Top Things to Know About Insurance for Educational Institutions
Insurance for educational entities can be simple or complicated based on a number of factors.
To start with, type of education offered will influence the potential list of exposures that one would purchase insurance coverage for. We offer insurance solutions for the following types of educational institutions::
- Primary School Education
- Secondary School Education
- Post-Secondary School Education
- Adult Learning
- Career Learning
Whether your institution is for-profit, not-for- profit, or government regulated are some of the external factors that will guide the direction one takes in acquiring insurance coverage. Do you provide educational content on-line, in person, through one location and a small staff or multiple locations with several employees — these are some of the internal factors that will affect your insurance buying decision.
The goal of your insurance purchase is the transfer of your risk to an insurance company in exchange for the premium paid. How much risk you are willing to assume and how much you ultimately transfer will impact the potential premium you will pay.
Some of the categories to consider in custom designing a program which will cover for your unique risk appetite are: property, general liability, educators’ professional liability, cyber liability, employee dishonesty, auto liability, employee benefits coverage and directors and officer’s liability.
As you can see there is much more to consider in acquiring an insurance program to address the unique needs of your institution then an off the shelve package that may be cost effect but lacking what you truly believe your coverage should be. At FCA insurance we take a hands on risk management approach to work with you to navigate your areas of vulnerability and design solutions to address those exposures.
If you’re interested in learning more about insurance for educational institutions visit www.fcainsurance.com/education .
What basic information do I need to get started?
- Name and address of the educational entity
- Category of education: private primary, secondary, for profit not for profit adult learning, Career College
- Numbers of students
- Number of educators
- Annual revenue
- lease requirements
- governments requirements
- Website address
What is the cost of insurance coverage?
The cost of insurance is based on a comprehensive review of your operation and your risk appetite which is distinctive to you and your operation. Your location, the category of education, the number of students, and number of educators, annual revenue and the area of exposure you wish to purchase coverage for all contribute to establishing a cost for protection.
Does an educational institution need cyber liability?
The substantial increase in cyber liability events in today’s world means that this coverage is a critical component in an institutions comprehensive program. An educational institution due to government regulations is responsible to maintain a significant amounts of both current and historic private information of their students and staff. The responsibilities imposed by PIPEDA makes the entity liable for the release of such information however caused. In addition with the dramatic increase in on-line learning the exposure to ransom ware which could negate the use of on-line learning system
What is educator’s professional liability (wrongful education)?
Educators’ Errors and Omissions coverage responds to protect the educational entity from legal actions against them for alleged or actual failure to provide educational and related services as outlined in their contract with clients, parents, students and staff.
The result of such action can be devastating to the reputation and ongoing operation of the educational entity.
There are several significant potential risks in a school setting. The following are examples of claims that an educational entity could experience.
EDUCATORS’ ERRORS & OMISSIONS LIABILITY CLAIM EXAMPLES
- Failure to educate, failure to supervise and failure to respond to prevent injury and promote a safe working/study environment (bullying, abuse and molestation, etc.)
- Failure to provide for exposure to recreational activities risk at school or elsewhere
- Internet and related exposures (stolen school records, Internet abuse, etc.)
- Failure to set in place crisis management practices and procedures (lock-down etc.)
- Violation of student’s rights and freedoms (transgender washroom issues etc.)
- Failure to hire qualified individuals
- Failure to promote students or grant credit
- Discipline procedures, not equally administered.
- Improper (possibly outdated) methods of instruction
- Failure to maintain proper hiring practices and procedures resulting in claims by staff and students
- Claim resulting when teachers either intentionally or otherwise introduce materials that are not age, race or religious appropriate
- Cases where parents of special needs children feel their child is not getting specific educational requirements addressed (misdiagnosis of learning disorders)
- Possible breach of contract between schools and teachers and the school and outside vendors
- Improper use of school funds
- Failure to follow staff tenure procedures