Learning centers range in sizes and specialties, but most provide education for students of all ages. These centers supplement traditional schooling, where students get help with tutoring and subjects that they need extra help in. In addition, learning centers often provide adult education classes, such as in the arts, technology, health, food and drink, and fitness. Your learning center’s most significant risks are liabilities with your students and visitors, as well as professional liabilities. Protect these risks with learning center business insurance.
Types of Learning Center Business Insurance
There are many different types of insurance policies for learning centers. Since you have multiple risks, you should also have multiples types of coverage.
General liability insurance is a prominent business insurance policy your learning center needs. It covers premises liability, product liability and completed operations. Premises liability is one of the most important for your type of business because it covers falls or accidents occurring on your business premises, whether it is a student slipping on a freshly waxed floor or a visitor tripping over a computer cord.
You may use your own vehicle for errands for your learning center, including picking up supplies. These trips are business-related and therefore your vehicle should be covered by business auto insurance. Business auto covers property damage, vehicle damage and bodily injury of you and other cars involved. You can also add additional coverage such as theft and vandalism. If you were to park your car with office supplies inside, you’re risking theft of the supplies and your vehicle, so this extra coverage comes in handy.
The next thing to protect is your business property. Unexpected events are just that; unexpected. Things like earthquakes, hurricanes, fire, and extreme weather all cause damage to your building. Business property will protect your learning center’s building structure and everything inside, such as furniture, electronic data, books and documents used for your business. If there is a fire, all your books and learning materials will be destroyed, making this as essential policy to have.
Whether to advertise your learning center or sell learning materials, if you operate an online website, it should be protected with business insurance. Cyber crimes are a big risk when running an online store or website as fraud online is omnipresent. According to your policy terms, cyber liability insurance protects you from the financial struggles following cyber crimes and others it affects, such as your customers or clients.
If you have employees, whether they are fellow teachers or tutors, or work in administration, they need to be covered by workers’ compensation insurance. This insurance is essential and helps pay medical costs, recovery costs and lost income if they get a work-related illness. With a learning center, workers risk repetitive injuries like wrist, shoulder or back injuries. Even an accident like a slip or fall could cause a work-related injury. If this occurs, workers’ comp pays these costs related to care and recovery.
Learning Center Crime Insurance
You are also at risk for a variety of crimes, unfortunately, including dishonest employee practices, theft and vandalism. Employees may perform dishonest practices like embezzling money or committing fraud. You also risk students or guests stealing supplies or books from your learning center. Crime insurance offers protection from such crimes, including replacing the stolen money.
Learning centers have a better chance of being successful with the right insurance coverage. Think ahead and protect all of your risks with multiple learning center business insurance policies.