Pacific Prime’s newly released School Insurance Guide 2018-2019
Our newly released School Insurance Guide 2018-219 leverages our team’s extensive knowledge in the industry to highlight the most essential insurance solutions for international and private schools.
Running a private school is not much different than operating any other type of business. Sometimes, things can go wrong. One accident can ruin the reputation of even the most prestigious school, and one unfortunate event can cost you your valuable assets. School insurance is thus essential to protect every aspect of your educational institution, such as its buildings, technological systems, and securing the right medical school plan for your employees.
What’s inside the School Insurance Guide 2018-2019?
Pacific Prime’s School Insurance Guide 2018-2019 provides a comprehensive overview of the most common types of insurance secured by private and international schools, including additional options school directors might want to consider. Get your free copy today to uncover thorough information on:
- What is school insurance?
- Understanding and identifying your options
- Comparing quotes between providers
- Structuring school insurance with the help of an expert broker
Keep on reading for a quick summary of the School Insurance Guide 2018-2019.
What is school insurance and why do schools need it?
Virtually all schools are exposed to a wide range of unpredictable risks that require specialized insurance protection. The term ‘school insurance’ describes the various types of insurance plans designed to safeguard schools against potential losses and risks. Examples include but are not limited to: school medical plans for students and employers, property damage, public liability, loss of files and records, etc. Learn more about the types of insurance coverage international and private schools typically need from our School Insurance Guide.
What are the most common types of insurance for private and international schools?
- Property insurance protects the school’s buildings and its contents from losses caused by fire, explosions, storms, floods, theft, accidental damage, vandalism, etc.
- Public liability insurance protects the school against legal liabilities arising from accidental bodily injury to third parties (other than employees), and damage/destruction to their property (e.g. visitors’ vehicles).
- Business interruption insurance covers financial loss caused by unforeseen events that interrupt the day-to-day operations of an organization. This includes not only loss of gross profits but also things like staff salaries.
- Worker’s compensation and employer’s liability insurance covers occupational illness/accidents arising during the course of employment, and the employer’s liability for bodily injury, illness, and death arising at the workplace.
- Professional indemnity insurance protects the school from the failure of employees to carry out their duties adequately. It also covers breach of confidentiality and other negligent acts, errors, and court defense costs.
- Directors & Officers’ liability insurance protects directors, officers, trustees, and board members from legal liability costs.
- Cyber insurance protects businesses against Internet-related risks, such as cyber extortion, forensics, data security liability, etc.
What additional policies should private and international schools consider?
- Money insurance plans typically cover loss/damage to money owned by an educational institution as a result of a robbery, theft, and a number of other unforeseen events.
- Machinery breakdown insurance plans work by covering the cost of repairs or replacing equipment in the event of total loss.
- Crime insurance will typically cover employee theft, forgery, computer fraud, and investigative costs.
- Group travel insurance ensures that unexpected medical emergencies and other travel-related mishaps are covered during school trips abroad.
- Group personal accident insurance plans protect staff, administrators, voluntary helpers on school business, and students in the event of accidental injury and deliberate assault.
- Kidnap & ransom insurance covers costs associated with kidnapping, hijacking, and sometimes also wrongful detainment.
- Erection/construction insurance provides protection against lost or damaged property during construction and contract work. They can also cover third party liability for bodily injuries arising during a construction project.
Why is securing school insurance through a broker the best option?
A reputed broker, like Pacific Prime, will help you select and secure the right school insurance solutions via a simple four-step process:
- Step one – initial needs assessment and analysis
Your broker will ask you a series of questions to identify your school’s insurance needs.
- Step two – plan consideration
You will be presented with an easily comparable list of the best options.
- Step three – plan review
Your broker will help you review and negotiate proposals submitted by insurers.
- Step four – plan implementation
You’ll receive full assistance with the application process and stakeholders’ Q&A sessions.
Each of these steps is essential in ensuring that the insurance plan(s) you ultimately secure is the right fit for your school’s needs. Pacific Prime’s experienced advisors are on hand to offer their unrivaled expertise in the industry and are ready to help you obtain the most suitable plans for your international/private school. Our advice is free of charge, so go ahead and contact us today!
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