Professional & Management Development Training Insurance

Professional and management development training schools face various risks, which can become grounds for lawsuits and claims. For instance, if a staff member slips, trips, falls, and breaks their leg, they can sue the school and claim compensation.

And while that type of accident is quite rare - others, such as property damage due to vandalism, theft, and poor weather conditions, are not.

And if your school isn’t insured - the business will have to cover all the costs associated with the accident out of pocket. That’s why schools that want to protect their financial standing are recommended to take out an adequate level of school insurance.

No two professional and management development training schools in the U.S. pay the same amount for their insurance. This is because every business has its own set of needs and risks, directly impacting the insurance they get and therefore, the price.

The average school institution in the U.S. pays around $50 to $60 per month for general liability insurance. This insurance will provide essential cover for your school if a claim or a lawsuit arises from third-party bodily injuries and property damage.

Schools that employ staff must take out worker’s compensation insurance. This policy provides financial cover for your staff members in case they get sick or injured at their place of work. You can expect to pay around $130 to $150 per month for this policy. If one of your staff gets sick or injured, the insurance policy will cover their lost wages, medical and hospital fees, and other costs associated with the accident.

Schools that have company vehicles must also take out commercial auto insurance. This policy costs around $250 to $300 per month or $3000 to $3,600 per year. Everything and everyone from your company car to staff and any third party involved is covered by the insurance company in case of a road accident.

Professional liability insurance is another common policy taken out by professional and management development training schools. It costs around $120 per month or $1,440 per year and provides cover against accusations related to professional mistakes, negligence, and malpractice.

And lastly, business owner’s insurance is a policy that combines general liability insurance and commercial property insurance. It costs approximately $125 per month or $1,500 per year.

Professional and management development training schools can pick from a handful of different insurance policies. The cover your school should take out depends on how big your education center is, the number of students you have, the number of staff you have employed, the state you operate out of, and other variables similar to those.

Please take a moment to review the most recommended insurance policies for professional and management development training schools below:

Generally speaking, getting insurance is often the first and last line of defense when it comes to minimizing the financial damages your business will experience in case of a lawsuit or a claim. If an accident were to happen and you have all the insurance policies you need - you have nothing to worry about as the insurance company will cover any financial liabilities you may have.

For instance, if a student gets serious bodily injuries while at your school's premises, they can sue you, and if found guilty, your school will have to cover all the costs as far as medical bills and compensation are concerned.

On the other hand, if the physical property of your school gets damaged as a result of theft, vandalism, or poor weather conditions - if your business is insured - the insurance company will take care of all the repair costs associated with bringing your property back to normal.

In other cases, depending on where your professional and management development training school is based - state law might legally require you to take out a certain level of cover before you are eligible to accept and educate students.