Recognizing the risks your children are exposed to, is the first step to getting an insurance.
Educational institutions have an unerring responsibility to take care of their students. Right from kindergarten and nursery to all the way to universities and degrees, the educational organizations need to ensure that their pupils are safe and their assets and liabilities intact and well protected.
Most often schools are involved in various activities that can present a range of hazards, starting from the daily curriculum, sports, playgrounds and outdoor areas, to access to electrical appliances, risk at and during travel, working at heights, vandalism, and even sexual harassment. You don’t need to be an expert to recognize the obvious risks.
So what are some of the ways that these risks can be avoided?
- Building and structures must be built based on specific regulations and safety standards.
- Curriculum activities have to be managed in a way that ensures the safety and security of both, the staff and students.
- A thorough background check of the drivers and assistants is a must; along with the regular upkeep and maintenance of the transport system.
- Playgrounds, recreation areas and outdoor areas involving any kind of sporting equipment must meet recommended standards.
- Electrical safety should be ensured, and equipment and machinery needs to be maintained and serviced appropriately.
- The process of before and after school care should be properly regulated and monitored.
On an average, small children spend 10% of their annual year at schools and a fair amount of their illnesses and injuries occur due to the school environment. It is the responsibility of the educational organizations to ensure a healthy and safe environment for their students. Be it human hazards or material, both of them are found in and outside schools and must be managed by everyone relevant to maintain the safety and security of the dependents.
Insurance cannot eliminate all the risks and hazards connected to schools and the educational system but can assist in managing them and minimizing the risk of loss from circumstances beyond our control.
At AIG, we have identified these risks and grouped them under three main categories:
- People: Students, teachers, staff, third party personnel
- Assets: Building, contents, machine, premise
- Income: Gross profit following interruption/damage to assets
All businesses in the education sector face similar exposure and risks, but we at AIG recognize that each and every business is unique, especially when you factor in the data that we have included above. With a tailor–made, multiline product, called the Educare, the SME Group of AIG connects a broad range of educational organizations, including nurseries, institutions, colleges, and universities.
How about having only one insurance policy to ensure protection to the assets, profits, and liabilities to students, faculty, employees, third parties and liabilities during excursions & athletic activities? Just one policy covering most of the potential risks & hazards of any educational institution? Don’t get worked up by multiple insurance forms; just focus on one – Educare.