Do you own and operate a school or educational institution? Then you need the right insurance. The experts at ALIGNED can help you find a quality insurance policy that meets the needs of your school. Whether you run a primary, secondary, or post-secondary institution, it’s important to protect yourself against risk. Commercial insurance can do just that. Learn more about the insurance needs of schools and educational institutions below.
Coverage 101 | Insurance for schools/educational institutions
Each school is different and therefore has its own insurance needs. That said, we generally recommend that educational institutions purchase insurance that features the following coverage:
- Professional liability insurance: Professional liability insurance, also known as errors and omissions insurance, can be important for schools as it can pay for legal fees (e.g. defence costs, settlements) and more if a claim of negligence, error, omission, misconduct, or failure to deliver an advertised service is brought against you or your school, regardless of the lawsuit’s outcome.
- Commercial general liability insurance: Commercial general liability insurance, sometimes referred to as “slip-and-fall insurance,” protects against the day-to-day risks that come with operating a school. For example, if a student slips and falls on campus, they could sue you. With this type of coverage, your educational institution may be compensated in the event of a third party property damage or bodily injury claim. Specifically, your insurer may cover the cost of medical expenses, repair bills, legal fees, etc up to the policy limit.
- Commercial property insurance: Protect your school against unforeseen circumstances like theft, vandalism, fire, water damage, etc with commercial property insurance. When you add commercial property coverage to your educational institution insurance policy, your insurance provider may pay for repairs or replacements in the event of loss or damage caused by an insured peril.
- Cyber liability insurance: If your school stores confidential information online, then cyber liability insurance is important. With cyber liability coverage, if a hacker breaches your school’s system and steals important data, your insurance provider may help cover the associated costs, which could include credit monitoring, crisis control, patient notification, and more.
- Sexual misconduct & abuse insurance: One claim of sexual misconduct can have serious repercussions for your entire institution. That’s why sexual misconduct insurance is so important. This type of insurance can help pay for the legal expenses associated with defending your school or a school employee against claims of sexual harassment, sexual abuse, and more.
Calculating the cost of insurance for schools and educational institutions
The cost of insurance for schools varies considerably as insurance companies consider many factors when calculating premiums. For this reason, the cost of insurance for one educational institution likely won’t be the same as for another. You might find it interesting to know which factors can influence your rate, so we have compiled a list of them below:
- The size and location of your school
- The number of employees and students at your school
- The annual and project revenue of your school
- Your years of experience and training
- Your claims history
- The specific programs and services offered by your school
- The coverage types, limits, and policy deductibles you choose
Since the cost of insurance varies so greatly, we recommend contacting a trusted insurance broker at ALIGNED to learn more about how educational institution insurance premiums are calculated. Even better, we can also provide you with an accurate and competitive insurance quote to give you a better idea of the cost.
Please note that while insurance brokers can help you find policies at affordable prices and even unlock discounts on your behalf, we do not set premiums. Instead, insurance premiums are set by insurance companies. That said, an insurance broker at ALIGNED can still help you shop around for insurance, compare rates, and even explain the process of modifying a future policy or filing a claim.
ALIGN your school with dynamic insurance solutions
For comprehensive insurance coverage for your school, look no further than ALIGNED. Our team consists of fully licensed, commercial insurance experts that are eager to help you find the ideal policy. We will use our unmatched resources, expertise, and decades of experience to find a flexible, customized policy for your educational institution. Ready to get started? Give us a call to speak directly with an ALIGNED insurance broker today or click here for a free quote.