When it comes to insurance coverage, every industry and business has specific needs. The universal industry-specific approach does not always work for every business. Industry-specific insurance helps businesses tailor their risk management programs to the unique threats that could jeopardize their operations. In this blog, we will discuss the scope of educational institutions insurance– schools, colleges, and coaching classes.
Need of Insurance for educational institution
Safety is a top priority for schools and educational institutions across the country. Unfortunately, there have been far too many incidents of school buses being involved in accidents, school premises being damaged due to natural disasters, and students facing discrimination and assault within school premises. One of the tragic incidents was a fire at a coaching institute in Surat, Gujarat that claimed the lives of 19 students. Equally horrific was the incident at a school in Gurugram where a student was murdered. Thus, educational institutions are vulnerable to multiple risks daily and scope of insurance is a necessity.
How Insurance Can Help Educational Institutions?
- Insurance provides financial compensation to the institutions in case of uncertain incidents and can run smoothly even in situations when there is a financial loss that leaves the business vulnerable.
- An educational institution that is professional and shows that it cares for its students and staff would be more attractive to all its stakeholders. For example, a school that provides group health insurance to its teachers and has insurance as part of its risk management program would be more favorable to teachers and investors.
Types of Insurance for the Educational Sector
Property Insurance
Commercial Property Insurance covers the financial loss of damage to the physical property. This can include the building, equipment, furniture, and other valuable assets of the institution. It can be purchased as an umbrella policy or as specific risk insurance. Common types of property insurance include fire insurance, earthquake insurance, money insurance, vehicle insurance and many others. Institutions may also purchase additional insurance to protect the separate assets of their business, such as electronic equipment insurance, vehicle insurance, furniture and fixtures insurance, and more.
Group Health Insurance
Organizations purchase group health insurance for the staff and employees to provide them coverage for health-related issues. It is crucial for employees and their families and offers multiple benefits including:-
- Group health insurance policies are cheaper than normal health insurance policies.
- The staff does not have to worry about their health expenses.
- Many policies provide coverage for the employee’s families as well.
- Provides quality health care and treatments through partnerships with leading hospitals
Also, beneficial for educational institutions:-
- Tax benefits
- Increases the professionalism and reputation of the institution.
- Enhance the productivity of the staff.
Public Liability Insurance
Public liability insurance can help protect the institution from legal claims if someone is injured or their property is damaged because of business. This type of insurance can cover medical expenses, legal fees, and other costs associated with a claim or lawsuit. For instance, the school bus driver had an accident inside the school premises. They fell and got injured because of a broken staircase. The driver can file a lawsuit against the school. This raises the importance of scope of an education liability insurance policy.
How to Buy Insurance for Educational Institutions?
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