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School Insurance Information
School Insurance Coverage
Businesses face a number of risks in their day-to-day functioning, like property damage, losing important files, and employee or worker injuries. Schools, as businesses, encounter all of the above risks in addition to several unique situations such as the possibility of student injuries, dangerous chemistry experiments, and even active shooters. While the number of potential threats continue to increase, there’s no need to feel overwhelmed. There are different types of insurance coverages to cover the various types of schools, from private school insurance and religious school insurance, to public school insurance and non-profit institution insurance.
Learn about the various school insurance coverages available to your institution, from an insurance agency that understands schools – Carriage Trade Insurance Agency.
School Package Policy
A good foundation for your school insurance is a proper package policy. Most educational institutions can benefit from a package policy because it helps protect your school the same way your homeowners’ insurance helps protect your house. A package combines multiple coverages into one policy, so it helps you save money while providing the protection you need. You can also create a school insurance coverage checklist; it’s one of the best ways to ensure your institution is fully covered on all fronts.
The three coverages that a School Package Policy generally provides:
1. General Liability insurance to help protect your school from claims of bodily injury or property damage. This insurance also helps cover certain claims of slander and libel. It doesn’t, however, cover claims related to your school’s professional educational services. A professional liability policy would help cover those claims. We can add Professional Liability (Educators Malpractice) to your package policy.
2. School Building Insurance which helps cover your school’s buildings, furniture and equipment. Coverage applies whether your school owns or rents its property.
3. Business Income Insurance that aids your school in recovering lost tuition income if you can’t open because of covered property loss. Fire or storm damage are among the most common.
Private School Insurance
Having a Private School Insurance Policy is a good start to providing the coverage you need for your private school. You can also obtain the above-mentioned package policy as it covers most of the basics. Depending on your school’s needs, there are additional coverages you can consider in order to create a more comprehensive insurance plan.
· Student Accident Insurance: As mentioned earlier, there are a number of ways your students can end up in unexpected accidents while on campus. It makes sense then to obtain a student accident insurance policy to cover the medical expenses associated with accidental injuries; this is an expense that parents without health insurance would gladly welcome as it provides a safety net of coverage for their wards.
· Educator’s Professional Liability Insurance: Your students’ parents can sue you or your staff if they believe their child’s poor grades were due to negligent behavior. Educator’s Professional Liability Insurance can help cover your legal costs to defend your school if someone sues you. This coverage, also known as errors and omissions insurance, is important because your school can get sued even if it didn’t make a mistake. Someone just has to claim that you did.
· Employee Benefits Liability: Your school’s success depends on your teachers and staff. The employee benefits you provide help keep them motivated, but errors in running your employee benefits program can mean costly lawsuits. Employee benefits liability coverage helps protect your school if you’re sued for an error or omission in your employee benefits program. This coverage can help cover errors in administering your school’s:
o PTO policy
o Sick days
o Group health insurance
- Backup of Sewers & Drains: Bathrooms, locker rooms and kitchens in your school can all have drainage problems. If a drain backs up, causing water to spread throughout your school, Backup of Sewers and Drains coverage can help cover your clean-up costs.
- Tenant Legal Liability: If one of your students leaves a sink running over the weekend, causing damage to your school’s floors, your landlord can sue you. Tenant legal liability insurance can help cover damages related to your landlord’s claim that you caused damage to property you rent or to another tenant’s property.
- Hired & Non-Owned Auto: Have you ever rented a vehicle for school purposes, like field trips? Most personal auto policies won’t protect you if a hired or non-owned car is in an accident while used for school reasons. Instead, this coverage would help pay for the damage.
If your educational facility uses personally owned vehicles for work purposes, you should also consider a Business Auto Insurance Policy.
- Workers’ Compensation Insurance: A teacher can fall off a chair decorating their classroom. A maintenance crew employee can fall off a ladder while making repairs. Workers’ compensation insurance gives your employees benefits if they are injured or sick due to a work-related injury or illness. These benefits can help pay for their medical costs and help them recover some of their lost income if they take time off from work. Most states require this Worker’s Compensation Insurance coverage.
- Commercial Auto Insurance: If you or your staff use your own cars for school purposes, a business auto policy can help provide coverage that’s not included in a personal auto policy. This coverage will protect you if a personally owned vehicle gets in an accident while you’re using it for work.