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Technical and trade schools are exposed to various types of risks daily. From sudden property damage due to extreme weather conditions to lawsuits arising from bodily injury accidents at the school's premises, many things can go wrong, which can land your school in financial and legal trouble.
That’s why getting an adequate level of cover is an essential part of protecting your staff, school, and students so that if an accident were to happen - the insurance company would step in and resolve the financial aspects of the accident that has taken place.
How Much Does Technical & Trade School Insurance Cost?
The price of your technical and trade school insurance will depend on several different factors ranging from the size of your business to the level of insurance coverage you want to take out to protect your business.
On average, technical and trade schools in the United States pay approximately $60 per month or $720 per year for general liability insurance. This level of cover will provide your business with protection from claims and lawsuits that arise from third-party bodily injuries or property damage.
Schools that own company cars are legally required to take out commercial auto insurance, which can cost $200 to $250 per month or around $2750 per year, depending on the size, type, and the number of cars your school has. This policy provides your staff, students, company car, and any third party if a road accident occurs.
Professional liability insurance, which provides coverage against accusations of negligence, professional mistakes, and malpractice, will cost your school around $120 every month or $1,440 every year.
Schools that want to further extend the coverage of their general liability insurance also take out business owners’ insurance. This policy costs between $120 and $150 per month and combines general liability insurance and commercial property insurance.
A worker's compensation insurance policy is highly recommended and often legally required if your school has employed any staff to ensure their wellbeing while at work. You can expect to pay around $130 per month or $1,560 annually for this policy.
What Types of Insurance Do Technical & Trade Schools Need?
Technical and trade schools can take advantage of several insurance policies to protect their institutions.
The level of cover you should take out will depend on your school's size, the number of students you have, the number of staff your school employs, whether or not you have company cars, the state you’re in, and other similar factors like that.
Below, we have outlined the most popular technical and trade school insurance policies:
Why Do Technical & Trade Schools Need Insurance?
Having insurance will protect the financial standing of your technical and trade school. For instance, if a staff member slips, trips, or falls and breaks their leg, they can sue the school to get compensation for their medical bills, hospital fees, lost wages, and other costs associated with the accident.
And if your school doesn’t have insurance, you’ll be forced to pay for all the costs out of your pocket, which can severely hurt your school’s budget and finances.
And while this scenario is pretty rare - other accidents such as property damage due to poor weather conditions, theft, and vandalism are not.
When your school is insured, no matter what accident takes place at the premises of your education facility - the insurance company will step in to cover your financial liabilities.
In other cases, state law requires certain education institutions to take out a certain level of insurance before they can serve the public and enroll students into their programs.