Why should you secure school insurance via a broker?
School management is definitely no easy task. It is way more than just hiring teachers, handling fees and accounts, communicating with parents, and arranging travel tours. Instead, it is a complex organization held accountable to different parties, such as students, parents, teaching staff, and board of directors. Schools are also vulnerable to a wide host of risks and perils just like normal companies, including natural disasters, cyber attacks, legal liabilities, property damages and many more. Therefore, along with a solid financial foundation, it is critical for school administrators to secure adequate and comprehensive insurance solutions to safeguard themselves against any potential financial losses.
In today’s article, we will guide you through the most important benefits in school insurance, as well as why you should choose to secure school insurance via the service of a broker.
What are the essential school insurance solutions?
While all schools are unanimously faced with a diverse range of risks, the exact scope of coverage needed varies between different educational institutions. In other words, there is simply no such thing as a one-size-fits-all school insurance plan. This is why many insurers allow schools the flexibility and autonomy to structure their own insurance policy.
That said, there are still some major, common risks faced by virtually all schools, which make some school insurance solutions more essential than others. Below are some examples of them.
Arguably the most important form of insurance for schools. Property insurance protects the school’s buildings and the contents within (e.g. teaching equipment, furniture) in case of unforeseen damage/loss caused by an insured ‘peril’, such as fire or storms. When securing school insurance, you should check the details carefully to ascertain whether the limit is enough to cover the real financial risks involved in damage/loss to a school’s premises as well as costly equipment.
Public liability insurance
This form of insurance protects the Board of Management against legal liabilities arising from accidental bodily injury to third parties (other than employees) and damage/destruction to their property. For this kind of insurance, schools may have to pay for an excess before getting any claims.
Worker’s compensation and employer’s liability insurance
Similar to normal companies, schools need to secure worker’s compensation insurance to cover any illness/accidents arising during the course of employment, including the cost of medical care and loss of salary.
Employer’s liability insurance, on another hand, covers the liability of an employer for bodily injury, illness, and death arising at the workplace. An example might be if a cupboard accidentally falls on a teacher and he decides to file a compensation claim against the school. If found liable, the policy will cover the compensation amount as well as the legal expenses associated with the lawsuit.
It is advisable for schools to seek insurance professionals’ advice on the ideal coverage limit and whether an amount more than the legally required minimum is needed.
Owing to the large amount of sensitive data increasingly stored in school computer systems, such as personal information and credit card data, educational institutes are particularly prone to hacker attacks. Cyber insurance, hence, becomes a must-have policy as it offers peace of mind in the event of a breach. Generally, it includes benefits for cyber extortion, investigation, notification costs to customers (e.g. students and parents) following a breach, and more.
Why should you secure school insurance via a broker?
Given the wide array of benefit options in school insurance, it is a smart move to engage the service of a professional insurance broker to guide you through the process. A good broker will conduct an onsite visit and ask you questions about your school’s operations. Having identified your risks and needs, the broker will have a clearer idea about the types of insurance products you need, and to what level.
The next step is then reviewing the coverage you have and benchmarking it against the market. Using a broker gives you an added advantage over going direct or with an insurance agent; brokers are independent and should offer you impartial and practical advice. The review process should provide you with the most appropriate options that can meet a range of business goals; from increasing benefits to support talent acquisition, bolstering liability protections, and/or controlling rising premium costs and stabilising your entire platform.
From there, the decision is yours – would your organization prefer to stay with their current provider or move to another? Again, a broker can help make the whole transition easier. Expect assistance with processing premium payments, assisting HR with the new insurance contracts, and even educating school staff on what impact any changes might have on them.
The services of a professional insurance broker do not end the moment you sign the contract. In fact, one may say this is when the services really start. For example, Pacific Prime has dedicated account managers for all school clients that help us manage not only your insurance experience but ensure you have another point of contact if you require additional information or consultation during the policy year. When your next renewal period arrives, expect us to begin the process early enough so that you’ll have enough time to consider your options before your policies lapse.
Why choose Pacific Prime?
As an independent, established insurance broker, Pacific Prime has created a collection of annual reports and guides on the insurance industry, and our School Insurance Report is just one of them. Currently, our team is managing the accounts for an impressive portfolio of international and private schools around the world so you can rest assured that you are in good hands. Contact us today for any insurance-related questions, get a free quote and a plan comparison!