Idaho Library Insurance Policy Information
Idaho Library Insurance. Libraries house a wealth of literature and other written materials, including magazines and scientific journals. In addition, they very often offer computer and internet access to members of the public, including courses that can be accessed most easily through libraries.
Libraries may further host public events ranging from language classes to reading clubs for young children.
Libraries are designed for the collection of various types of media, from written material and publications to records, electronic games, cassette tapes, compact discs (both audio and video), and other videotapes. The library may loan its materials to visitors, or be maintained for reference only, with visitors required to use its materials on premises.
Librarians are usually available to assist visitors with their research needs. Libraries may be private, institutional, or publicly funded. They often have extensive computer networks used by visitors for internet research. Many public libraries provide meeting space for reading groups or community organizations.
Some libraries have extensive collections of rare or valuable artwork, statuary, manuscripts, or related valuable literary or musical items.
By playing an important role in promoting literacy and knowledge, libraries provide services essential to the public good. Because libraries also face a multitude of risks that could threaten both their financial future and the body of knowledge they are the guardians of, however, it is crucial for library directors and officers to consider how to protect their assets.
Carrying the right types of insurance is a key part of this. To discover what types of Idaho library insurance policies needed, keep reading.
Idaho library insurance protects libraries from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do ID Libraries Need Insurance?
Libraries need insurance because they are vulnerable to a wide range of perils. Some of these perils will be shared by virtually every public or commercial organization, as well as by private residences.
Others are more specific to ID libraries themselves. Some perils result in minor costs that can easily be covered by a library's own budget, while others are of such magnitude that they could force a library to close permanently.
A variety of acts of nature - like earthquakes, wildfires, serious floods, and hurricanes - pose a risk to the library building itself, as well as the books and other assets therein.
Accidents such as fires and burst pipes have the potential to do similar damage to easily-compromised paper products, and criminal acts like theft and vandalism are always a threat, too.
Many libraries are bustling hubs of activity. With members of the public around all day, there is a high risk that someone will suffer some kind of injury, whether because a bookshelf that later turns out to not have been adequately secured falls on someone or because they slip in an icy parking lot.
In these cases, a library can be held legally and financially responsible for the resulting expenses, and the injured party may file a lawsuit.
While these are not the only hazards libraries can face, they do explain why it is important to carry Idaho library insurance.
What Type Of Insurance Do Idaho Libraries Need?
Libraries will need to carry several types of insurance to protect themselves from the financial consequences of a range of risks.
The exact policies a library may want to invest vary - your needs are influences by factors like the location of the library, the types of books it houses, its number of employees, and the age of the building, as well as the materials from which it was constructed.
For optimal coverage, it is advised to consult an insurance broker. Some of the essential types of Idaho library insurance needed, however, are:
- Commercial Property - Should a library be struck by an act of nature, an accident, an act of vandalism, or other unforeseen circumstances, this kind of insurance covers the financial cost of replacing or repairing damaged or lost physical assets. This includes the building as well as books, furniture, and computers.
- General Liability - Should a third party file a lawsuit after being injured or having their property damaged on the library's premises or as a result of its activities, this type of Idaho library insurance covers the resulting legal costs and settlement fees.
- Cyber - Generally speaking, libraries now store their patrons' personal data, such as their home addresses and details of the books they checked out, digitally. Should this sensitive personal information be stolen and perhaps even made public, cyber insurance would be crucial.
- Workers Compensation - This type of insurance protects both employers and employees. In the event an employee sustains a work-related injury, it covers their medical expenses and also any lost wages if the worker is unable to resume their job for a time.
While these types of insurance are important for ID libraries, remember that every library is unique. Some libraries may house valuable antique books that require antiques and collectibles insurance, for instance, while every organization that uses vehicles over the course of their professional activities also needs auto insurance.
Your insurance broker will be able to advise you on the kinds of Idaho library insurance that best meet your individual needs.
ID Libraries' Risks & Exposures
Premises liability exposure is high due to public access to the facility. Public and life safety code compliance is very important. Bookshelves must be stabilized to prevent collapse. Good housekeeping is critical to preventing trips, slips, and falls. Stairways, railings, and floor coverings should be in good condition.
Adequate lighting, marked exits and egress are mandatory. Steps must have handrails, be well-lit, marked, and in good maintenance and repair. Parking areas should be maintained free of snow and ice.
Background checks should be conducted on all individuals, including volunteers, who work with children.
In larger cities, libraries may attract unwanted visitors during operating hours, particularly when there is inclement weather. Security at the facility, as well as in the building, corridors, and any owned parking area needs to be carefully checked and reviewed to prevent harassment or assault of other visitors.
Libraries pose an attractive nuisance hazard. There should be adequate security after hours to deter trespassers. Personal injury losses may occur due to alleged wrongful removal, invasion of privacy, or discrimination.
Workers compensation exposure is moderate. Back sprains, strains, and hernias can result from lifting. Exposure to dust and other allergens can lead to respiratory problems. Repetitive stress injuries such as carpal tunnel syndrome can occur from working with computers.
Workstations should be ergonomically designed. Security personnel should be trained to deal with unruly patrons. If there is a bookmobile, there should be regular contact with the main office.
Property exposure is moderate. Ignition sources are limited to electrical wiring, heating, and air conditioning systems. Computer networks are extensive. Electrical wiring should be up to code and adequate for the library's use. Books and electronic media can be heavily damaged by fire, smoke, or water.
There should be fire prevention and detection devices. Sprinklers should be chemical-based instead of water-based to limit the potential for damage.
If lunchrooms, restaurants, or cafeterias are located on the premises, all cooking exposures must be adequately protected and controlled. Book restoration facilities should be included in contingency plans to clean up smoke, fire, and water damage after a loss.
In older buildings, valuation will be a concern, as there may be unique architectural features that are expensive to replace after a loss. If bookmobiles are used, there will be an off-premises exposure to loss due to collision and overturn.
Libraries may be targets for vandalism and theft. There should be adequate security after hours to deter trespassers.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted for employees who handle money or have access to rare books. Employees who are in charge of ordering must not be the same ones who handle disbursements and billings. Inventories should be conducted at least annually.
Inland marine exposure includes computers, fine arts, and valuable papers and records for clients' and media information. Visitors may inadvertently or intentionally download viruses onto computers. Library inventory and visitor lending records are generally computerized. These records should be duplicated and kept offsite.
Fine arts can include statuary, paintings, artifacts, valuable historical documents, rare or historical books, and manuscripts which may be irreplaceable. Items should be appraised by qualified, independent experts.
Adequate controls must be present to prevent, detect and deter fire, vandalism, and theft. Items used or taken off the premises can be damaged in transit or stolen. If the library assumes responsibility for items of others, such as those used for an exhibition, bailees customers coverage should be considered.
Business auto exposure is normally limited to hired and non-owned unless a bookmobile or other mobile lending vehicle is used. Drivers must be trained in the proper handling of these larger vehicles and have appropriate licenses and acceptable MVR.
Vehicles must be maintained on a regular basis with all service documented. Backup warning systems should be considered because most bookmobiles operate in areas where children or adults with limited mobility are present.
Idaho Library Insurance - The Bottom Line
To find out more about the specific types of Idaho library insurance policies you'll need and how much coverage you should carry, consult with a reputable broker that is experienced in commercial insurance.
Idaho Economic Data, Regulations And Limits On Commercial Insurance
If you are an entrepreneur, you need to have more than just high-quality products, great services, and a well-designed business model in order to achieve success. You also need to set up your operations in the right location.
It doesn't matter how high-quality your goods and services are, if your business is situated in a region that lacks the market you are trying to reach and doesn't have a strong workforce, chances are your company isn't going to succeed. Therefore, it's crucial to familiarize yourself with the economy of the state that you are thinking about starting a business in.
Whether you are considering establishing a startup in Idaho or you want to expand your existing operation by opening a subsidiary in the state, read on to learn more about Idaho's economic data.
Additionally we also provide a brief introduction to the commercial insurance policies you'll need to invest in.
Economic Trends For Business Owners In Idaho
The unemployment rate of a state is a good indicator of a state's economy. It indicates whether or not businesses are flourishing and if there are enough jobs to support the state.
As of December, 2019, the Bureau of Labor Statistics stated that the unemployment rate of Idaho was 2.9%, which was 0.6% lower than the national average, which was 3.5% at the same time. Throughout the course of 2019, the unemployment rate remained steady. According to economists, the rate of employment is expected to remain the steady in the upcoming years.
There are numerous locations in the state of Idaho that prove to offer a healthy environment for businesses. These locations include major cities and the suburban regions that surrounded them, such as:
- Couer d'Alene
- Idaho Falls
- Twin Falls
While businesses of all sizes and in various industries do well in Idaho, there are certain sectors that tend to do better. The top industries in this state include:
- Agriculture, with some of the top products being dairy, trout, lamb, wool, craps, seeds, potatoes, and several other types of livestock.
- Food and beverage processing, including canning and freezing plants.
- Healthcare and Biosciences, including nursing, dental hygiene, and physical therapy.
- Hospitality and tourism, thanks to the numerous tourist attractions, including annual concerts, festivals, whitewater rafting, and skiing.
- Manufacturing, specifically of electrical equipment, computer equipment, fabricate metals, and chemicals.
Commercial Insurance Requirements In Idaho
The Idaho Department of Insurance regulates insurance in ID. Idaho mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Idaho requires you to have worker's compensation insurance if you hire even one employee on a regular basis - unless you are specifically exempt from the law. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Idaho also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Non-Profit Insurance
Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.
- Animal Shelter & Pet Rescue
- Classic & Collector Car Clubs
- Fraternal Organization
- Goodwill Insustries
- Labor Union
- Parent Teacher Organization
- Public Administration
- Red Cross Chapters
- Salvation Army
- Social Work Services
- Veterans Groups
- Volunteers of America
- Youth Groups
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
- Coverage A: Bodily Injury and Property Damage Liability
- Coverage B: Personal and Advertising Injury Liability
- Coverage C: Medical Payments
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Computers, Valuable Papers and Records, General Liability, Directors and Officers Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Fine Arts, Musical Instruments, Commercial Articles Floater, Computers, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Idaho Library insurance quote in Aberdeen, American Falls, Ammon, Ashton, Bellevue, Blackfoot, Boise City, Bonners Ferry, Buhl, Burley, Caldwell, Cascade, Challis, Chubbuck, Coeur d'Alene, Cottonwood, Council, Dalton Gardens, Driggs, Eagle, Emmett, Filer, Fort Hall, Fruitland, Garden City, Genesee, Glenns Ferry, Gooding, Grace, Grangeville, Greenleaf, Groveland, Hailey, Hagerman, Hansen, Hayden, Heyburn, Hidden Springs, Homedale, Idaho Falls, Inkom, Iona, Jerome, Kamiah, Kellogg, Ketchum, Kimberly, Kootenai, Kuna, Lapwai, Lewiston, Lincoln, Malad City, Marsing, McCall, Meridian, Middleton, Montpelier, Moreland, Moscow, Mountain Home, Nampa, New Plymouth, Orofino, Osburn, Parma, Paul, Payette, Pinehurst, Plummer, Pocatello, Ponderay, Post Falls, Preston, Priest River, Rathdrum, Rexburg, Rigby, Riverside, Robie Creek, Rupert, Salmon, Sandpoint, Shelley, Shoshone, Soda Springs, Spirit Lake, St. Anthony, St. Maries, Star, Sugar City, Sun Valley, Troy, Twin Falls, Tyhee, Ucon, Victor, Weiser, Wendell, Wilder and all other cities near me in ID - The Gem State.
Also find Idaho insurance agents & brokers and learn about Idaho small business insurance requirements for general liability, business property, commercial auto & workers compensation including ID business insurance costs. Call us (208) 325-5655.