Frequently Asked Questions About Small Business Insurance
North Carolina Colleges Universities Professional Schools Insurance. Higher learning institutions face a variety of unique risks that require specialized insurance protection. From students participating in sports to the inherent dangers of running chemistry classes and taking students on field trips, there's a lot that higher educational institutions need to manage and protect. And that's in addition to the typical issues most businesses prepare for like property damage or loss of critical files and records.
Colleges & universities provide educational services for beyond the elementary and secondary levels. A university generally consists of two or more colleges, each devoted to a particular area of study such as education, liberal arts, or business. They may be publicly funded from state and federal tax dollars or privately funded through donations, particularly donations from alumni. Additional funding comes from tuition, fees, bookstores, admissions to sporting and cultural events, fund raisers, and licensing of miscellaneous goods and apparel bearing the institution’s name or logo. Exposures vary depending on the type of student, courses offered, and whether meals and dormitory facilities are available to students.
As a higher learning institution, finding the right North Carolina colleges universities professional schools insurance program is just as important as finding the right teachers, books, and curriculum. Colleges, universities, and professional schools insurance provides coverage to all your resources, as well as your students.
North Carolina colleges universities professional schools insurance protects your institution from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Here are some of the different types of insurance policies that North Carolina colleges universities professional schools insurance can purchase:
General Liability Insurance: This type of North Carolina colleges universities professional schools insurance covers things like accidents, injuries or property damage on school grounds. General liability insurance may also cover some types of non-physical harm, such as damage to reputation or other kinds of professional disputes which can be brought against a school. A common claim for schools is slip and fall type incidents.
Professional Liability Insurance: This policy helps to protect institutions if a student believes they've suffered a loss due to a mistake or error made in a professional capacity. AN example would be something the student was taught caused the student to injure himself or others. The NC learning institution may have contracts that require professional liability coverage (also know as errors and omissions (E&O).
Student Accident Insurance: Protecting the health and welfare of students is a concern that all schools face each and every day. Student accident insurance helps ease those concerns by providing benefits for injuries that occur during school hours and or school-sponsored and supervised activities (i.e., athletics, gym class, playground, field trips, etc.).
This North Carolina colleges universities professional schools insurance provides coverage in respect of all the medical expenses resulting from an accident regardless of blame. For a claimant / injured party to be successful they will have to take legal action against the school and prove the school was negligent in their duty of care.
Contents Insurance: As a NC educational institution, the challenges you face each day can be complex - dealing with safety issues, aging infrastructure, and more. The contents insurance product addresses those risks so you can focus on what matters most. It covers the schools contents, equipment and any stock items that are kept on the premises.
To make sure that sums insured are accurate, it is a good idea to carry out an inventory of replacement costs of all items. These can then be placed in to separate sections helping the insurer distinguished between general contents such as tables, desks & chairs and high risk items such as computers & electrical equipment. Examples of covered hazards are:
Loss of Business Income Protection: This North Carolina colleges universities professional schools insurance coverage will help your school compensate for the loss of money you would have earned if you are forced to temporarily close your doors due to a covered loss.
Computer and Data Coverage: Protection for your school's computer hardware, data processing systems and software if damaged or destroyed by a covered loss.
The education sector requires specialist attention from insurance brokers with an in-depth knowledge of the different exposures and coverage requirements of individual organizations. The legal liability exposure of different institutions is different and identification of these individual exposures, together with the risk management controls in place, is key to a broker's ability to secure a competitively priced and appropriately worded comprehensive insurance program.
Premises liability exposures are significant due to the age and number of students on premises. Furnishings and recreational equipment must be well maintained to prevent injury to students. Slips and falls can be prevented with good housekeeping and by maintaining floor coverings in good condition, with no frayed or worn spots on carpet and no cracks or holes in flooring, and prompt cleanup of spills.
Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Procedures for all emergencies should be posted, with employees trained to use them. Evacuation drills should be practiced on a regular basis.
Security issues are becoming more critical in educational settings. Access to the building must be limited during the hours of operation to prevent unauthorized access or kidnapping. If there are dormitories, supervisors' references must be verified, including a criminal background check.
Personal and advertising injury exposures include wrongful expulsion, invasion of privacy, unauthorized or intrusive searches, failure to prevent intimidation, humiliation, hazing or bullying by instructors or other students, false arrest or detention, slander and libel from publishing or broadcasting activities, professor publications, including research stealing and disputes, or copyright or patent infringement. Written procedures should be in place.
Directors and officers exposure arise from decisions and actions of board members. Policies and procedures should be published and consistently followed, especially as they relate to election of officers, and removal of officers.
Professional liability exposure is high due to the number of professors, counselors, nurses or doctors employed by the educational institution. Verification of professional credentials is critical. Educational standards must be in writing and meet all criteria for state and federal licensing and accreditation.
Abuse and molestation exposure is moderate as most college or university students are adults, but must be considered if there is a day care on premises or students are sent to schools or other facilities with young children as part of their education and training.
No coverage is available for the abuser. While there is some coverage available in the standard market for the college or university where the abuse takes place, it is very restricted. More complete coverage should be purchased through specialized markets. The college or university must take all care possible to protect children from predatory adults through background checks, monitoring and supervision, and reporting all allegations of abuse to the proper authorities.
Workers compensation exposure is moderate due to the use of equipment and interactions with students. Use of computer keyboards can result in repetitive motion injuries. Workstations should be ergonomically designed. Laboratory research can result in burns, explosions, contact with pathogens, and respiratory illness. Moving equipment can result in strains and sprains. Items can fall, injuring workers.
Kitchen workers can incur cuts, scalds, and burns. Instructors working with animals can be bitten or scratched. Instructors often travel with students and may intervene to prevent them from getting injured. Employees may need to intervene in student altercations, subjecting themselves to possible harm. Exposure to communicable disease can be high.
All employees should have up-to-date immunizations to prevent the spread of communicable disease. Unauthorized visitors can pose a threat to employees as well as students.
Property exposure is from equipment, machinery or wiring. All wiring should be well maintained and up to code. Business personal property includes paper, books, wood and/or plastic furnishings that increase the fire load.
Some classes increase the potential for fire, including cooking in home economics, wood and metal working in shop or art classes, and chemicals and burners used in chemistry classes. Flammables used for class and for cleaning must be stored in approved containers away from combustibles. Extinguishing equipment must be easily accessible. If meals are prepared on premises, all cooking equipment must be properly protected. Housekeeping must be excellent. Colleges are often targets for vandalism and malicious mischief. There should be after-hours security to prevent unauthorized access.
Business income exposure can be high if specialized classroom building, dormitory, research facility, theater or concert hall, stadium or arena is shut down after a loss. A disaster plan should be in place identifying temporary facilities and suppliers that could be used in the event of a loss.
Crime exposure is from employee dishonesty and theft of money and securities. Background checks should be performed on all employees handling money. If cash is received for tuition or from donations, receipts should be provided. Bank deposits should be made on a timely basis to prevent the buildup of cash on premises. Duties must be separated and books must be audited both internally and externally. The external audits should be conducted at least annually.
Should students assist in collecting cash in parking lots, concession stands, or for special events, there must be adequate supervision to prevent pilfering. Cash from bookstores and ticket booths must be periodically picked up, tallied, verified, and deposited in a drop safe pending transfer to a bank. Large cash deposits may require the use of an armored car service.
Inland marine exposure includes accounts receivable for payments from donors, parents and students, audio-visual equipment for items transported between classrooms, computers for offices and classrooms, contractors' equipment for machinery used to maintain the premises, valuable papers and records for student records and library books. Duplicates should be made of all data and kept off premises.
There may be fine arts, including paintings, sculptures and antiques. Security should be appropriate for the value of the items. Musical instrument coverage may be needed if the college or university owns instruments that are taken home by students or used off premises in performances. Because college or universitys often stage theatrical productions, a theatrical floater may be needed to cover costumes, scenery, and backdrops. An animal floater may be needed if the college or university offers courses in veterinary science or uses animals for research.
Commercial auto exposure is very high if the college or university regularly transports students. All drivers must have the appropriate license for the type of transport specified. MVRs must be acceptable and checked regularly. Procedures must be in place regarding trips, length of travel, sleep time for drivers and backup plans in case the driver becomes ill. All vehicles must be well maintained and records kept at a central location. If the institution hires contractors to provide transportation for students and staff, it must verify that the contractor has adequate insurance coverage.
Immunizations should be required for each student, along with an emergency medical contact. There should be written policies regarding when a student is too ill to attend class, and when the facility will contact parents or medical emergency providers in the event of illness or an accident. If the college or university has an on-premises medical clinic or police staff, professional liability coverage may be needed. Off-premises exposures can include athletic or academic competitions, musical or theatrical performances, field trips, class trips, overseas semesters, and research and development activities.
Economic and demographic developments are changing the way educational institutions are structured and operated. Since the 1980s, major risk factors have emerged in the education sector - including sexual molestation, inappropriate dealings with students and reputational damage. In this landscape, having the right insurance program is more important than ever.
For business-savvy individuals who are looking to establish operations for their corporation in North Carolina, having a firm understanding of the economic status of the state is essential. It's also crucial that business owners understand what the regulations and limitations for commercial insurance in the state. Below, we offer an overview of the economy and insurance requirements in the Tar Heel State.
For any business owner who is thinking about establishing a NC based organization, it's essential to first understand if the state is considered a healthy location for your enterprise. Before you set up shop, understanding key details that are related to the economy of the state, in addition to what type of commercial insurance is mandated is essential.
Job growth is promising in NC. Between 2017 and 2026, it is estimated that 389,000 jobs will be created within the state. In 2017, the unemployment rate within the state continued to fall at a steady rate; however, as of March, 2019, the state's unemployment rate rose 0.1 percent, a slight increase. Though the unemployment rate in North Carolina is slightly higher than the national average (0.2 percent higher), the forecast is positive, with rates holding steady in the coming years.
As of January, 2019, the unemployment rate did increase in all 100 North Carolina Counties; however, the rate is still lower than it was during the early 2000s. With an unemployment rate of 3.6 percent, Asheville had the best labor market in January, 2019, while in Rocky Mount, the rate was 6.0 percent, the highest in the state.
It is predicted that the following industries will contribute the most to NC's labor market through the year 2026:
Every industry is required to comply with state-mandated commercial insurance regulations in the state of North Carolina. According to state law, all businesses that employ three or more workers must carry workers' compensation insurance. Businesses that rely on vehicles for their operations must also carry commercial automobile coverage. Organizations that operate in areas that are prone to flooding must also carry commercial flood insurance. Additional forms of coverage may be required, as well, depending on the specific industry that a business operates under.
Learn about small business commercial insurance for educators that helps protecting your professional reputation and other legal liabilities arising from your educational services.
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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