As an educational institution, you are responsible for the lives and futures of people. But who protects your institution if uncertainties happen? For these situations, insurance coverage got your back. The challenge here is finding the right insurance coverage for your institution. So, how do you find the right coverage and what coverage does your school need?
What Should You Consider When Choosing Insurance Coverage for Your School?
There are a lot of factors in which schools are in need of insurance coverage. Some of these are injuries, duty of neglect, lawsuits, harassment, and bullying. When choosing an insurance plan, it is best to consider these risks. At the very least, your coverage can cover for these instances apart from the basics.
When choosing insurance for your school, also consider asking these questions:
How much coverage does your school need?
How is your school protected by an insurance policy?
Aside from insurance, what does your insurance company/broker provide?
What insurance should your school get?
General Liability Insurance
General liability insurance helps protect your school from financial burden caused by:
Bodily injury
Property damage
Contractual liability
Personal injury
Employee benefits liability
Some of the most common injuries that happen in schools are injuries from physical activities (playground, sports), slip and fall, school fights, bullying, food poisoning, school bus accidents, and disasters. With this insurance coverage, you can at least ensure that you are compensated in case you need money for lawsuits or medical expenses.
General liability insurance is an insurance policy that every business or nonprofit should have, your school included. To have an estimate on how much general liability insurance you need, you should consider the size of your school, population, employees, equipment, and more.
Property Insurance
Another insurance that schools should get is property insurance. Furniture, equipment, and even buildings are accounted as a school’s asset. What this coverage does is it provides reimbursement to help recover items in case they are damaged, stolen, or destroyed.
For schools, property insurance covers your buildings and structures in case repairs are needed due to fire, vandalism, and natural disasters, but that’s not all. In case that the equipment and teaching materials inside the building, property insurance got this covered as well.
Commercial Auto Insurance
If your school has school buses and other company vehicles, then commercial auto insurance is a must. Yes, you might have the best drivers in your area, but we don’t know when vehicular accidents can happen.
An average human will experience or witness around 3-4 road accidents on their entire lifetime. With this statistic, it is crucial to get ahead of the curve before something happens.
Auto insurance can cover liabilities, medical payments, and coverage in case one of your company vehicles is involved in an accident. This coverage can also provide assistance in case you need repairs or when you’re hit with an uninsured driver.
Workers’ Compensation Insurance
Workers’ compensation insurance gives teachers and other school employees coverage in the case of work-related injuries and sickness. With this insurance coverage, school staff covers their medical expenses and disability benefits. Sometimes, workers’ compensation even includes death benefits in case a work-related injury or sickness results in death.
Aside from work-related injuries, workers’ compensation also protects your school from lawsuits because in most cases, employees who receive this benefit are not allowed to sue their employer. And in case a lawsuit was filed against your school; you will receive a reimbursement to cover your legal fees.
Get Your School Insured with Joyce Insurance Agency
Safeguarding the future of your educational institution requires careful consideration and proactive measures. By addressing potential risks and uncertainties, you can ensure the well-being of your school, its staff, and students. When navigating the complex landscape of insurance coverage for educational institutions, it is crucial to weigh the options wisely.
As you navigate the dynamic landscape of educational risk management, let Joyce Insurance Agency be your ally in securing a brighter and more secure future for your institution. Give us a call today.