Announcing Pacific Prime’s new School Insurance Guide

Our latest School Insurance Guide 2018-2019 provides a comprehensive overview of the most common types of school insurance, and sheds light on the most important concerns faced by educational institutions.

Even the most financially robust schools are potentially vulnerable to a multitude of risks and hazards, ranging from natural disasters, man-made events, unforeseen incidents, to mishaps and accidents. As such, it is essential for schools to have specialized insurance solutions in place to protect their tangible, cutting-edge assets, as well as safeguard their interests and future operation.

Drawing upon our in-depth knowledge of private and international school insurance, our new guide is a valuable resource for school directors looking to make more informed decisions on selecting and implementing the most suitable insurance plan(s).

Read on to learn more about the contents of our guide, or download it for FREE here today.

Inside our 2018-2019 school insurance guide

Our guide features the following three pieces of key information in the most readable and informative way possible to help our readers acquire key information on school insurance.

• What is ‘school insurance’?
• What are the most common types of insurance for private and international schools?
  
• What are the key steps involved in securing school insurance through a broker?

What is ‘school insurance’?

School insurance refers to the various kinds of insurance plans that protect schools, as well as their students, administrators, faculty, volunteers, facilities, and other key stakeholders from potential losses and risks.

Educational institutions nowadays are prone to a more diverse range of risks and hazards than ever before. On top of the most common student and staff safety risks, school directors also have to take into account additional concerns such as campus property safety, computer security, liabilities from accidental injuries, to third parties and professional indemnity, just to name a few.

What are the most common types of insurance for private and international schools?

We have divided this section into two subsections: ‘essential insurance solutions’ and ‘recommended solutions’. Given that school insurance solutions are customizable, this affords schools the flexibility to tailor coverage based on their specific needs and requirements.

Below are the essential insurance solutions:

• Property insurance protects the school’s buildings and its contents from losses caused by fire, explosions, storms, floods, theft, accidental damage, vandalism, etc.
• Public liability insurance protects the school against legal liabilities arising from accidental bodily injury to third parties (other than employees), and damage/destruction to their property (e.g. visitors’ vehicles).
• Business interruption insurance covers the financial loss caused by unforeseen events that interrupt the day-to-day operations of an organization.
• Worker’s compensation and employer’s liability insurance cover occupational illness/accidents arising during the course of employment, including the cost of medical care and loss of salary.
• Professional indemnity insurance covers losses caused by the failure of employees to carry out their duties adequately (i.e., failure of teachers to monitor the class). It covers not only loss of gross profits but also things that represent a significant expense such as staff salaries.
• Directors & Officers’ liability insurance protects directors, officers, trustees, and board members from legal liability costs.
• Cyber insurance protects the school against cyber attacks, such as cyber extortion, forensics, data security liability, etc.

And the recommended solutions are as follows:

• Money insurance
• Machinery breakdown insurance
• Crime insurance
• Group travel insurance
• Group personal accident insurance
• Kidnap & ransom insurance
• Erection/construction insurance

You can uncover more thorough information on why these solutions are particularly important and what they cover in our free guide.

Four key stages of securing insurance through a broker

For those who are not particularly familiar with school insurance solutions, it is advisable to secure insurance via a broker, like Pacific Prime China, so as to identify their needs and select the plan(s) that best cater to them.

• Step one – initial needs assessment and analysis: Your broker will obtain information on your school via an onsite visit or/and asking a series of questions.
• Step two – plan consideration: Your broker will cherry pick a selection of plans that best meet your requirements.
• Step three – plan review: Your broker will benchmark the right insurance providers; and negotiate proposals submitted by insurers.
• Step four – plan implementation: In this stage, you’ll receive full assistance with implementing your plan(s). A full service broker will also provide staff orientation and Q&A sessions.

Once you have secured school insurance via Pacific Prime, you can enjoy a number of value-added benefits and support services such as dedicated account managers, regular policy communication assistance, and many more at no extra cost vs going direct to an insurer.

Get your free copy of our school insurance guide today

The above is just a brief overview of our guide. Download the full guide for FREE here today to get an even more comprehensive look at school insurance.

As a renowned broker with almost two decades of experience in the field of insurance, our team of specialists at Pacific Prime China are always on hand to answer your questions and give you a complimentary price quote. Contact us today!

Disclaimer: Pacific Prime China solely represents, operates and manages locally regulated insurance products and services in the territory of PR China. Any references to Pacific Prime Global Company or Group, the international services, insurance products or otherwise stated written or verbally, is for introduction purposes about our overseas network only as each entity is fully independent.