Charter schools have specific insurance requirements to meet given to them by the state which they reside. They need a unique and wide variety of coverages for various risks.
The coverages that are required for charters schools are:
Abuse and Molestation Coverage: Provides defense and indemnity protection against claims coming from allegations of abuse or molestation.
Directors and Officers Coverage: Provides financial protection for the directors and officers in the event they are sued because of their professional performance.
Educators Errors and Omission Insurance: Protects from claims arising from the failure to perform your duties that results in damage to another party.
Employee Benefits Liability: Coverage for wrongful acts committed in the administration of an employee benefits program.
General Liability: Coverage when negligent acts or omissions result in bodily injury or property damage on the premises of the school
Property Insurance: Protects against most risks to a property, such as fire or theft.
Workers Compensation: Provides compensation and medical care for employees who are injured on the job.
Some additional coverages you can add on are:
Business Income: Coverage that pays for loss of earnings or income when business operations are interrupted due to a property loss as a result of an insured cause of loss.
Fidelity/ Crime Insurance: Protects from loss of money, securities or inventory resulting from a crime.
Identity Theft Coverage: Provides the consumer with assistance to guide them through the process of restoring and protecting your identity.
Cyber Liability: Protection against first- and third-party losses associated with the cyber attacks and data breaches.
Student Accident Insurance: Coverage designed to protect schools from financial loss due to legal action and direct medical costs.
Tuition Fees Insurance: Covers for loss of tuition and room and board fees when school is suspended because of the occurrence of a peril.
Umbrella: Protects the assets and future income of the policy holder beyond the standard limits of their primary policy.