Charter School Insurance New Jersey Policy Information
Charter School Insurance New Jersey. 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 NJ 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 New Jersey coverage you will need to operate a charter school and protect your staff, your students, and your establishment, keep on reading.
Charter school insurance New Jersey 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.
Insurance Coverage Requirements for Charter Schools
Below is a look at the most common types of charter school insurance New Jersey 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:
- Failure to exercise sufficient care in the selection of staff
- Failure to properly supervise the abuser
- The charter school allowed the abuser to continue working with children after abuse was suspected
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:
- Side A Coverage: Insures individual directors & officers to protect their personal assets.
- Side B Coverage: Reimburses the organization for costs incurred when the organization indemnifies directors and officers in a claim.
- Side C Coverage: Protects the organization itself when it is named as a defendant in a claim.
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:
- failure to educate
- failure to supervise a classroom
- failure to respond to or prevent bullying activities of students
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:
- Bleachers, ticket booths and refreshment stands
- Broadened water
- Communication equipment, computers and media
- Extra expense
- Loss of income - planned events
- Money, securities and stamps
- Outdoor fences, signs, trees, shrubs and plants
- Personal property of teachers and others
- Portable classrooms
- Property off-premises
- Refrigerated property
- Equipment breakdown
- Tuition and fees
- Violent event extra expense
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:
- medical care from the injury or illness
- replacement income
- costs for retraining
- compensation for any permanent injuries
- benefits to survivors of workers who are killed on the job
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:
- Blanket additional insured coverage
- Coverage for school nurses and athletic trainers
- PTAs and booster clubs included as additional insured
- Volunteers and temporary workers included as insured
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:
- Additional transportation expense
- Coverage for employees using non-owned, hired or borrowed autos
- Hired car physical damage
- Physical damage to vehicle of employees or volunteers
Additional Insurance Coverage Options
In addition to the above-mentioned charter school insurance New Jersey 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:
- Internet Liability. Should any personal or business-related information be compromised over the Internet, this type of policy will provide the necessary coverage.
- Identity Theft. Should the identity of an employee or a student be compromised, this type of coverage will offer the help that is needed to guide them through restoring their identity and protecting it in the future.
- Tuition Fees. If a school looses tuition fees as a result of being forced to suspend school as the result of a peril, this insurance will offer coverage.
And there are even more charter school insurance New Jersey coverage options available:
- Commercial umbrella
- Corporal punishment
- Flood and earthquake
- Inland marine (sports equipment, musical instruments, audio/visual equipment etc.)
- Law enforcement professional liability
- School board legal liability
How Much Does NJ Charter School Insurance Cost?
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.
New Jersey Economic Data & Business Insurance Requirements
If you are considering opening a business in NJ, it is important to be aware of the economic status of that location. It is also important that you are aware of the regulations related to the commercial insurance that you are required to carry.
If you are thinking about starting a business in the State of New Jersey, keep on reading to find out some key information about the economic status of the state, as well as the rules for commercial insurance. With this information, you will be able to put your best foot forward so that you can make the best choices in the Garden State.
Economic Trends In New Jersey
Currently, New Jersey is ranked 46th in the country in terms of its economic position as compared to other state. While the economic growth may be slower in this state than in other locations, this is largely due to the high taxes. Nevertheless, there are still opportunities for entrepreneurs.
There are several industries that are expected to see growth in NJ in the 2022 calendar year. Some of these industries include:
- Information Technology
- Service Industries
New Jersey Commercial Insurance Requirements
The New Jersey Department of Banking and Insurance regulates the insurance industry In NJ. Just like most states in the country, New Jersey business owners are legally required to carry workers comp insurance. If you employ any type of staff, whether it's full-time or part-time, or hourly or salaries, you must carry this type of coverage. You must also provide your employees with disability coverage in the event that they are injured or become ill on the job. Additionally, New Jersey business owners are legally required to carry commercial auto insurance if they use a vehicle to conduct any type of business.
Commercial liability insurance and commercial property insurance are not required in this state; however, it is still a wise idea for business owners to invest in these types of policies. They can offset the costs that are associated with property loss or with any lawsuits that may arise as a result of doing business.
Additional Resources For Education, Colleges, Universities & Schools Insurance
Learn about small business commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.
- Art School
- Beauty School
- Charter School
- Chiropractic Schools
- Colleges, Universities & Professional Schools
- Driving Schools
- Educational Services
- Language School
- Music Schools
- Private Schools
- Real Estate School
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.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Commercial Articles Floater, Computers, Valuable Papers and Records, General Liability, Directors and Officers, Employee Benefits, Professional, Umbrella, Business Auto Liability and Physical Damage, Hired and Nonownd Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Spoilage, Computer Fraud, Extortion, Animal Floater, Contractors' Equipment, Fine Arts, Musical Instruments, Theatrical Floater, Cyber Liability, Employment-related Practices, Stop Gap Liability and Active Shooter.
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