As tablets and smartphones become more prevalent in charter schools, we are often asked if there is a way to insure them from theft, loss, or damage.

Typically these items are insured in 1 of 2 ways:

1. Warranty programs offered by retailers. When you purchase a tablet or smartphone, the retailer will usually try and sell you a warranty program with the product. The problem is that product-warranty programs typically don’t provide any coverage for theft, drops, and cracked screens; instead, they offer some limited coverage for hardware and software malfunctions.

2. Property insurance. One of the problems with insuring small electronics through your school’s property insurance policy is that if there is a loss or damage to just one unit, then your deductible is usually too high to cover the claim ($1,000 to $2,500), and you end up paying for the loss of yourself.

Is there any other way?

In working with several charter schools to find coverage for these items, the best solution we have found is an insurance product offered through Worth Ave. Group. 

They specialize in insuring small electronics, and they have an excellent program for items like iPads, iPhones, cameras, and even laptops. Their policy includes coverage for losses coming from theft or drops, and it is much more comprehensive coverage than the warranty programs offered through retailers.

How much does it cost?

The premium depends upon the type of item you are insuring, but the average premium is anywhere from $35 a year to $75 a year. (A minimal price to pay when you consider the cost of having to pay for a brand new one.)

How do you get a quote?

Their website features an online quote generator that will even allow you to purchase the policy right there in 1-, 2-, and 3-year increments.

If you have any other questions on insuring small electronics or if you would like to see what options will work best for your company, feel free to give us a call.