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How to secure the best protection for your school in Singapore
Schools are quite unique in terms of their business nature as they are held accountable to a myriad of parties; from students, teaching fellows, and IT support staff, to clerks, and parents. Meanwhile, they are also exposed to an increasingly diverse range of risks and dangers that include natural disasters, staff injuries, equipment theft, cyber attack, and property damage, just to name a few. Without proper protection, just a single typhoon can ruin a school’s robust financial foundation. Proper protection is particularly crucial given the intense competition among international and private schools in the city-state.
Therefore, it is of utmost importance for school administrators to acquire the right insurance policy ahead of time as the primary line of defense against the above-mentioned risks and perils. To help our readers and clients, our team of experienced advisors have recently curated a guide dedicated to the subject of school insurance.
Available for free to download here, our School Insurance Guide 2018-2019 provides an extensive and in-depth explanation of the different forms of insurance solutions and steps in securing school insurance through a broker.
In this feature, we will offer a pared-down look at some of the key information in the guide, namely the essential school insurance solutions and why schools should choose to work with an insurance broker.
What are the essential school insurance solutions?
The beauty of school insurance lies in its flexibility. Most insurers allow schools to structure their own bespoke plan to cater to their unique requirements. In other words, in the process of selecting the ideal insurance plan, school administrators need to identify their needs first and then decide which benefits to include. But, as varied as these needs may be, there are some common, crucial risks all schools should seek protection from. Below is an overview of some of the essential school insurance solutions.
Property insurance
We are putting property insurance on the top of the list for a good reason. This form of insurance provides protection for the school’s buildings and the contents within in the event of unforeseen damage/loss caused by an insured ‘peril’, such as a fire or flood. School’s buildings include classrooms, laboratories, sports grounds, and gymnasiums, etc; and contents include state-of-the-art teaching equipment such as interactive whiteboards and computers. Severe perils can bring about near/total destruction of these contents and even the campus. Thus, you should make sure you are getting adequate cover for the potential loss and damage.
Public liability insurance
This form of insurance protects the Board of Management against legal liabilities arising from accidental bodily injury to third parties (other than employees, whose protection falls under the Worker’s compensation and employer’s liability insurance) and damage/destruction to their property (e.g. visitors’ vehicles).
Business interruption insurance
Should an unforeseen event interrupts or paralyze the day-to-day operations of an educational institution, business interruption insurance can cover the financial losses. The scope of coverage not only includes the loss of gross profits but also staff salaries and the rent of an alternative space while the original school premise is under reconstruction.
Professional indemnity
People make mistakes, and teaching staff are no exception. Professional indemnity can cover losses caused by the failure of employees to carry out their duties adequately, such as when they fail to monitor the class. It also covers the costs of mounting a legal defense, as well as any damages or costs inflicted on the claimants.
Above are just some typical examples of the essential school insurance solutions. For a full-length description of the above and more, get a copy of our annual School Insurance Guide now!
Why should you choose to get school insurance via a broker?
Gone are the days when you had to get in touch with the insurance companies one by one. Today, with the help of a broker, you can easily compare different insurance products from various insurers – all in one go. Brokers know the ins and outs of various solutions and can offer impartial advice when comparing different plan options. A reliable insurance broker will also draw on their relationships with the insurers to negotiate the best premiums and benefits for you.
Additionally, insurers can act as an intermediary to offer you free, practical advice along the way. For instance, they may help you in assessing your risks, identifying as well as prioritizing the benefits you need the most. It’s more than purely general advice but also actual, pragmatic measures including rigorous benchmarking, plan assessment, and claims data analysis.
The services of an established broker like Pacific Prime Singapore do not stop after you sign the contract. With dedicated account managers for all clients and their insurance needs, the advisors will not only maintain regular policy communications with you during the policy term, but also provide value-added benefits such as free online insurance portals and claims assistance whenever you need.
Finally, insurance brokers will conduct a plan review before your policy term ends to make sure you are satisfied with the services of your current insurance solution. If not, they are more than willing to make adjustments and even help you switch to another plan.
With more than 18 years of experience and nine regional offices, Pacific Prime Singapore is a leading broker in the insurance industry. Talk to one of our school insurance experts today to get answers to any insurance-related questions, a free quotation, and a plan comparison!
His expertise encompasses a broad range of areas including international health insurance, employee benefits solutions, motor insurance, life insurance, and various other forms of general insurance. This breadth of knowledge enables him to distill an array of complex insurance concepts into a series of progressive, easily understandable articles.
Anthony earned his Bachelor of Arts degree from Lingnan University, majoring in Translation and minoring in English. He also studied at West Virginia University in the United States as an exchange student.
When he’s not working, Anthony can typically be found on the badminton court, in the gym, or at the theatre.
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