Charter School Insurance Florida. Charter schools offer so many wonderful benefits for their students. Children have the opportunity to gain a comprehensive education in a safe and inviting environment while developing lasting relationships with their educators and fellow students.
If you are thinking about starting a FL charter school, there is no denying that there are a lot of considerations and decisions to be made. One thing that you don't want to overlook is getting the right insurance coverage. Charter schools are required to carry insurance coverage, though their needs are much different than the insurance needs of other types of industries.
It is for that reason the departments of education have established very particular insurance requirements for charters schools, and these establishments must comply with these requirements.
To find out more about the types of charter school insurance Florida coverage you will need to operate a charter school and protect your staff, your students, and your establishment, keep on reading.
Charter school insurance Florida protects your public school of choice from lawsuits with rates as low as $167/mo. Get a fast quote and your certificate of insurance now.
Below is a look at the most common types of charter school insurance Florida coverage that the department of education requires:
Abuse & Molestation - This type of insurance policy provides coverage for charter schools in the event that claims related to sexual molestation or abuse should arise. It is important to understand that this type of insurance coverage is usually excluded under other types of policies, which is why a separate policy that offers this type of coverage is required. Claims of child abuse frequently allege negligence in 3 areas:
Directors & Officers Liability - With this type of policy, directors and officers of a charter school will be provided with financial protection should they be sued for anything that relates to the performance of their specific duties in their role in a charter school. Most policies include:
Professional Liability (E&O) - This type of policy will protect a charter school from any legal claims that may arise that state there was a failure to perform professional duties, and that failure to perform resulted in damages to someone else. Some common allegations that E&O insurance covers are:
Employment Practices Liability - This type of liability insurance provides coverage against any wrongful acts that are associated with the employment practices of a charter school. Examples of wrongful acts including discrimination, sexual harassment, failure to hire despite meeting qualifications, and wrongful termination. This policy protects charter schools against employee suits alleging violations of their rights under various federal acts.
Employee Benefits Liability - With this type of insurance policy, any wrongful acts that may be committed by a charter school's administration in regard to an employee benefit program will be covered.
Commercial Property Insurance - It is also a requirement for charter schools to have property insurance coverage. In the event that anything happens to the physical property of the charter school, such as a flood, a fire, or theft, property insurance will provide the coverage that is needed to make any necessary repairs or replace the structure. Property insurance polices for charter schools may also cover:
Workers Compensation - Since charter schools employ a staff of educators, food service workers, custodians, and other professionals, these institutions are also required to carry workers' compensation insurance. This type of policy provides coverage for medical care, as well as compensation for any employee who may become injured while on the job - for example:
In exchange for offering this type of insurance coverage, employees relinquish their right to sue the charter school.
General Liability - It is also a requirement for charter schools to cover general liability insurance. This type of insurance coverage protects employees, students, and any visitors to the property who may be injured on the property with compensation and medical care. Commercial general liability polices may also offer:
Commercial Auto - If you are transporting students, employees or others, commercial auto offers protection in the event of an accident with a school-owned vehicle. Business auto options may include:
In addition to the above-mentioned charter school insurance Florida coverage options, there are other types of policies that charter schools may want to consider carrying. These policies offer additional protection and are highly recommended:
And there are even more charter school insurance Florida coverage options available:
The cost for this type of insurance policy varies. Commercial insurance providers take several factors into consideration when calculating costs, including the size of your school and the risks that are associated with operating it. Additionally, the amount of coverage you will need, payroll and employee size can also affect the price.
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2019 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
Learn about small business commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.
The exposures of one individual educational institution may be totally different from those of another. Because of this, comprehensive surveys of each facility are needed to accurately determine the proper insurance program needed by each.
While the exposures may be significantly different, they have the common component of educating a student and providing faculty that is competent and facilities that are safe for learning.
Many of these institutions have a number of buildings, extensive grounds, and expensive equipment. Comprehensive property and liability insurance is crucial, as is protection and coverage for tuition income, athletic events, teachers’ liability and many other exposures.
Educators' Legal Liability (ELL) coverage provided by insurers may have significant differences. It is important to compare what is available to meet the exposures and financial needs of a given educational institution or school district. Different ELL forms may even have substantially different insuring agreements. There are three main types of insuring agremeements in ELL policies:
Insuring Agreement A: The language in this agreement refers to coverage being provided contingent on receiving the policy premium. It states that coverage is subject to all relevant policy provisions. The carrier also states that the policy issuance is a result of completely relying on the accuracy of the information provided by the applicant/insured. This agreement refers to a Self Insured Retention .
Insuring Agreement B: This company's agreement is worded similarly to the language found in most standard commercial policies. It states that the company will pay on behalf of an insured that faces an allegation of performing a wrongful act. It also states that it will not respond to acts that occur before either the policy's effective date or the applicable retroactive date.
Insuring Agreement C: The language in this carrier's agreement is more specific. It makes reference to paying on behalf of an insured due to liability involving eligible, education operations acts. It also contains wording that reflects its claims-made basis of coverage.
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