Educational Institutions Insurance –Buy Education Liability Insurance

> The Benefits of Educational Institution Insurance
> Quick Guide to Educational Institution Insurance
> Frequently Asked Questions
> Insuropedia
> Why SecureNow?

Benefits of Educational Institution Insurance

Property Protection

Package policy will cover your institution property against the losses from fire, lightning, riots, flood, earthquake, storm and other special perils. The electrical and mechanical appliances in the premises will be covered against the accidental breakdown. This policy will provide protection to the portable equipment against fire , theft or any other causes.

Secure Your Students

Cover your students against the risk of any accident leading to permanent partial disability, permanent total disability or even death. Also the student’s health is secured under this policy as this policy will pay for hospitalisation expenses of the students. This insurance can also pay for the education of the child if a parent dies. The premium can be paid annually.

Cover Your Staff

Employees can be covered in this policy in case of any personal accident leading to disability or death. This package policy also protects you from the legal liability to all employees under Workmen Compensation Act, 1923 and indemnity against legal liability under the Fatal Accidents Act, 1855.

Public Liability Cover

Cover yourself against the third party liability due to any bodily injury occurring in your premises or, loss or damage to the property. This policy will also cover you against direct financial loss suffered on account of fraud, dishonesty or misappropriation by your employees.

Quick Guide to Educational Institutions Insurance

What is Educational Institutions Insurance?

Educational Institution insurance is a comprehensive package Insurance that is especially designed for educational institutions like Schools, Colleges, Universities etc. Besides offering protection to Building and its contents against loss or damage by sudden, unexpected event or accidents, Personal Accidents to employee, Liability insurance and range of other coverages, policy also covers students enrolled with the institutions.

Like all other establishments, educational institutes too face potential threats, such as damage to property and injury due to accidents on their premises. For these businesses to maintain seamless operations without interruption in times when something goes wrong, it’s important they have quality education-institute insurance by an experienced provider like SecureNow.

A school insurance policy is essential to protect students, staff, and the school from unforeseen events such as accidents, injuries, or damage. Whether it’s insurance for public schools or insurance for private schools or any other educational institute for that matter, a cover provides financial security and peace of mind to all involved

Why Educational Institutions need to buy insurance?

Educational institutions, including schools, colleges, and universities, face a variety of risks that can result in financial loss or reputational damage. They need insurance to protect themselves from bad things that could happen. For example, if a student gets hurt on campus, the school could be sued and have to pay a lot of money. Insurance can help pay for those costs. The school also has buildings, equipment, and technology that are valuable. If there is a fire, flood, or other disaster, insurance can help pay to repair or replace those things. Schools store a lot of important information, like student records and financial information. Insurance can help protect against hackers and other bad people who might try to steal that information. Sometimes unexpected things happen, like a pandemic, and schools can't operate as normal. Insurance can help pay for the costs of things like lost income during that time.

To manage these risks, educational institutions can purchase education liability insurance coverage for a range of potential losses including:

Property Insurance:It covers physical damage to buildings, equipment, and other property owned by the educational institution. This can include damage caused by fire, water, wind, or other natural disasters, theft/vandalism, business interruption coverage etc.
Liability Insurance: Provide coverage for damages and legal fees associated with lawsuits and other claims against the educational institution. This can include claims related to property damage, personal injury, professional malpractice, employment practices liability.
Student Accident Insurance: Offers coverage for medical expenses and other costs associated with injuries sustained by students while participating in school-sponsored activities, such as sports and field trips.
Cyber Liability Insurance: Policy provides coverage for losses associated with data breaches, cyber-attacks, and other cyber-related risks etc. That educational institutions are particularly vulnerable to.
International Insurance:This plan offers International insurance for educational institutions that operate outside of their home country. This can include coverage for property damage, liability claims, and other risks associated with operating in a foreign country.

In addition to these specific types of insurance, educational institutions may also purchase general liability insurance.

Inclusions under Educational Institutions Insurance

Inclusions in Educational Institutions Insurance policy are:

Equipment damage: It is a type of insurance that covers any unforeseen damage caused to mechanical and electrical appliances. The coverage under the policy also extends to portable or electronic equipment present in the premises of educational institutions.
Protect against natural and special perils: Lightning or explosions, Fire, Strikes, damage due to riots, malicious intent, damage due to aircraft impact, bush fires, natural calamities like typhoon, cyclone, and others, bursting of pipes or overflowing of tanks etc.
Covers against employee dishonesty: Educational Institution package plan covers any losses or damage to assets by an employee including losses due to any fraud by an employee within institute’s premises.
Secures students: Covers for medical expenses and other costs associated with injuries sustained by students while participating in school-sponsored activities, such as sports and field trips.
Personal accidents: Policy covers you and your employees against any unforeseen accidents that lead to permanent total disablement, permanent partial disablement, or accidental death.
Employee compensation: It provides adequate compensation to the employee’s family in case an employee meets with an accident within the institution’s premises.
Theft or Burglary : This type of insurance covers the financial losses an institute may suffer due to untoward incidents like theft of educational books and lab equipment. It compensates the institution for the loss of valuable equipment and materials due to burglary as well.
Protects against public liability: Covers Legal liability of the Insured towards damages to third party in respect of; Accidental death, bodily injury or disease, loss or damage to property arising out of such accidents. legal costs and expenses incurred depending on exposure etc.

Exclusions under Educational Institution Insurance

Below are some exclusions under the educational institution insurance:

War or warlike operations and civil commotion
Nuclear perils and radioactive contamination
Damage/loss due to gradual wear and tear
Willful act or willful gross negligence
Damage caused by contamination or pollution
Consequential losses of any kind
Losses/damages arising out of terrorism

How to Buy Insurance for Educational Institutions online?

Buying insurance for educational institutions online can be a convenient and efficient way to find coverage. Here are some steps to follow:

Identify the type of insurance you need: Determine what types of insurance you need for your educational institution, such as liability insurance, property insurance, cyber insurance, or employment practices liability insurance.
Research insurance providers: Look for insurance providers that specialize in insuring educational institutions. You can search online for insurance providers or ask for recommendations from colleagues in the education industry.
Compare quotes and coverage options:: Get quotes from multiple insurance providers and compare coverage options, deductibles, and premiums. Ensure that you read the fine print and understand the terms and conditions of each policy.
Purchase insurance:Once you have found the insurance provider and policy that meets your needs, you can purchase the insurance online. Most insurance providers have a website where you can fill out an application and pay for your policy.
Review and renew your policy: After purchasing your policy, be sure to review it regularly and make any necessary updates. You will also need to renew your policy each year to maintain coverage.

Remember, buying insurance for your educational institution is an important decision, so take your time to research and compare options to find the best coverage for your needs.

How to renew educational Institutes Insurance?

It is important to timely renew insurance policy for a continued cover. One can follow below steps to renew an insurance online:

Step 1 : Go on www.securenow.in
Step 2 : Fillin your insurance policy number to access your account
Step 3 : Once on your profile page, locate and click ‘Renew’ button
Step 4 : Based on your latest assessment of risk, you opt-in or Opt-out of any add-on(s)
Step 5 : Addition or removal of any add-on will accordingly increase or decrease the premium amount for the consecutive year
Step 6 : Check the information once before you proceed to make the payment using provided online payment options
Step 7 : On successful payment, a receipt will be generated, and a soft copy of the updated insurance policy is sent to your email. If requested for, we can also send you a policy hard copy at your registered address.

When selecting insurance policies, educational institutions should work with an experienced insurance broker like SecurenNow who specializes in this sector. We can be customers primary contact when it comes to answering insurance problems of educational institutions, be it for school liability insurance, university insurance.

insurance for colleges or vocational institutes. We can help you identify the specific risks your institution may face and recommend policies that provide the most comprehensive coverage at a competitive price.

How to raise claim under educational Institute Insurance policy?

You can follow below steps for raising a claim online:

Inform your Insurer or us : To raise a claim, you have to inform the insurance company or us about the incident
Keep required documents ready : You should submit all claim-related documents, as required by the insurer, to begin the claim process.
Filing out the Claim form : Fill the claim form and submit it along with the required documents.
Give information to Appraiser : Upon the receipt of the claim form, a claim inspector will be assigned who verifies the authenticity of the claim raised. Cooperating with an insurance claim inspector can help expedite the claims process and ensure a fair assessment of damages.
Compensation : Once appraiser has evaluated the claim is satisfied, he submits his expert advice to the insurance company, who will then initiate compensation.

Frequently Asked Questions

Educational institute insurance is a unique bundle of coverage that protects educational institutions from a wide range of possible risks. The educational institution package policy provides a wide range of cover to mitigate the risk to your institution’s property. The policy is developed keeping in mind that specific risks such as fire, burglary, business interruption and accidental damage, that educational institutions are prone to.

Educational institutions Insurance covers a wide variety of educational institutions including
Private elementary and high schools, Vocational/trade schools, community and junior colleges, Public elementary and high schools, Private non-profit schools, Private non-profit colleges and universities.

Some of the coverages educational institutes can consider include Property, buildings, contents, equipment, booths, others including:

General Liability

Umbrella Liability

Business Automobile

Workers Compensation

Educators Professional Liability

Directors and Officers Liability

Employment Practices Liability (EPLI)

Employee Benefits Liability

Cyber Liability

Crisis Response

Abuse and molestation

An educational institute enjoys below benefits under the educational insurance package policy:

Tax benefits

Increased productivity as the staff

It helps attract quality professional teachers to the institution

Several types of add-on covers are available under school insurance policy and university insurance on paying additional premium. Some of these additional covers are for large property coverage, loss arising due to business interruption and commercial automobiles.

Student Safety Insurance policies are offered to students and but can be also be availed by educational institutions such as schools, colleges, etc. for the benefit of their students. This policy ,in the later case ,is issued under the name of the educational institution and the claim is paid out to the guardian or parent of an affected student.

There are several perils like fire, lightning, earthquake, explosions and implosions, riots, storms, and flood that are covered under this policy. Campus insurance can cover the entire premises of the institution.

The common exclusions under the insurance for educational institutions are consequential losses, willful negligence and loss arising out of terrorism.

The Educational institution insurance can be customised according to the different coverage an institute you would like to choose. It also helps institutions get a competitive price to covers their valuable property, employees and is available at low rates.

There are multiple factors which determine the premium amount under this insurance. It includes limits or deductible you choose, your institute size, total students in of the institute and claim history.

The following are some recommendations which can help you save you some money:

You should analyze, considering the types of coverage, number of students in your institute, your employees, and assets, to identify potential risks.

Premiums tend to vary between insurers, so one should get at least three quotes to find the best rates and coverage.

A good insurance broking firm like SecureNow (securenow.in) will help direct you to the insurers with the best rates and the most experience covering educational institutes.

Some of the companies offering insurance to educational institutes in India are:

ICICI Lombard

Future Generali

The policy limit is the maximum amount that the insurer will pay in relation to any one Professional Indemnity Insurance claim during term of the policy.

To shortlist the best insurers for insurance for schools, colleges and coaching centers, consider the following factors: financial stability, claims handling, policy coverage, premium rates, customer service, and reputation in the industry. Research and compare different insurance options that are available and read reviews and ratings from other professionals in the same field. Contact insurance brokers and agents for assistance in selecting the right insurer for your specific needs. Liability insurance schools and other educational institutes opt for protects these institutes from financial losses.

Buying insurance for your educational institute online offers convenience, speed, and accessibility to multiple insurance options. It also facilitates an easy comparison of coverage and pricing, and the ability to purchase and manage insurance policies at any time. Further, online transactions reduce the risk of errors and often result in lower premiums.

Institutions can buy Insurance from SecureNow in just few clicks by following the simple steps mentioned below:

Visit www.securenow.in

Select ‘Profession’, then ‘Educational Institutes’

Select ‘Student GMC’ and/or ‘Student GPA’, as per your needs

Fill the requested details and get instant quotes

Select your preferred quote and make payment through NEFT/Net banking/UPI etc. details 

Once payment is done successfully, policy copy will be issued instantly at your registered Email ID

We offer best insurance education institution would need for their financial protection.

Institutions providing educational services, like schools, colleges, universities, vocations training institutes, coaching centers, schools for children with special needs etc. are eligible to apply for educational institutes insurance.

Educational institutions typically have a lower risk profile than other industries, which means they have fewer claims. Insurance companies can more accurately assess price risk, resulting in fewer claim disputes and a higher claim settlement ratio. In case of delays in settlement you can reach out to us using SecureNow app or contact number.

For filing an insurance claim, you must do the following:

Inform the insurer within 24 hours of the occurrence of damage

Inform the local police in case of theft or burglary

Inform the fire brigade immediately in case of fire

Submit the Insurer’s claim form and relevant documents to the surveyor

Educational institution insurance claims generally get rejected for the following reasons:

Fraudulent Information : If you provide false information in the proposal form or make a fraudulent claim the Insurance becomes void, and all claims forfeited. School insurance policy claims can also be denied if institute hides or omit material facts to reduce premium.

Exclusions : Sometimes the claim gets rejected because the cause of these claims is not covered in the policy. Some of the general exclusions in educational institution package policy are willful act or negligence, warlike operation and civil commotion, nuclear perils and consequential losses.

Non-Disclosure : Non-disclosure of important information may cause the Insurer to deny the claim.

Insuropedia

What Makes Insurance for Educational Institutions Necessity?

A few days ago, a 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,

What is the importance of obtaining NOC from the fire department in processing an insurance claim?

A fire is not only physically and financially damaging, but can be traumatic for those involved. As fires are unexpected, it’s important to know how to deal with them if they occur. The aftermath is stressful. So, it’s of utmost importance to obtain the fire NOC document from the Fire department for quick settlement of the fire insurance claims.

How Can a Student Insurance Policy Help Students?

A student insurance plays an important role by covering students against a myriad of risks. Here, the cover is issued in the name of educational institutions under the educational institution policy. In case, of any unfortunate event, the claim amount is payable to the parent/guardian, whose name is mentioned in the school record.

Why SecureNow?

Deep Product Knowledge

We have specialized underwriters and tie-ups with international experts.

Cost-effective Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround Time

Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.

Strong Claims Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value-Added Services

We will advice you on risk management best practices.

Policy Administration System (PAM)

See all your contracts and renewal information in one place. Place service requests on PAM.

Educational Institution Insurance

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