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Computer training schools are exposed to many risks, which can be financially devastating if your school isn’t insured. In the case of a computer training school - the chances are that your facility hosts technology worth a lot of money.
And if extreme weather conditions were to damage the tech inside or if a burglar went into your school and stole a large chunk of your school’s technology, this incident's financial consequences could be catastrophic and ruin your school’s budget and plans.
Getting your computer training school insured will mean that if an accident were to happen - the insurance company will step in and take care of all the repairs and tech replacement to bring everything back to how it was.
How Much Does Computer Training Insurance Cost?
The premium you’ll pay for your computer training insurance will vary greatly depending on a number of factors, such as the size of your business and the level of insurance coverage you’re willing to take out.
The average computer training school in the United States pays around $50 per month or $600 per year on general liability insurance. This insurance will provide general cover for your business against accidents that result in lawsuits and claims. For instance, third-party bodily injuries and property damage.
Computer training schools with employed staff pay around $130 every month for worker’s compensation insurance. This policy provides financial cover if a staff member gets injured or falls sick at their place of work. Anything from any lost wages due to the inability to work to medical bills, rehabilitation, and hospital visits will be covered by the insurance company.
Computer training schools are also recommended to take out professional liability insurance, which will cost them around $120 every month or $1,440 annually. Such a policy will cover your business in case it gets sued on the grounds of negligence, lack of care, or fulfillment of duties.
Business owner’s insurance is another important policy for education institutions in the U.S. This policy combines commercial property insurance with general liability insurance. You can expect to pay around $120 every month or $1,440 annually.
If your computer training school has any company cars - commercial auto insurance will be necessary, which will cost your school around $250 every month or around $3,000 per year.
What Types of Insurance Do Computer Training Schools Need?
Computer training schools can benefit from several different insurance policies. The cover your computer training school needs will often depend on its size, the number of students you have enrolled, the number of staff your school has, and other similar factors.
Below, we have outlined some of the most popular insurance policies for computer training schools:
Why Do Computer Training Schools Need Insurance?
There are many reasons why computer training schools need insurance, but one of the main ones is to protect their financial standing in the event of an accident, lawsuit, or claim.
For instance, if poor weather conditions devastate the physical property of your computer training school and even end up damaging some of the technology inside - the repairs and replacement of the technology can cost your school a lot of money.
But if you have insurance, the insurance company will take care of the financial liability that the accident has caused.
In other cases, depending on the state where your computer training school is situated - state law might require your school to take out a certain level of cover before students can enroll in your school’s programs.