Charter School Insurance Tennessee Policy Information
Charter School Insurance Tennessee. 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 TN 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 Tennessee coverage you will need to operate a charter school and protect your staff, your students, and your establishment, keep on reading.
Charter school insurance Tennessee 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 Tennessee 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 Tennessee 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 Tennessee 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 TN 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.
Tennessee Economic Data & Commercial Insurance Information
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
Economic Trends For Small Business In Tennessee
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2022, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2022.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
- Information technology
- Technology, as a whole
Business Insurance Regulations & Limits In TN
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
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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Also find Tennessee TN local small businesses by General Liability Class Code and learn about Tennessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.