The Specialty Schools And Education Insurance Guide
Schools And Education Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Schools And Education Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Schools And Education Insurance policies they might need to do business.
Learn about Specialty Schools And Education Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Schools And Education Insurance Types
Click on the links below to learn more about Specialty Schools And Education Insurance types and coverages:
- Amateur Athletic Programs Insurance
- Charter Schools Insurance
- Dance Schools Insurance
- Day Care Centers For Children Insurance
- Dive Shops And Instructors Insurance
- Driving Schools Insurance
- Educational Institutions Insurance
- Educators Professional Liability Insurance
- Martial Arts Liability Insurance
- Privacy Insurance
- Riding Academies And Hunt Clubs Insurance
- School Bus Contractors Insurance
- Student Accident Insurance
- Student Housing Insurance
- Water Ski Schools Liability Insurance
What Type Of Insurance Do Amateur Athletic Programs Need?
Accidental Death and Dismemberment (AD&D) and medical expense coverages are very important to amateur athletic programs in colleges, universities, and Amateur Athletic Union (AAU) clubs such as track, wrestling, basketball, and other amateur sports activities. Specialists cover National Collegiate Athletic Association (NCAA) programs for sports injuries in larger programs such as football and basketball. Coverage includes high AD&D limits, which covers the participant's disability if he or she cannot participate in the sport because of a sports-related injury or because of an illness that is discovered such as heart disease. Individual colleges or clubs offer coverage to their participants and may offer significant limits for star athletes headed for professional careers in football, baseball, basketball, or track.
What Type Of Insurance Do Charter Schools Need?
Charter schools are public schools that operate separate from the public school district. They must be sponsored by an overseeing organization such as a university, municipality, church-based, or other acceptable type organization and operate with a board of directors. They may be for-profit or not-for-profit. The schools may or may not include all school grades. The exposure is similar to public schools but because each charter has a unique approach to education, they must be carefully underwritten based on the background of the administrator, the board, and the sponsoring organization because these will determine the overall health and success of the school.
What Type Of Insurance Do Dance Schools Need?
These risks cater to young children who receive early instruction in ballet, tap, and other dance techniques; youth who want to improve their dancing ability; and adults who want to learn ballroom and other types of dancing. The exposure varies based on the school's specialty. Specific discipline instruction such as in classic ballet or tap dance differs significantly from large studios that offer multiple genres of dance instruction from preschool to adult. Specialized programs that offer general liability coverage including liability for injury to participants are available. Coverage applies for classes both on and off premises along with other off-premises operations such as performances. Instructors' professional liability coverage is usually included. Inland marine floaters are available to cover equipment taken offsite. Accident/medical expense coverage may be available.
What Type Of Insurance Do Day Care Centers For Children Need?
Liability insurance on day care centers, preschools, and private kindergartens is difficult to place because of the high degree of responsibility placed on them to care for young children. Underwriting acceptability and the premium is based upon the age of children, the activities the school provides, the qualifications and experience of teachers, the staff/child ratio, the school's accreditation, and the degree of supervision over both staff and children. Abuse and molestation coverage is usually excluded but can be bought back for sub-limits to cover defense and claims for negligent supervision by the day care.
What Type Of Insurance Do Dive Shops And Instructors Need?
Property and liability coverage for dive shops is difficult to place. The two most important components of surviving underwater are equipment and instruction. Errors or inadequacies in either can result in serious injury or death. Divers must receive instruction and be certified to dive with the equipment before they take their first dive. Dive shop instructors can provide that certification. The certificate verifies that the individual is capable of being underwater for long periods of time so it must be issued judiciously. Coverage for these shops includes commercial general liability and personal property coverage for the expensive merchandise and equipment held for sale or rent. On-site pools are covered. Professional liability insurance for diving instructors is available only to those with proper credentials.
What Type Of Insurance Do Driving Schools Need?
Auto driving schools are difficult risks to place. In addition to the auto liability exposure to others with an inexperienced driver behind the wheel, the workers compensation loss potential to instructors; automobile-related injuries to student drivers; and physical damage to the instruction vehicle must be considered.
What Type Of Insurance Do Educational Institutions Need?
Educational institutions have very specific needs that only customized coverage forms and programs can meet. Such programs offer commercial property, general liability, crime, inland marine, equipment breakdown, electronic data processing equipment, fine arts, abuse and molestation, corporal punishment, employee benefits liability, automobile, umbrella liability, workers compensation, educators legal liability, and employment-related practices liability.
What Is Educators Professional Liability Insurance?
Educators professional liability/errors and omissions covers school districts against suits that are brought against their board members, faculty, staff, student teachers, and volunteers for acts, errors, and omissions or bodily injury that result from decisions and actions taken by representatives of the school district. Underwriters consider factors such as prior coverage, litigation history, student-teacher ratio, and school district management.
What Is Martial Arts Liability Insurance?
Martial arts instruction is a broad term used for schools that teach the martial arts such as karate, judo, jujitsu, mixed martial arts, kickboxing, kung fu, and tae kwon do. Liability programs through specialty insurers cover school owners, instructors, and other employees. Important considerations include the instructors' skills and experience, the amount of supervision, and the types of students who receive instruction.
What Is Privacy Insurance?
This coverage protects the insured when confidential information belonging to clients, employees or vendors is breached because of an alleged error on the insured's part. Coverage is provided for both defense and indemnification. Coverage also includes the cost to notify affected individuals.
What Type Of Insurance Do Riding Academies And Hunt Clubs Need?
Insurers that specialize in writing equestrian liability and mortality also write this coverage. Riding academies or schools are especially difficult risks to insure because the participants are often either beginners learning to ride saddle horses or are experienced riders trying to acquire new skills, such as jumping. Riding academies also stable horses for owners who will ride their own horses and often permit the owner of the academy to use the horses for riding lessons or excursions. The owner of the academy has a care, custody and control exposure for these horses. The riding academy may also conduct special events, such as rodeos, horse shows and jumping competitions and these events add a spectator liability hazard.
What Type Of Insurance Do School Bus Contractors Need?
Private school bus contractors do not share the sovereign immunity that publicly operated school bus fleets enjoy. As a result, they must have sufficiently high limits to protect them because of potential injuries to children. These injuries may occur while the child is on the bus, is walking to or from the bus, or waiting for the bus. These contractors also have the traditional automobile bodily injury, property damage, comprehensive, and collision exposures. They also need property, general liability, inland marine, crime, and workers compensation coverages.
What Is Student Accident Insurance?
Student accident and youth group accident coverages are written by certain insurers that specialize in such insurance or that have independent divisions that can handle a large number of policies with small premiums. Student accident insurance is usually arranged through schools and colleges under a group coverage approach with coverage for each student being voluntary. Coverage is written for blanket accident medical reimbursement, accidental loss of life, and accidental dismemberment or loss of sight. Two different plans are usually available: A limited plan and an annual 24-hour comprehensive plan. These plans may cover one or more of the following circumstances: while engaged in school activities during the nine-month school year; on school premises while attending classes; during lunch and recess and while participating in school-related after-class activities; while traveling between the student's residence and school; while traveling with other students in a supervised group to and from school-sponsored activities; or while participating in school-sponsored and supervised athletics. Limitations may apply, such as participation in defined hazardous sports such as football, soccer, hockey, or lacrosse. Athletic teams may purchase special sports activity policies and youth groups, such as the Boy Scouts and Girl Scouts, can purchase accident insurance for these activities, separating them from regular school activities, even though the school may sponsor them.
What Type Of Insurance Does Student Housing Need?
Student housing is a difficult class to underwrite because of numerous issues that relate to student behavior. Property hazards to consider include smoking, candles, and forgetfulness, along with general negligent and irresponsible behavior. Liability exposures include issues related to fire, along with those related to assault and alcohol. Housing units may be on or off campus. They may be publicly or privately owned. A significant number of student housing units are in older converted dwellings that are often overcrowded and do not conform to building codes. However, there are also a growing number of newly built, well-maintained, and well-managed off-campus student-only high-rise apartments.
What Is Water Ski Schools Liability Insurance?
Water ski schools provide instruction for water skiing, wave boarding, tubing, barefoot water skiing, and other types of propelled water-related activities. Instruction is usually conducted in less hazardous water areas relatively free of other watercraft. Bodily injury and property damage liability coverage is available.
Schools And Education Insurance - The Bottom Line
We hope that the Schools And Education Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
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.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.