Insurance for a New Charter School
Understanding Coverage, Managing Risks, and Meeting State Requirements for Your New School
Starting a charter school is an exciting journey, but navigating the insurance requirements can be overwhelming.
- Where do you begin?
- What coverages are required?
- How do you estimate costs?
Insurance is a crucial part of your application process, ensuring your school is financially protected and compliant with state regulations. This guide will walk you through the essential coverages, how to estimate costs, and how our agency can help you secure the right insurance plan.
Why Insurance is Essential for New Charter Schools
Every charter school faces unique risks, from student safety to property damage and employment-related claims. The right insurance policies protect your school from unexpected financial burdens while meeting state and district requirements. Our agency specializes in charter school insurance, offering exclusive coverage options designed to safeguard your school from day one.
Starting a charter school is an exciting journey, but navigating the insurance requirements can be overwhelming.
- Where do you begin?
- What coverages are required?
- How do you estimate costs?
Insurance is a crucial part of your application process, ensuring your school is financially protected and compliant with state regulations. This guide will walk you through the essential coverages, how to estimate costs, and how our agency can help you secure the right insurance plan.
Why Insurance is Essential for New Charter Schools
Every charter school faces unique risks, from student safety to property damage and employment-related claims. The right insurance policies protect your school from unexpected financial burdens while meeting state and district requirements. Our agency specializes in charter school insurance, offering exclusive coverage options designed to safeguard your school from day one.
How to Obtain an Insurance Proposal
One of the difficult situations we have found in working with new charter schools is estimating premiums for all of the necessary insurance coverages to accompany the proforma financials submitted with each application.
We recognize that most states require charter school applicants to submit an insurance proposal as part of the approval process, and our agency simplifies this process by:
- Identifying the coverages required by your state.
- Providing multiple insurance options tailored to your school’s needs.
- Delivering a detailed, state-compliant insurance proposal for your application.
- Offering expert guidance to ensure your school is fully protected from the start.
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.
State-Specific Requirements
The following are links to find out what your state’s charter school insurance requirements are:
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