As a school principal, you know that protecting your students, staff, and property is a top priority. A key part of managing risk is having adequate insurance coverage in place. But did you know that it’s important to review your insurance for educational institutions on a regular basis? Here are five reasons why:
- Your school’s needs may have changed
As your school grows and changes, so do your insurance needs. For example, if you’ve added a new building or made significant renovations to an existing one, your property insurance coverage may need to be increased. Or if you’ve added a new extracurricular activity, like a sports team, you’ll want to make sure that your liability coverage is adequate in case of injuries. Reviewing your insurance coverage on a regular basis will ensure that you have the right amount of protection in place as your school’s needs change over time.
- The cost of premiums may have changed
Inflation isn’t just something that affects the cost of goods and services; it can also affect the cost of insurance premiums. Even if your school’s needs haven’t changed, the cost of insuring them probably has. That’s why it’s important to review your coverage regularly to make sure you’re still getting the best value for your money.
- The amount of coverage may have changed
Your school’s insurance policy is like a safety net; it protects you from financial loss in the event of an accident or catastrophe. But over time, the value of your property and possessions may increase, which means that the amount of coverage in your policy might not be enough to replace them if they’re damaged or destroyed. Reviewing and increasing your coverage on a regular basis will help to ensure that you’re fully protected in case of an emergency.
- The deductible may have changed
A deductible is the amount of money that you would have to pay out-of-pocket in the event of a claim before your insurance policy kicks in. In most cases, deductibles are applied per occurrence, which means that if you have multiple claims in a single year, you would have to pay the deductible more than once. Some policies also have annual deductibles, which means that you would only have to pay the deductible once per year regardless of how many claims you make.
Reviewing your policy regularly will help you to understand how much money you would need to come up with in the event of a claim so that you can budget accordingly.
- The policy may no longer be effective
Like all contracts, insurance policies have an expiration date. In most cases, this date is one year from the date that the policy was purchased or renewed – that means that if you don’t review and renew your policy on a yearly basis, it will lapse and no longer provide any coverage for your school.
Is it time to review your coverage?
Schools rely on insurance policies to protect them from financial loss in case of an accident or disaster; however, it’s important to remember that these policies need to be reviewed and renewed on a regular basis. By taking the time to do so, school principals can ensure that their schools are adequately covered for their current needs – failure to do so could leave schools vulnerable in case of an emergency. So be sure add reviewing and renewing your school’s insurance policy to end-of-year checklist!