With kids of all ages running everywhere and interacting with each other, schools and other educational institutions are facing multiple situations that could cause serious accidents. A student could get injured while using sport equipment in the sports hall, someone visiting the school could slip and fall inside the premises, or a young child could be unintentionally left alone without any supervision. All these incidents can leave your institution wide open to liability claims and lawsuits. However, an adequate school insurance program can protect you and your institution by transferring the financial burden of the loss. The schools and educational institutions’ insurance program will include some protection. It will also cover your assets in case of damage due to water, fire or natural events that could cause important material damages and financial losses.
We have negotiated a specific insurance program tailor-made for schools with an appropriate insured limit and comprehensive cover in order to tackle the main risks that schools or educational institutions will face. Our insurance program includes the following covers:
General Liability & Professional Indemnity
Sometimes called third-party liability insurance, public liability insurance or even legal liability, this insurance will help you manage the legal liability risks generated by your business operation. All employees, voluntary helpers, and students will be considered as insured. It will include all sorts of legal liability needed for schools such as first aid legal liability, legal liability arising from education fairs or events at the school.
Combined with professional indemnity insurance, it will cover educators and nurses against any breach of professional duty. It will also cover the financial compensation requested by the third party and the legal expenses incurred in defending yourself against a claim.
Property and Business Interruption
All the physical or tangible assets of your school including equipment, stocks, building, etc. will be insured under the property damage insurance. This insurance will cover events such as fire, natural disasters, theft, water damage and many more. It will also include a business interruption cover which will allow your institution to maintain the same financial position after the loss, as it was before. It will be as if no loss was incurred. Business interruption will cover the loss of income and the ongoing fixed expenses of the school while activity is totally or partially suspended.
Directors and Officers Liability
The management of the school as well as its board members are exposed to liability while running an educational institution. This coverage will include the legal protection fees as well as indemnity payable by the management or board members in the event of legal actions taken against them. Covering this liability is essential to ensure that the management and board members of the school can do their duty with peace of mind.
Schools or educational institutions are highly exposed to risks and a specific insurance package is needed to cover all the risks. Contact us to review your risks and put in place the coverage needed to operate your business without risks, through the schools and educational institutions’ insurance.