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Fine art schools face a wide array of risks daily, which can become grounds for hefty claims and lawsuits. For instance, if the physical property of the education institution is damaged beyond a point where it is safe for staff and students - it will need to be repaired before the education program can resume.
And if your fine arts school has an adequate level of cover - the insurance company will step in and cover all the costs associated with the repairs of your school - no matter how significant. This way, the financial standing of your business will be preserved even in such unfortunate circumstances.
How Much Does Fine Arts School Insurance Cost?
The cost of fine arts insurance varies on several different factors, including the level of cover you want to take out and the size of your fine arts school.
The average fine arts school in the U.S. pays approximately $500 per year or $50 per month on general liability insurance. This policy provides your school with cover against claims and lawsuits relating to property damage and third-party bodily injuries.
If your fine arts school has company cars - then commercial auto insurance will be necessary. You can expect to pay around $250 per month or $3,000 every year for this policy. It will provide essential cover for your company cars, staff, and any third party involved in the event of a road accident.
Business owners’ insurance costs the average fine arts school in the U.S. around $1,440 every year, which breaks down to around $120 per month. With this policy, your business will not only have extended general liability coverage but also commercial property insurance.
To protect your school from any financial liabilities that may arise in the event of a claim or a lawsuit relating to accusations of negligence, malpractice, or professional mistakes, professional liability insurance is necessary. For this insurance, you can expect to pay around $600 to $700 every year.
Schools with employees pay approximately $120 every month to protect their staff. This is done through worker’s compensation insurance, which provides financial cover if a staff member gets injured or falls sick at their workplace. From medical and hospital bills to lost wages - the insurance company will cover it all.
What Types of Insurance Do Fine Art Schools Need?
Fine art education centers can take advantage of many different insurance policies to protect their business, students, and staff. When it comes to the types of insurance your fine art school should take out - that would depend on variables such as the size of your business, the number of employees you have employed, the number of students that have enrolled in your program, and more.
Please look below to find out the most popular insurance policies for fine art schools:
Why Do Fine Art Schools Need Insurance?
Generally speaking, getting your fine arts school insured is a great idea. At the end of the day, all insurance does is protect your school and its financial standing in the event of an accident.
Be it property damage or a lawsuit that arises from serious bodily injuries sustained on the school premises, the insurance company will take care of all financial liabilities that the school may accumulate.
In other cases, state law legally requires schools to take out a certain level of insurance before they can enroll any students into their programs. This way, no matter what happens - everyone, including the school, staff, and students, will be protected by an insurance policy.