Business Insurance for
Insurance for Private Schools
Owning a private school is both lucrative and rewarding. There are also a lot of details you must manage. You must meet specific government regulations if you want to be approved for special funding and accredited status. You must attract students and maintain profitable enrollment levels, attract and retain quality teachers, and make sure all of the administrative tasks are kept up to date. All of your hard work and effort can be lost if unexpected events arise that you are not prepared for. Protect your assets by covering your private school with commercial business insurance.
General liability insurance protects you from financial losses and hardship that can arise when accidents happen. It can also protect you from losses caused by unexpected events such as fire or water damage. If for example, a visiting parent is involved in an accident that causes them bodily injury while at your school; general liability can cover the resulting medical and personal expenses.
Business Owners Policy (Bop)
A business owners insurance policy provides you with all the benefits of general liability while also adding various types of property protection coverage. Where general liability provides you with a broad range of coverage, a business owners policy (BOP) takes care of specific issues that can arise based on your private school’s insurance needs.
- Equipment Breakdown Whether the school’s telephone equipment has problems or the Intercom system stops working, equipment breakdowns can be expensive to repair. A BOP can protect you from that financial stress by covering the breakdowns or offering replacements.
- Buildings and Contents A BOP provides protection for your buildings and other structures, such as the gates or fences around your school. It also protects you from losses of property you have inside the structures. If a fire strikes and ruins the desks and furnishings in one of the class rooms, a BOP can cover the cost of replacing the damaged content.
- Business Income and Extra Expense When catastrophes strike it can interrupt your daily business operations. Whether you have to shut down part of your school for repairs or entirely close the doors, the extra expenses you incur or the lost income you suffer from can be covered by your BOP.
- Electronic Data Digital files and assets are normal for modern schools. You may use specialized educational software or you may simply keep all student, staff and financial records in digital format.
- Newly Acquired or Constructed Buildings When you decide to add buildings and structures to your private school, the BOP can provide loss protection for those new buildings and structures.
- Valuable Papers Protection If you keep critical paperwork as part of your school business materials, losing them in a fire could be financially devastating. A BOP helps with the recovery and replacement costs.
- Employee Dishonesty Coverage Employee dishonest can include theft of small items such as pens and staplers and it can also include computer fraud and unauthorized charges to the school’s financial accounts.
As an employer in the United States, you are required by law to carry workers compensation insurance. This coverage is designed to care for your employee’s medical and recovery expenses if they ever receive an injury on the job.