As an educator, you're constantly busy spreading your knowledge to students of all sorts. Though rewarding, the stress of educating cannot go unnoticed. If you factor in the potential for any number of troubling situations, from natural disasters to lawsuits, the reality of teaching is a much harsher one. But don’t worry, we are here to help you make some of your tough decisions.
Educational Service Insurance is here to protect you from a vast variety of potential situations that could damage you, your business, your loved ones, your customers or employees, or your reputation. Though it may initially be overwhelming, the many options for insurance work only in your, and your business’ favor.
We’ve made it easy for educational service professionals to understand when they need insurance and what sort of insurance they need. Every educator needs insurance. Educators, schools and universities, as businesses, are susceptible to common, day-to-day situations that potentially could cause damage to employees, property, students or reputation.
Though all educational services are different, there are basic policies that should be considered in most instances. This may seem like too much to choose from, but we are here to help you decide on the best policies for your business.
Remember, the more specific and comprehensive your policy is means all the more protection for your business. Generally, education businesses should consider the following types of insurance:
Protect Yourself and Your Business.
General Liability Insurance is required in the majority of states and is the base of your insurance policy.
General Liability Insurance covers potential legal issues that arise from injuries, accidents, or claims of negligence. General Liability Insurance covers legal payment stemming from, but not limited to, bodily injury, medical expenses, legal defense costs, property damage, and settlement bonds.
When Do You Need It? Immediately. General Liability Insurance works to cover you in a variety of situations, even if you don’t own property or owe money. Remember- accidents happen.
For Example... If a student is at your school and falls down the stairs, General Liability Insurance would help protect you and your school from potential lawsuits stemming from the injury.
In Case of Disaster Commercial Property Insurance is arguably one of the most beneficial policies available to protect your property, equipment and inventory in case of natural disaster or ruin.
Though the many different potential causes of damage to your business' property vary with each policy, the property coverage may cover a wide range of your physical assets, ranging from the building where the business takes place, equipment and furnishings, to inventory, and other pieces of property.
When Do You Need It? You need Property, Equipment and Inventory Insurance right away if you or your business own any property, inventory or equipment.
For Example: If your place of business were to catch fire, and with it destroy all of your materials you use for teaching, Small Business Property Insurance would help reimburse you for everything destroyed. This is essential to have this coverage in case the worst happens.
Compensating Your Workers: Workers Compensation replaces wages and medical benefits to employees that are injured or unable to work due to a work-related incident. Workers' Compensation is required in all states for almost every business.
When Do You Need It? As Workers Compensation Insurance is required in all states, you need this right away if you employ even one worker. This is quite important as it covers beyond the potential for an accident- it also covers Workers Compensation Insurance helps to protect employers from potentially crippling fees and financial responsibilities if an employee is injured or killed while under your employment.
For Example… If one of your teachers injures themselves while working with the children at your school, Workers Compensation will ensure your employee is paid while unable to work, but also ensures that you will not be sued due to the injury.
In Case of Accidents Required in most states, business auto insurance is essential for covering financial responsibility if an employee or yourself is responsible for an accident and someone is injured or property is destroyed or damaged. Uninsured motorist coverage is also required in some states, and is used to to protect you if the at-fault driver isn't able to cover the total cost of damages.
When Do You Need It? You need Commercial Auto Insurance if your business owns, rents or leases vehicles, if employees drive company owned, leased or rented vehicles, or if your employees drive their own vehicles to conduct business.
For Example... If a professor or teacher at your school takes a number of students on a field trip, and they are in an accident on the way back, not having proper Commercial Auto Insurance could result in fines or even lawsuits from any of the injured parties.
Other Types of Insurance to Consider:
Professional Liability Insurance insures against a vast number of non-bodily injury and non-property damage liability claims brought against employees, staff, and administrators of schools, colleges and universities.
Cyber Liability Insurance policies intend to protect businesses operating on or using the Internet for business purposes. Specifically it is meant to cover businesses that sell products on the Internet, collect certain data on their internal networks, or in the instances of private information breaches, among many other things.
The price of insuring educational services will vary based on a number of factors including:
Don’t worry, we’re here to help you fully understand your options while also giving you the best, most affordable options.
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