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Self-Insuring


What does it mean, and is it a good choice?

What does self-insure mean?

Self-insuring is defined by protecting yourself or your ministry through a cash reserve—money you or your ministry has set aside for an emergency.

Why is insurance always worth the investment?

We would recommend everyone have liability insurance at the very least— legal defense and settlement costs for a liability claim can be financially devastating, and it’s impossible to predict how great the final bill could be. A lot of people just consider property loss when insuring, but liability coverage is just as important, if not more so.

We live in a time of social inflation, which means that insurance claims are up, litigation cases are up, and the dollar amount that juries are awarding is up. In the case of a liability or total property loss claim, you will most likely get more than you paid into premium costs. Ask anyone who has ever had one of these types of claims, and they will likely tell you that the premiums paid were worth every penny.

Why purchase insurance through MAA?

Individuals or organizations considering self-insure typically do so because they feel they are paying premiums without a return. Instead of looking at the total dollar amount for premium, think about how much it is costing you per day to keep you and your family safe and ask yourself if it is worth the cost.

MAA is not in the business of taking money and never giving anything back: We are here to protect you and to do good, which is why part of your premium dollars go back to those in need through our Brethren Mutual Aid Share Fund and Ministry Partnership Program.

Final Thoughts

As an insurance agency, we cannot recommend self-insurance unless you, without a doubt, would be able to financially withstand substantial loss due to property damage or destruction, or a hefty liability claim. Many times, the assets of the insured are compromised or even lost due to an uninsured or underinsured loss. After all, it’s better to have insurance and never need it, than to need it and not have it. Your premium is more than just a payment to a company; it’s peace of mind for the “what if’s” in life. It is important to understand what your premium is paying for, and this is accomplished through an annual insurance review.

Do you have questions about insuring through MAA, or what your current premium is paying for? Contact us! We are here to help!

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