Educational institutions generally face unique risks beyond what normal businesses face. Therefore, finding suitable school insurance can be challenging. Here's a detailed guide to school insurance.
When looking at school insurance options, you should be guided by these two questions:
The main difference between private and public schools is their source of funding. Public schools are typically funded through local, state, and federal taxes. They also have to follow government-mandated rules and regulations because they are part of the larger school system.
Private schools' sources of finance include, among others, tuition fees, parents' fundraising efforts, and grants from the community, alumni, and other private parties. While both public and private schools face similar risks, their insurance needs are dissimilar because their sources of operating money are different.
Sexual misconduct, neglect, breach of duty, and bullying are the leading insurance concerns for schools. Private schools also need to consider additional risks involving:
Private schools include elementary, secondary, faith-based, Montessori, charter, and trade educational institutions. Each of these institutions is exposed to specific risks.
Common school insurance coverage options include:
Most playground injuries happen at school. Due to this high risk, schools should ideally get insurance coverage that covers injury-related claims. Schools have a duty of care, so teachers and administrators are legally obligated to provide sufficient protection to students. After taking all precautions to protect attendees from potential perils, injuries can still happen. Here are some of the common school-related injuries:
It's especially important to focus on safety now because there is an intense focus on instances of institutions failing to prevent, address, and report misconduct or abuse. Therefore, schools cannot afford to ignore school insurance.
Schools deal with a wide spectrum of daily assets, operations, potential hazards, and exposures from people and events to equipment, facilities, and grounds. Additionally, decisions about discipline, curriculum, and other school-related issues may attract controversy due to factors beyond your control. Schools can, however, control their insurance costs.