesses. However, that doesn't mean that you shouldn't get separate individual insurance.

Sometimes, business insurance and workers' compensation can only cover so much.

Whether you're a lumberjack, a supervisor, or a heavy equipment operator, getting covered by insurance can provide enormous relief from the monetary burden that can follow an accident.

Of course, every person and their job position can have different needs or risks. Accordingly, you can check out what your insurance options are, or even tailor them to your needs.

Ready to Get Your Insurance Coverage?

We know that the world of insurance can be a bit overwhelming at first. Yet, there is no reason for you to go through an enormous amount of information alone.

Now, you're in a much better place with a well-rounded knowledge of logging insurance and the different types that can fit your job and situation.

However, there is still so much more to learn. You can check out our blog for more information about insurance in multiple industries.

In addition, you can contact us if you have any questions about what insurance can fit you best. We'd be more than happy to help. Just make sure you grab your free quote before you go.

Research shows that only one in four Americans have a written financial plan. However, the findings also revealed that those who do, demonstrate active wealth-building behavior.

The message here is clear. Financial Planning can be instrumental in helping build and protect wealth.

While DIY financial planning is better than nothing, to maximize your portfolio's potential, you may want to seek out the services of a financial advisor.

However, to accomplish your financial goals, you also need to pick the right financial advisor. One that's qualified, experienced, has your interests at heart.

To find one of these, there are some important questions to ask a financial advisor that you want to know about. Depending on what answers a potential advisor gives to these questions, you'll be able to get an idea of whether or not they are a good fit.

Ready to get savvy on what to ask a financial advisor before hiring them? Read on.

What Is Your Fee Structure?

When choosing a financial advisor, one of the first things you'll want to get clear on is their fee structure.

Hourly rates for financial advisors can vary widely and differ depending on their level of expertise.

Take note that in this area, cheaper is not always better.

To give you a ballpark idea of the hourly rates for a financial advisor, they can be anywhere between $150-$400 per hour.

Besides hourly rates, a financial advisor might also charge a flat-rate fee. They may also be dually-registered as a broker/dealer and offer commission based products.

Depending on the service provided, these fees might be inclusive in investment and financial planning packages. If, so be sure to ask for a fee breakdown so that you can get an idea of precisely what you are paying for.

What Will My Total Fees Be?

Another of the fee-related questions to ask a financial advisor is what their total fees will be. This is because the fees you pay have a direct impact on your net gains.

If an advisor also can act as a broker-dealer and charges commissions, they may not be able to give you an exact estimate. Any percentage-based fees can vary in its yearly totals.

However, a financial advisor should be able to give you a good idea of how much you will pay in fees per year.

Are You a Financial Advisor?

Before you choose a financial professional, you should also ask them whether or not they act as a fiduciary.

Broker dealers, insurance salespersons, or any other financial company representatives are required to recommend investment products that are suitable and appropriate and that are in their clients best interests at the time of the recommendation. However, financial advisors are held to a higher level of accountability. They are required to put their client's interests first at all times.

Fee-only financial advisors are also prohibited from charging commissions.

If you are a reasonably savvy investor with a detailed understanding of what you wish to invest in—you might not need a financial advisor. For instance, if you only want your financial professional to handle transactions or to facilitate something like custom insurance coverage, you can choose one who does not act as a fiduciary.

On the other hand, if you require more in-depth guidance, you will want to engage a financial advisor who acts as a fiduciary. A financial advisor will also be more appropriate if you wish to grant them greater control over your portfolio.

What Type of Financial Planning Are You Experienced In?

When making a list of what to ask a financial advisor, this is a critical question. Investment and money management are broad fields with a lot of sub-categories.

You want to make sure the financial advisor you choose has experience in meeting needs that are similar to yours. For example, devising an investment strategy tailored for retirement is very different than one designed for someone just entering the workforce.

Some firms, such as ours, offer packages that cater specifically to each stage of life and set of needs. This is ideal for long term growth as your portfolio can be seamlessly adjusted over time to suit your requirements.

What Tax Planning Strategies Would You Advise?

Growth and investment profits inevitably trigger some form of tax liability. However, there are ways you may be able to mitigate your tax burden.

Through savvy tax planning, you can take advantage of things like tax deferment and the offsetting of capital gains.

This is providing, however, that your financial advisor is focused on these things. To ensure that the advisor you choose is thinking about your taxes, ask them directly what tax planning strategies they might recommend for you.

This will give you an idea of how well versed they are in this area and whether it is a priority for them.

How Often Will We Communicate?

Before you choose a financial advisor, it's good to get clear on what communication frequency you're looking at. You will also want to ask what form the communications will take.

Can you expect phone calls from your advisor? Or will they send you quarterly updates on your portfolio via email? If there are questions you want to ask, what is the best channel to use?

Asking these types of questions ensures that you and your advisor know exactly what expectations are in place from the get-go.

Now You Know What Questions to Ask a Financial Advisor

Choosing a financial advisor can be tricky. There are literally thousands out there.

However, now that you know what questions to ask a financial advisor, you're one step closer to finding the ideal investment advisor for your needs.

Want to take another step closer to this goal? If so, take a look at our personal financial planning services. We specialize in providing plans that are tailored to specific needs and times of life. We know that a one-size-fits-all solution is not going to get you to where you want to be. That's why our advisors put your needs first every step of the way.

Have any questions? Good! Contact us, We are an award-winning financial office and we will be happy to assist you with any queries.

Directors and officers insurance is designed to protect the board members and the officers against all legal costs if they are ever sued for decisions made on the behalf of the company they represent that resulted in a financial loss.

The board of directors makes serious decisions regarding how a nonprofit is run. Directors may establish the nonprofit’s strategies and goals, determine how the funds are spent, and set employee’s salaries.

This means liability protection is required for decisions made. In fact, it is likely that they expect it.

However, if you aren’t fully aware of what this insurance is or why it is needed, keep reading. Here you can learn everything you have ever wanted to know about directors and officers insurance and how it can protect your nonprofit organization.

Understanding the Purpose of Directors and Officers Insurance

Directors and officers or D&O insurance will pay for any lawsuits that are related to the decisions made by the board of directors or officers that are appointed or directed by the board. Often, this policy is referred to as management liability insurance.

With D&O insurance, you receive coverage for an array of things, such as:

Accusations of Mismanaged Funds

If one of the board members is ever accused of making a bad decision about an investment or misusing the funds that belong to the nonprofit, they may be sued. Even if the lawsuit doesn’t have merit, the attorney’s fees and related court costs may drain the company’s finances quickly.

The Failure to Meet Set Regulatory Standards

If a charitable organization or another nonprofit business doesn’t meet regulatory standards, it is the board of directors that may take the blame. The D&O insurance held by a nonprofit organization can help cover the cost related to hiring an attorney along with the other legal expenses. These may occur because of a lack of compliance with set industry regulations or standards.

The Failure to Perform Official Given Duties

While officers and directors only hold a certain amount of influence over a company’s success, if something goes wrong, fault and blame may rest on their shoulders. If board members are sued because they did not provide their fiduciary duties or because they did not fulfill a legal requirement, then things can get expensive. The D&O policy will help cover the costs of hiring an attorney or other related expenses.

How Much D&O Insurance Is Actually Needed?

If someone believes that a board of directors for a company took an improper or inappropriate action, they may file a claim. The most common lawsuit type would be one that alleged the board of directors allowed the improper termination of a worker.

Insurance for this type of claim will usually be found in the D&O policy.

Usually, D&O claims are employment-related. This includes things like wrongful termination, discrimination, or harassment.

If an organization doesn’t have any employees, the risk of a claim being filed against a board member is low. This means the premium for coverage is, as well. It makes sense to purchase this, if for no other reason than just to provide the board members with peace of mind.

Usually, D&O insurance provides protection for individual board members and employees, volunteers, and even the organization if a civil suit is filed. However, since every policy is unique, some have different features. This means you must confirm with your broker that the organization and individual are fully covered.

With all this in mind, the actual amount needed varies. This is determined by the organization and its needs.

What Is the Cost of D&O Insurance?

If your organization doesn’t have any employees, you can purchase $1 million in D&O limits for approximately $600 each year. If your organization has employees, you can pay around $1,200 for those with just a few employees to around $4K to $5K for up to 50 employees.

The actual cost of this coverage will vary greatly based on the insurer you choose, the breadth of the coverage required, past claims, and the quality of the employment practices used within your organization. Keep in mind, D&O coverage provides covers for both the legal expenses of defending your nonprofit and the settlements that may arise.

It's also important to remember that D&O can’t cover board members for their responsibility for retirement payments and payroll taxes that were withheld from the employee’s paychecks but never submitted to the appropriate institutions.

D&O Insurance Will Help Your Nonprofit Organization Attract New, Quality Talent

When you secure D&O insurance for your nonprofit organization, you are signaling that your directors and your officers are fully protected. This will help attract top talent that may decline the position if they believe that their personal assets would be at risk.

A business with an advisory committee or board of directors can benefit from a D&O insurance policy. It is a good idea to talk to the professionals to know for sure.

Now You Know the Importance and Costs Related to Directors and Officers Insurance

Running a nonprofit organization is something that requires a lot of time and effort. Unfortunately, the insurance needs of the nonprofit may be overlooked significantly.

One type of insurance that you should not overlook is directors' and officers' insurance. If you are ready to learn more about this insurance coverage or any other coverage that your nonprofit organization needs, contact us.

We have been working in the insurance business for years and will provide you with the coverage you need for a price that fits with your organization’s budget.