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A cemetery or a crematorium is a business. If you own one, you know that there are risks involved similar to those faced by other businesses. However, because the services you provide are unique, there are specific problems that can arise. That may mean that you need specialized cemetery insurance, as detailed on www.reganagency.com.
The following is an explanation of the specific difficulties that can arise when running a cemetery and/or crematorium.
A cemetery is outside where the graves and their markers are exposed to the elements. Therefore, weather conditions such as lightning, rain, or hail can cause damage. However, the damage that can occur is not only natural. Unfortunately, some people do not show the proper respect to the final resting places of others and may commit property crimes, such as vandalism or theft.
The labor involved in maintaining a cemetery or crematorium can put employees at risk for repetitive stress injuries, burns, strains or sprains, etc.
A cemetery often has visitors coming to pay their last respects. Despite your efforts to keep your property safe, carelessness on the part of either a visitor or an employee may lead to an accident.
When you run a cemetery or crematorium, you occupy a position of trust for people who are hurting and vulnerable. Having sufficient insurance coverage can aid you in fulfilling your obligation.
Some companies choose to self-insure their business. To cover the alternative risk, companies should work with an insurance agency that understands how self-insurance works. Here are some things to look for when searching for a policy.
The plan looks beyond the commercial marketplace to captive programs and risk retention groups to provide insurance. Arroyo Insurance offers new avenues for self-insurance businesses including pools, catastrophic bonds, large deductibles and event-triggered risk transfer.
Lower premium costs and fewer claims paid out can mean more cash flow for the business. Self-insurance allows the company to take control of their cash flow rather than allowing an insurance company to handle it. Choose an insurance company to work with that provides the products that help you insure your company while allowing you to benefit from the cost savings of self-insuring.
One of the main reasons companies choose to self-insure is because of the cost savings due to lower premium costs and fewer claims. The company takes on the task of an insurance company. Work with an insurance company that can help you create an effective risk management plan.
Working with an alternative risk transfer company helps take some of that risk of self-insuring your company and transfers it to a third party.