Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Kentucky Educational Services Insurance
Kentucky Educational Services Insurance. In recent years there's been slow growth in the education sector. The good news is according to the Education Industry Association the near future this industry will see massive growth. This news is good especially for business or institutions operating in the education sector. Although this is all good news, there are still many risks that come with running a business in this industry. These risks can lead to the collapse of your school - which is why it's important to have education insurance.
Following are some of the different types of Kentucky educational services insurance policies you can get to protect your educational services business.
Kentucky educational services insurance protects your school, tutoring or other instruction from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Insurance Is Important For Educational Services
As with any business when you're operating in the education marketplace - you are liable to lawsuits. There is always the risk of property damage and student injuries. This is why you should always keep your business protected with Kentucky educational services insurance. To find the right policy, you should take the time to speak with a commercial insurance agent. Following are some of the main types of KY education insurance:
Student and Student-Athlete Injury Insurance: Most education systems have and athletics program which means there will be times when many people are gathered together. When this happens, there is always the risk of injuries happening. This insurance provides you with coverage if your educational facility is held liable when a student is injured.
Educators Legal Liability Insurance: When there are claims against an educational institution for wrongful employment practices such as wrongful termination or discrimination this insurance provides the organization with the protection it needs.
Crisis Event Coverage: With this insurance, you have coverage designed to cover any costs associated with counseling and other related expenses when there has been a tragic event on the campus. Tragic events are not things you can plan for, but at least when you have this insurance, you can cover some of the expenses that come along with it.
Workers Compensation: Having this insurance is important for your insurance portfolio - and it is required in most states for any non-owner or partner employees. When you have people working for you, you have to keep them protected. You can never know when an employee can be injured on the job, but you can rest assured that when you have workers' compensation that they'll be protected if they are injured.
With KY workers comp you can protect your employees if they get injured while working in the education facility. If they are injured, and they need medical attention this Kentucky educational services insurance helps to cover the costs associated. This insurance keeps your employees covered if the need ever arises.
KY Auto Liability Insurance: If you have vehicles you use to transport students or for other reasons, then you must have this insurance to protect them. While on the road there's always the risk of getting in an accident. When you have auto liability, it protects you if the driver hurts other people, and if the sue for damages.
If employees use their vehicles to conduct errands for your business, then you may need to get non-owned vehicle insurance. Having this type of insurance keeps you employees protected while on the road using their vehicles.
There are many other types of Kentucky educational services insurance policies you can get for your education services business. To find the right insurance you have to know what you need protection from and what is the best protection to get to cover it. Knowing this is the only way you'll be able to protect your school entirely. Some of the educational services that need insurance are:
- Apprenticeship Training Schools
- Automobile Driving Schools
- Business and Secretarial Schools
- Colleges, Universities and Professional Schools
- Cosmetology and Barber Schools
- Computer Training Schools
- Educational Support Services
- Elementary and Secondary Schools
- Exam Preparation and Tutoring Businesses
- Fine Arts Schools
- Flight Training Schools
- Junior Colleges
- Language Schools
- Sports and Recreation Instruction
- Technical and Trade Schools
KY Educational Services Insurance
Insurance is necessary when it comes to protecting a school. If you want to protect your educational services business from any lawsuits or claims made against it, then you must have the right insurance policies in place. There have been companies in the past that lost it all because they did not take the time to get the right protection for their business. Take the information in this post and speak with an experienced insurance agent and get the right protection for you.
Kentucky Economic Data And Business Insurance Requirements
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
Business Economic Trends In The Commonwealth Of Kentucky
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2019.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2019 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
Commercial Insurance Requirements In KY
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
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.
- Charter School
- Colleges, Universities & Professional Schools
- Educational Services
- Language 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.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.