A few days ago, a fire broke out in the girl’s hostel of the School of Architecture and Planning, New Delhi, due to short-circuit.
This is not the only instance where educational institutions have to incur losses. In fact, both educators and educational institutions are facing more risks than ever. Whether it is an on-campus crisis, sexual harassments, campus security and safety, the evolving educational methods are presenting a new set of challenges. While it is feasible to take some essential steps to curtail or avoid the losses to some extent, it makes complete sense to opt for an additional cover, which is available in the form of Educational institution insurance policy.
The insurance for educational institutions covers a wide variety of educational institutions, including-
- Private elementary and high schools
- Vocational/trade schools
- Community and junior colleges
- Public elementary and high school districts
Now let’s discuss the various benefits which make insurance for educational Institutions a necessity=
Protection against natural perils
Do you know, the earthquake in Jammu & Kashmir in 2013 completely devastated school buildings? In such situations, the insurance for educational institutions can come to the rescue. The policy covers losses or damages which may arise due to perils like lightning, fire, earthquake, strike, riot, malicious damage, storm, flood, etc.
A few years ago, the Ahmedabad police recovered ten computers, worth Rs 3 lakh, stolen from various primary schools. The insurance for educational institutions safeguards the property which an institute either owns and leases, including important school items, like furniture, fixture, supplies, etc. The policy also assists by covering those items which help in enriching the educational experience like band uniforms, athletic, theatre costumes, musical instruments, sports equipments, etc.
Covers against employee dishonesty
What if your most trusted employee leaks important information about your institute to your rival? Or, your accountant steals money from the institution’s bank account? In both the cases, you would have to incur monetary losses along with the emotional loss. The insurance for educational institutions would cover pecuniary losses which you would have to incur due to the fraud or dishonesty committed by the employee while discharging the duties.
Protects you against your worker’s liability
The success of your educational institutions depends on your employees who are working with you, including both teaching and non-teaching staff. What if any of your employees meet with an accident at the workplace and files a case against you? As the employer, it would be your responsibility to compensate the injured party. Here, the insurance for the educational institution can help you. The policy includes statutory liability of the employer for death or disability of employees. In case an accident arises at the workplace, or the employee develops an illness due to working atmosphere, the policy would give compensation to workers and their dependents. Some of the events covered educational institution insurance policy are death, temporary disability, permanent disability, legal costs incurred, if any, etc.
The insurance for educational institutions also covers your students against the risk of accidents which can lead to disability and death. Further, some policies cover student’s health as well by paying for their medical expenses.
Protection for public liability-
The insurance policy covers you against the third-party liability which may arise when a third-party sustains a bodily injury in your premise or some loss or damage happen to the third-party’s property.
In addition to offering the core coverages, like general liability, commercial auto, etc.; insurance for educational institution can also be customised to include some of the following coverages=
- Crime insurance
- Data compromise insurance
- Law enforcement insurance
- Employee benefits liability insurance
- Violent-event response insurance
How Can SecureNow Help You?
Considering the intricacies involved in the insurance sector, it is advised to take the help of SecureNow, a leading corporate insurance advisor. Educational institutions face myriad of risks and SecureNow would help you create a customised plan as per your budget and needs. Further, the experts at SecureNow would carefully examine your institutional requirements to provide you with an apt level of coverage against the risks which may arise. Not only at the time of buying the policy, but SecureNow is also there at the time of claim as well. Insurance experts at SecureNow are available there to guide you and take care of all your insurance woes.