Why Education and Schools Need Business Insurance
Schools and educational institutions face a variety of unique risks that require specialized insurance protection. From students participating in sports to the inherent dangers of running chemistry classes and taking students on field trips, there’s a lot that educational institutions, including private and charter schools, need to manage and protect. And that’s in addition to the typical issues most businesses prepare for like property damage or loss of critical files and records. Learn about the insurance coverages smaller schools and educational institutions typically need, and most often purchase, from The Hartford.
Business Owner’s Policy
Most smaller educational institutions, including private and charter schools, will need a Business Owner’s Policy (BOP). Why? Because it protects your school and the business of running it, in much the same way a homeowner’s insurance policy protects your home and personal possessions.
By combining three basic insurance coverages that are important to most small businesses, including those in the education industry, a Business Owner’s Policy can save you money while providing your educational institution with superior protection.
General Liability – helps protect your school from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations, like if a student is injured at your institution or a teacher or other employee causes damage to a student’s property. It even helps cover certain claims of slander and libel. Business Liability does not cover liabilities directly arising out of the professional educational services you may provide.
Commercial Property – helps protect your school facility and the things you use to operate your school, like books, furniture and educational equipment - whether you own or lease them.
Business Income – helps cover the loss of income when you can’t run your school because of covered property damage.