Florida Real Estate School Insurance Policy Information
Florida Real Estate School Insurance. In many areas of the United States, the real estate industry is booming.
Real estate schools provide required courses for those who must meet their state's licensing requirements in order to act as a real estate salesperson or broker. Real estate schools operate at office locations or at off-site facilities such as community colleges, libraries, hotels, or other locations having conference rooms or classroom space.
The courses offered must meet state requirements and are reviewed regularly. The schools provide the instructors and the textbooks. They must meet mandatory FL state-certification requirements concerning student attendance and maintain the records needed to document that attendance. Most states require candidates to complete a certain number of classroom hours of instruction before being permitted to sit for the state-mandated licensing exam.
Once licensed, the realtor is usually subject to a continuing education requirement that must be satisfied in order to maintain a valid license.
As an experienced agent yourself, you'd like to provide those who are interested in starting a career in the real estate industry with the education and practical knowledge that they need in order to become a licensed agent and achieve the success that they desire. That's why you've decided to start a real estate school.
From choosing a facility to hiring faculty and staff, and from purchasing equipment and materials and making sure that everything is organized, there's a lot that you need to do in order to set yourself up for success.
When you're creating your list of things to do to prepare your real estate school for opening day, there's one thing that you are definitely going to want to make sure you include on the top of your list: investing in the right type of insurance coverage.
Why do you need insurance? What type of Florida real estate school insurance coverage do you need to have? To find the answers to these questions and more, keep on reading so that you can make sure that you set yourself up for success.
Florida real estate school insurance protects your education business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do FL Real Estate Schools Need Insurance?
As the owner and operator of a real estate school, you are tasked with a lot of responsibilities. You need to make sure that the teachers you employ are properly trained and that they are providing the students who enroll in your school with the education they require in order to seek a career in the real estate industry.
You have to ensure that your facility is safe for both your students and your staff. Those are just a few examples of the things that you are responsible for. In the event that something goes wrong, you'll be responsible for the related expenses. If your property is damaged in a storm, the school has to be closed down for a while, and the facility needs to be repaired, you could be looking at major financial losses.
If a student brings a lawsuit up against your school, claiming that a faculty member committed a wrongdoing (whether the claim is credible or not), you'll have to cover the cost of the legal defense fees, as well as any settlement fees that you may be found liable for.
Imagine the exorbitant costs that could be associated with the above-mentioned examples of things that could go wrong. If you had to pay those expenses out of your own pocket, you could be looking at serious financial losses; however, if you're properly insured, the company that carries your policies will cover those expenses.
In other words, insurance can help you avoid major monetary losses; not to mention the fact that in order to operate legally, real estate schools are required to carry certain types of Florida real estate school insurance coverage.
What Type Of Insurance Do Florida Real Estate Schools Need?
The specific type of coverage that a real estate school will need to invest in depends on several factors. To find out exactly what type of policies you'll need, consulting with an experienced agent is strongly recommended.
With that said, however, here's a look some of the Florida real estate school insurance policies needed:
- Commercial Property - This policy will cover the physical structures that your school operates out of, as well as the contents within those buildings, from damages that occur as a result of fire, natural disasters, theft, and vandalism.
- General Liability - . In the event that a third-party files a lawsuit against your school citing personal or physical injuries or property damages, this Florida real estate school insurance policy will cover your legal defense fees, as well as any settlement money that you may be required to pay.
- Workers' Compensation - As an employer, you're responsible for providing your staff with a safe work environment. If one of the employees of your real estate school suffers a work-related injury or illness, this insurance will cover the costs of the medical care that they may require. It could also reimburse them for any wages that they might lose if they are unable to work while recovering.
These are just a few examples of the type of Florida real estate school insurance coverage that are suggested, you might need more based on your unique operations.
FL Real Estate School's Risks & Exposures
Premises liability exposures are usually minimal, especially when classes and testing are conducted at facilities owned by others. If there is public access to the premises, all areas must be properly maintained with floor coverings kept in good condition. Steps and uneven floor surfaces should be prominently marked. Because evening classes may be offered, there should be sufficient exits with backup lighting systems in case of power failure.
Parking lots and sidewalks should be kept free of ice and snow. If contract instructors are used, written contracts should clearly detail the services the school provides to the subcontractors and the expectations the agency has of instructors.
Because the primary exposure from classes is off-site, the school should have signed contracts with the organization providing the classroom and testing space. Personal injury exposures include allegations of assault and battery, discrimination, invasion of privacy, and wrongful expulsion.
Professional liability exposures can arise due to allegations of copyright infringement if the school publishes its own textbooks and study notes. A review process should be in place to monitor instructional material.
Workers compensation exposures are from office operations and instruction conducted off-site. Ergonomic concerns at the office include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
When schools offer instruction throughout the state, drivers may be injured in vehicle accidents.Custodians can develop respiratory ailments or contact dermatitis from working with chemicals.
Property exposures are light. Ignition sources are generally limited to electrical wiring, heating and air conditioning systems. All wiring must be well maintained and meet current codes. Combustibles consist of students' records that must be stored and maintained to comply with state requirements.
Crime exposures are from employee dishonesty and theft of money and securities. Background checks should be conducted on any employee handling money. If students can pay at the door instead of pre-registering, receipts should be provided.
Cash drawers must be regularly stripped and bank deposits made on a timely basis to prevent a large buildup of cash. Duties must be separated and books must be audited both internally and externally on at least an annual basis.
Inland marine exposures consist of accounts receivable for payments from students, computers, a special floater for property used off-site, and valuable papers and records. The records on file are typically originals of student records and approvals that are difficult to re-create.
A morale hazard may be present if the insured does not keep valuable papers and disks in safes or fireproof file cabinets or receptacles to protect them from smoke, water, and fire damage.
Power failure and power surge are potentially severe hazards. Surge protectors should be used. Duplicate records should be stored off-site to allow them to be re-created if a loss occurs.
Business auto exposures are generally limited to hired and non-owned. If vehicles are provided to employees, all drivers must have appropriate licenses and acceptable MVRs. There should be written procedures regarding personal use by employees and their family members. All vehicles must be well maintained with records kept at a central location.
Florida Real Estate School Insurance - The Bottom Line
To learn more about the specific types of Florida real estate school insurance policies you'll need, and how much coverage you should have and the premiums, consult with a reputable broker that is experienced in commercial insurance.
Florida Economic Data And Commercial Insurance Requirements
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.
Economic Trends For Businesses In FL
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 2022 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:
- Aviation & Aerospace
- Financial Services
- International Trade
- Life Sciences
Commercial Insurance: Regulations & Limits In Florida
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.
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.
Request a free Florida Real Estate School insurance quote in Altamonte Springs, Apopka, Aventura, Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Cape Coral, Casselberry, Clearwater, Clermont, Coconut Creek, Cooper City, Coral Gables, Coral Springs, Crestview, Cutler Bay, Dania Beach, Davie, Daytona Beach, DeLand, Deerfield Beach, Delray Beach, Deltona, Doral, Dunedin, Edgewater, Fort Lauderdale, Fort Myers, Fort Pierce, Gainesville, Greenacres, Haines City, Hallandale Beach, Hialeah Gardens, Hialeah, Hollywood, Homestead, Jacksonville Beach, Jacksonville, Jupiter, Key West, Kissimmee, Lake Worth, Lakeland, Largo, Lauderdale Lakes, Lauderhill, Leesburg, Margate, Melbourne, Miami, Miami Beach, Miami Gardens, Miami Lakes, Miramar, New Smyrna Beach, North Lauderdale, North Miami Beach, North Miami, North Port, Oakland Park, Ocala, Ocoee, Orlando, Ormond Beach, Oviedo, Palm Bay, Palm Beach Gardens, Palm Coast, Palmetto Bay, Panama City, Parkland, Pembroke Pines, Pensacola, Pinellas Park, Plant City, Plantation, Pompano Beach, Port Orange, Port St. Lucie, Riviera Beach, Rockledge, Royal Palm Beach, Sanford, Sarasota, Sebastian, St. Cloud, St. Petersburg, Sunny Isles Beach, Sunrise, Tallahassee, Tamarac, Tampa, Tarpon Springs, Temple Terrace, Titusville, Venice, Wellington, West Palm Beach, Weston, Winter Garden, Winter Haven, Winter Park, Winter Springs and all other FL cities & Florida counties near me in The Sunshine State.
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