Just like any other business, charter schools require insurance to make sure that the company is protected in the event of different catastrophes and unfortunate events. When selecting the appropriate insurance plan, there are certain obligations that must be met. Different states have specific charter school insurance requirements, however there are 3 things that are important to be aware of in general when it comes to meeting the set stipulations.
1. Who Must Be Covered
The administration and staff are usually covered in a plan. However, certain states and regions may require coverage for other individuals as well. Make sure that the plan that you are considering offers coverage for all necessary parties.
2. Coverage Amount Limits
Not only must you provide coverage for specific individuals, but most requirements have a minimum amount that must be covered. Depending on the school location and the size of the school, these amounts may vary.
3. Proper Insurers
Some requirements stipulate that the insurer must have a certain rating amongst given rating agencies. Be sure that the insurer you are considering falls into the set parameters.
To ensure that your insurance adheres to charter school insurance requirements, it is best to check with your local governing agencies to see what all the requirements entail. In doing so, you will be sure to secure the appropriate insurance for your school.