Charter School Insurance Coverages
School Insurance Essentials – What You Need & What to Consider
Charter schools must purchase insurance not typical to most industries. Charter schools have particular insurance requirements and needs. In fact, many of the insurance coverages are so important that state departments of education have set specific insurance requirements for charter schools to comply with.
Our expert team can not only help ensure your charter school complies with the required insurance coverages, but we will also work with your charter school to ensure we uncover any potential risks facing your school that can be covered by additional insurance protection. The best part is that we can often obtain these additional insurance coverages for our charter school clients at little to no additional cost.
Required Insurance Coverages
The following is a list of the most common insurance coverages required for charter schools by state departments of education (in alphabetical order):
Abuse/Molestation Coverage
Provides defense and indemnity protection for charter schools against claims arising from abuse and molestation allegations. This coverage is typically excluded on any other policy.
Automobile Liability
Coverage if a charter school is legally liable for bodily injury or property damage caused by an automobile.
Directors’ & Officers’ Coverage
Provides financial protection for the directors and officers of your charter school in the event they are sued in conjunction with the performance of their duties as they relate to the educational institution.
Educators’ Error & Omissions (Professional Liability) Insurance
Protects your charter school from claims arising from the failure to perform within the scope of your professional duties that result in damages to another party.
Employee Benefits Liability
Coverage for wrongful acts committed to administering a charter school’s employee benefits program.
Employment Practices Liability
A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination, and sexual harassment.
General Liability
Coverage for a charter school when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of the school, when someone is injured as the result of using the product manufactured or distributed by the charter school, or when someone is injured in the general operations of a charter school.
Property Insurance
Protection against most property risks, such as fire, theft, and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, or boiler insurance.
Workers’ Compensation Insurance
Provides compensation and medical care for employees who are injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.
Optional, but Recommended Insurance Coverages
The following is a list of common insurance coverages that, while not typically required for charter schools, are definitely recommended due to the protection they provide to charter schools against claims and litigation (in alphabetical order):
Business Income
Time element coverage pays for loss of earnings or income when business operations for a charter school are interrupted, curtailed, or suspended due to property loss as a result of an insured cause of loss.
Fidelity/Crime Insurance
Protects organizations from loss of money, securities, or inventory resulting from a crime. Common Fidelity/Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
Identity Theft Coverage
Provides the consumer with assistance to guide them through the process of restoring and protecting their identity.
Internet Liability
Protection against the first- and third-party risks associated with e-business, the Internet, networks, and informational assets.
Student Accident Insurance
Coverage designed to protect schools and other institutions from financial loss due to legal action and direct medical costs incurred from accidental injury.
Tuition Fees Insurance
Indemnification of a school for the loss of tuition and room and board fees when it is forced to suspend classes because of a perilous occurrence.
Umbrella
Umbrella insurance refers to a liability insurance policy that protects the policyholder’s assets and future income above and beyond the standard limits set on their primary policies.
State-Specific Requirements
The following are links to find out what your state’s charter school insurance requirements are:
- Arizona Charter School Insurance Requirements
- California Charter School Insurance Requirements
- Colorado Charter School Insurance Requirements
- Idaho Charter School Insurance Requirements
- Montana Charter School Insurance Requirements
- Montana Charter School Insurance Requirements
- Nevada Charter School Insurance Requirements
- Utah Charter School Insurance Requirements
- Washington Charter School Insurance Requirements
- Wyoming Charter School Insurance Requirements
Charter schools must purchase insurance not typical to most industries. Charter schools have particular insurance requirements and needs. In fact, many of the insurance coverages are so important that state departments of education have set specific insurance requirements for charter schools to comply with.
Our expert team can not only help ensure your charter school complies with the required insurance coverages, but we will also work with your charter school to ensure we uncover any potential risks facing your school that can be covered by additional insurance protection. The best part is that we can often obtain these additional insurance coverages for our charter school clients at little to no additional cost.
Required Insurance Coverages
The following is a list of the most common insurance coverages required for charter schools by state departments of education (in alphabetical order):
Abuse/Molestation Coverage
Provides defense and indemnity protection for charter schools against claims arising from abuse and molestation allegations. This coverage is typically excluded on any other policy.
Automobile Liability
Coverage if a charter school is legally liable for bodily injury or property damage caused by an automobile.
Directors’ & Officers’ Coverage
Provides financial protection for the directors and officers of your charter school in the event they are sued in conjunction with the performance of their duties as they relate to the educational institution.
Educators’ Error & Omissions (Professional Liability) Insurance
Protects your charter school from claims arising from the failure to perform within the scope of your professional duties that result in damages to another party.
Employee Benefits Liability
Coverage for wrongful acts committed to administering a charter school’s employee benefits program.
Employment Practices Liability
A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination, and sexual harassment.
General Liability
Coverage for a charter school when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of the school, when someone is injured as the result of using the product manufactured or distributed by the charter school, or when someone is injured in the general operations of a charter school.
Property Insurance
Protection against most property risks, such as fire, theft, and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, or boiler insurance.
Workers’ Compensation Insurance
Provides compensation and medical care for employees who are injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.
Optional, but Recommended Insurance Coverages
The following is a list of common insurance coverages that, while not typically required for charter schools, are definitely recommended due to the protection they provide to charter schools against claims and litigation (in alphabetical order):
Business Income
Time element coverage pays for loss of earnings or income when business operations for a charter school are interrupted, curtailed, or suspended due to property loss as a result of an insured cause of loss.
Fidelity/Crime Insurance
Protects organizations from loss of money, securities, or inventory resulting from a crime. Common Fidelity/Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
Identity Theft Coverage
Provides the consumer with assistance to guide them through the process of restoring and protecting their identity.
Internet Liability
Protection against the first- and third-party risks associated with e-business, the Internet, networks, and informational assets.
Student Accident Insurance
Coverage designed to protect schools and other institutions from financial loss due to legal action and direct medical costs incurred from accidental injury.
Tuition Fees Insurance
Indemnification of a school for the loss of tuition and room and board fees when it is forced to suspend classes because of a perilous occurrence.
Umbrella
Umbrella insurance refers to a liability insurance policy that protects the policyholder’s assets and future income above and beyond the standard limits set on their primary policies.
State-Specific Requirements
The following are links to find out what your state’s charter school insurance requirements are:
- Arizona Charter School Insurance Requirements
- California Charter School Insurance Requirements
- Colorado Charter School Insurance Requirements
- Idaho Charter School Insurance Requirements
- Montana Charter School Insurance Requirements
- Montana Charter School Insurance Requirements
- Nevada Charter School Insurance Requirements
- Utah Charter School Insurance Requirements
- Washington Charter School Insurance Requirements
- Wyoming Charter School Insurance Requirements