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Four ways to focus on insurability

January 27, 2025
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By Marv Miller
Owner/Producer Lightwell Insurance Advisors

I wanted to take some time to share a few key points you can discuss with your agent about the trending topic of insurability and how to improve it. If you’ve worked with our Lightwell team over the years, then you know taking a proactive role when it comes to risk management for your ministry or nonprofit is a big part of this conversation. Here are a few more items that should be on your radar regarding this topic: deductibles, mindset, budgeting, and losses.

Opt for a higher deductible
Ask your agent about how a higher deductible can lower premium costs. This is one way I’ve worked with organizations to realize significant savings. It also encourages a more proactive approach when it comes to building and property maintenance, as you'll be more inclined to handle smaller issues internally, rather than filing a claim. This not only helps in keeping your insurance costs down but also demonstrates to insurers that you are a responsible client focused on preventing losses.

Use insurance for the big stuff
It’s a bit of mindset shift to start thinking of insurance as a safety net for large claims, rather than a catch-all piggy bank for every little issue. The notion that “I have insurance, I might as well use it,” is outdated. Here’s why: overusing insurance can lead to higher rates or even denial of coverage. Insurance companies can tell when a customer is using their insurance too often.

Budget for incidents
If filing a claim comes into play for the big losses, then how do you cover the smaller things internally? To mitigate risks, I recommend adding “repairs” or “incidents” as a line item in your annual budget, so the money is there when something unexpected happens. This is in addition to budgeting for planned maintenance items like replacing your roof, repaving your parking lot, or making safety improvements to your playground.

Improve loss history
In the insurance industry, we talk a lot about two types of losses. Unpredictable losses would be damage from wind, hail, lightning, or vandalism, for example. These are events that are hard to predict when they will happen. On the other hand, predictable losses can most likely be prevented. I’m a big advocate of having a proactive plan in place when it comes to building maintenance and safety. If you can prevent a claim from happening, it not only helps your insurability, but you’re also protecting the people you serve from getting hurt. A common example would be a visitor slipping on an icy sidewalk or tripping over a pothole in the parking lot. Both can be likely avoided with regular inspections and maintenance, like salting the sidewalk or fixing the pothole.

Wrapping Up
I hope these insights help you think about how to improve your insurability and take a proactive approach to risk management. Remember, it's all about being prepared and making smart decisions that protect your organization and the people you serve.

If you have any questions or want to take a deeper dive into the topic, don't hesitate to reach out to your local Lightwell agent. We're here to help.

New to Lightwell Insurance Advisors? Navigate to “Agent Locations,” select your state, and click “Contact Us.” Our team would be happy to talk with you.

Recommended Resource: Check out the Big Book of Checklists, by Brotherhood Mutual Insurance Company.

About the Author: Marv Miller, is the owner and a producer for Lightwell Insurance Advisors in Indiana. With 35+ years of experience, Marv sees his profession as more than just a job—it's a calling. He’s dedicated to offering the best options available in the market to support the vital work of ministries and nonprofits as they lift up their communities.

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