Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial 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.
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.
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.
Educational Services Insurance
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 educational services insurance policies you can get to protect your educational services business.
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 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 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 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 educational services insurance helps to cover the costs associated. This insurance keeps your employees covered if the need ever arises.
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 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
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.
Small Business Economic Data & Insurance Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. Maybe you want to contribute to the economic growth of your community. Whatever the reason is, if you're thinking about starting a small business, it's important to understand pertinent information relating to small businesses in the United States; namely economic information and insurance regulations. After all, if you want your small business to succeed, you have to understand the economic trends organizations of a similar size in your area.
Likewise, you want to ensure that your small business is well protected with the right business insurance and that you are in compliance with the rules and regulations that pertain to commercial insurance in your region.
Read up on economic statistics and insurance information that relates to small business owners in the United States.
Small Business Economic Data In The United States
Here's a look at some information that was compiled by the Small Business Association (SBA) regarding the economic data that pertains to small businesses in the United States:
- In 2015, small businesses in the United States employed an estimated 58.9 million American workers, or 47.5 percent of the nation's private workforce.
- Largest shares = fewer than 100 employees. The small businesses that employed 100 people or less had the largest share of employment amount small businesses.
- Employment increased by nearly 2 percent. In 2018, employment amongst small businesses increased by 1.8 percent, which is an increase of 1 percent from the prior year.
- Increase in proprietors. In 2016, the number of small business proprietors increased by 2.3 percent.
- In 2015, small businesses were responsible for creating 1.9 million net jobs. Organizations that employed 20 people or less had the largest gains, as they added an estimated 1.1 million net jobs.
- There were 5.7 million loans that were value less than $100,000 issued by lenders in the United States in 2016. These loans were issued under the Community Reinvestment Act.
- Small business owners that were self-employed at the incorporated businesses that they owned reported a median income of $50,347 in 2016.
- Small business owners that were self-employed at the unincorporated businesses that they owned reported a median income of $23,060 in 2016.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. The SBA recommends the following insurance plans for small business owners:
- Commercial Property Insurance: In the case of an unplanned disaster - fire, flood, vandalism, theft, etc. - this type of coverage will help you avoid paying for the damage out of your own pocket. Even if you rent the property, you should still carry commercial property insurance.
- Commercial Liability Insurance: In the event that a legal situation arises - a negligence lawsuit, for example - commercial liability coverage will provide financial protection. It will cover the cost of legal defense fees, court fees, and even moneys that may be awarded.
- Commercial Auto Insurance: If you operate a vehicle for any activities that are related to your business - transporting and/or delivering goods, or meeting with clients - commercial auto insurance is legally required for businesses of all sizes, including small businesses.
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
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.
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.