Running any educational institution - from a small private elementary school to a public high school to a university is a complex operation. School boards, administrators, and staff members must support a school’s educational goals while protecting students, employees, and property.
The COVID-19 pandemic has added new challenges for the education sector as well. Schools must take special steps to open and operate safely—whether classes are held in person, online, or following a hybrid model.
Accidents, mismanagement, and criminal actions—such as cyber attacks—can all place educational institutions at risk. Unaddressed risks can expose schools to financial losses and reputational damage, as well as undermine a school’s ability to fulfill its academic mission.
Administrators and risk managers can mitigate their institution’s exposure by identifying risks, taking preventive actions, and working closely with insurance advisors to develop a comprehensive coverage package. In addition to addressing risks specific to education, schools must also protect against common risks faced by any enterprise.
University provides new opportunities and experiences for millions of students every year. Students often live, work, and learn closely together. This environment, combined with new freedoms for young adults, can create risks; by identifying these risks, schools can put plans in place to limit their exposures.
Operating a school carries a range of risks. Administrators and risk managers seeking to limit exposure may want to consider the following areas:
When it comes to risk management, it makes sense for educational institutions to focus on exposures that are specific to their sector. But universities and schools also have operations—and risk exposures—that are common to most large enterprises. As you review your institution’s risks, you may want to consider the following types of coverage:
The best way to limit loss or damage to property is to prevent costly incidents from happening in the first place, and educational institutions can benefit from working with risk engineers to identify and minimise property risks such as:
This content is brought to you by Chubb Insurance Australia Limited (“Chubb”) as a convenience to readers and is not intended to constitute advice (professional or otherwise) or recommendations upon which a reader may rely. Any references to insurance cover are general in nature only and may not suit your particular circumstances. Chubb does not take into account your personal objectives, financial situation or needs and any insurance cover referred to is subject to the terms, conditions and exclusions set out in the relevant policy wording. Please obtain and read carefully the relevant insurance policy before deciding to acquire any insurance product. A policy wording can be obtained at www.chubb.com/au, through your broker or by contacting any of the Chubb offices. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content. Readers relying on any content do so at their own risk. It is the responsibility of the reader to evaluate the quality and accuracy of the content. Reference in this content (if any) to any specific commercial product, process, or service, and links from this content to other third party websites, do not constitute or imply an endorsement or recommendation by Chubb and shall not be used for advertising or service/product endorsement purposes. ©2020 Chubb Insurance Australia Limited ABN: 23 001 642 020 AFSL: 239687. Chubb®, its logos, and Chubb.Insured.SM are protected trademarks of Chubb.
Contact a broker today.