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School Insurance: How Does It Work?

Jun 15, 2022

Business Insurance

School Insurance: How Does It Work?

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.

What to consider when getting school insurance?

When looking at school insurance options, you should be guided by these two questions:

  • What are the inherent risks that schools face?
  • What differences exist between public and private schools?

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.

Risks associated with private schools

Sexual misconduct, neglect, breach of duty, and bullying are the leading insurance concerns for schools. Private schools also need to consider additional risks involving:

  • Compliance
  • Diversity or cultural differences
  • Politics or regulations
  • Reputation
  • Environment
  • Technology
  • Strategy or operations
  • Competition or financing>/li>

Insurance requirements for private schools

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:

  • Property insurance- Covers ticket booths, refreshment stands, and bleachers for school events. It also covers school staff's personal property, portable classrooms, signs, outdoor fences, as well as computers, and communication equipment.
  • Commercial automobile - Covers liabilities related to school-owned vehicles. It can also cover your employees using their personal vehicles for school business operations.
  • General liability - Extends liability protection to athletic trainers, school nurses, volunteers, booster clubs, and PTAs.

School insurance for injuries

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:

  • Sports injuries
  • Playground injuries
  • Fights and bullying
  • Slip and fall
  • Toxin exposure
  • Food poisoning
  • Emergencies or disasters
  • School bus accidents

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.

How to choose the right school insurance policy?

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.

By working with our experts, you can enjoy the benefits of a custom-tailored school insurance policy. Contact us today at Tompkins Insurance Agencies to learn more.

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