Trade & Service School Business Insurance
Trade and service schools are a wonderful business to own. You get to teach up and coming generations new skills, and retrain older students to work in a new field. Trade schools have many different people they are responsible to all at once. You have employees who teach the skills, students who learn, and student family members or other interested parties exploring your campus regularly. It took a lot of planning, hard work and money to get your business started. Make the smart investment of protecting your hard work and assets by making sure you have the right small business insurance coverage for your unique needs.
General Liability Insurance
General liability insurance protects your company if someone gets injured on your school premises. If a student trips while going up the steps for example, general liability covers the costs. If an accident happens in the auto shop or welding class and someone is hurt, general liability takes care of that.
General liability protects you if a student, visitor or other customer is subjected to property damages and loss while on your campus as well. If a hoist falls and breaks a student’s computer, general liability pays for the replacement.
General liability protects your trade school if damages occur due to products you sell as well.
General liability covers any potential hazards to person or property that are not specifically included on your insurance policy. It also expands to automatically provide coverage for new services, structures or locations.
Business Owners Policy (BOP) For Schools
A business owners insurance policy (BOP) is ideal for small businesses like yours because it provides multiple types of coverage. In addition to general liability coverage, it gives you property protection and protects your intangible business assets.
A BOP covers structural damages and loss to your business buildings. Business buildings such as your school offices, classrooms and workshops can all be protected from financial losses with a BOP. It includes physical property that you have inside or outside of each business structure.
If your trade school trains students to become professional welders for example, you have expensive equipment in the classrooms and workshops. Loosing expensive equipment such as blow torches, air compressors, generators and oxygen bottles can be devastating to the school’s financial stability. BOP covers the cost of repairing or replacing physical equipment so you don’t have to.
BOP protects you from the financial ruin that losing valuable paperwork or electronic data files would cause as well. If an electrical short corrupts critical data about your student’s or staff’s certifications and licenses for example, recovering those files can be quite expensive.
Commercial Auto Coverage For Trade Schools
Business auto insurance is a must-have level of protection if your business uses vehicles for any purpose. You may have staff that attends annual seminars or continuing education classes. You may offer transportation services to your students. Some of your trade service classes may offer delivery services as part of their training. Whenever a company or personal vehicle is used for business purposes, commercial auto insurance can protect it from loss due to accidents.
Workers Compensation Coverage For Trade Schools
When you have staff you must also have workers comp insurance. This is required by law. Workers compensation takes care of your employees if they are injured on the job. It pays medical bills, prescription costs, and temporary or permanent disability if needed.