Running a cemetery takes emotional intelligence, organization, and an eye on the future. In addition to safeguarding the resting places of people’s loved ones, you must protect your establishment from litigation and physical damage. Choosing the right cemetery insurance is a great place to start.
Why Do You Need Cemetery Insurance?
A cemetery insurance plan helps your establishment recover after damage to property or equipment. Paying out of pocket can dent your budget, forcing you to draw necessary funds away from daily operations. Insurance takes on the burden of covering eligible expenses, ensuring quick repair and resumed operations. Companies may also provide a list of recommended contractors, decreasing the risk of subpar work or scams. A recommended list also saves you the trouble of researching contractors, giving you more time to get your establishment back up and running.
Additionally, a cemetery insurance policy provides support should a third party sue your company. Even if you’re in the right, mounting a defense can be financially devastating and distract from your business responsibilities.
When you have cemetery insurance, you don’t have to worry about hiring a lawyer, filing paperwork, or paying for services. Your insurance company will handle all the details and can even negotiate a settlement to avoid a lengthy civil case.
What Should You Look for in an Insurance Company?
Before you can get the right coverage, you must find a carrier that meets your needs. The first step is to check if the company understands your industry. Reading customer reviews is a good way to research this. Ensure you don’t limit yourself to reviews posted on the company website, as most businesses only showcase their top feedback. Instead, look at third-party review sites such as the Better Business Bureau, Consumer Reports, and Yelp.
Remember that all businesses receive low ratings, as it’s impossible to please every customer. What matters most is how the company responded to the poor review. Did a representative reach out to try to make things right? Did someone follow up to ensure the customer found satisfaction? If the answer to both these questions is “yes,” then it’s a good sign the insurance company cares about the customer experience.
What Does Cemetery Insurance Cover?
Finding the right cemetery insurance plan starts with knowing what you need. What coverage does your state require? Note all regulations to avoid running into legal trouble down the line.
Next, look at your operations. Small, family-run cemeteries will need different coverage than national enterprises. You may be able to skip specific policies to save money. However, it’s essential to prioritize needs over savings to avoid significant expenses in the long run. Most cemeteries need some version of the following:
- Maintenance equipment
- Professional liability
- Property
- Cyber liability
- Employment practices liability
Next, compare various cemetery insurance policies. Looking at several quotes ensures you get an affordable price. Remember to review your coverage annually to see if there’s a better deal available. Your needs may also change as your business grows, and reviewing your policy will help you stay adequately covered.
To learn more about Regan Agency’s insurance and risk management solutions for cemeteries, please contact us.
About Regan Agency
A family-owned business, Long Island-based Regan Agency has more than 35 years of experience serving the library insurance and risk management needs of Tri-State residents and businesses. We have earned the trust of our clients based on our integrity and commitment to offer individuals and businesses quality library insurance products at competitive prices backed by unparalleled responsive service. Just give one of our professionals a call at (855) 272-1194.
