Monthly ArchiveJanuary 2021

Liability Insurance

Liability Insurance for Educators

Educators today face many liability issues that were unheard of a few years ago. Lawsuits can encompass a large range of employment practices as well as student and parent issues.

Liability Coverage for Educators

Educator liability insurance protects against a number of different risks faced by school boards and educators. Coverage typically protects both employees and volunteers who work for the school. In some cases, coverage may protect students as well.

Liability claims can be categorized as follows:

  • Employment practice claims – These claims, usually brought by teachers and other school workers, are the most common type of lawsuit faced by school boards. Claims include discrimination, sexual harassment, retaliation and denial of tenure. Issues with the hiring and termination process are also fairly common.
  • Student or parent issues – When a student is suspended or expelled from the school for unacceptable behavior, a claim may be filed against the school board, the principal or the teacher involved. Considered wrongful acts can include teacher bias or professional errors and omissions.

It’s important to select an insurance policy that is broad enough to cover all those who work within the school system.policy

Liability claims against educators can be devastating for a school of any size. Make sure you have adequate coverage to protect each person working within your school system.

Risk Retention

2 Reasons Why Risk Retention May Benefit Your Business

If you own or run a business, you know the daily risks associated with daily transactions or operations. Most companies transfer that risk to an insurance company to alleviate potential fallout, yet sometimes business owners choose to retain them. Here are two risk retention examples of how they may benefit you.

1. High Premiums

Sometimes insurance coverage can get expensive, especially when you have multiple policies and plans. For this reason, sometimes, business owners will retain risk if the loss is less than paying for insurance coverage. For example, while vandalism and theft are never pleasant, these losses may be more affordable to correct out of pocket instead of paying high monthly or annual insurance premiums.

2. Inability to Find Appropriate Coverage

Forced risk retention involves making the decision to forgo coverage and retain risks due to them being uninsurable or uncovered by policy deductibles. The inability to find adequate coverage is another example of why risk retention is beneficial to business operations.

Choosing to retain potential risks isn’t one to take lightly, but one that may ultimately benefit your company’s overall success. Suppose you can pay for losses out of pocket or budget for more predictable ones. In that case, you may benefit from waiving insurance protection and researching risk retention group options.

New Market

2 Tips for Entering a New Market

It can be tough to expand your operations in a competitive industry, and insurance is one of those sectors where the competition is steep. Instead of falling behind your competitors or watching new accounts slowly taper off, you need to make a jump into a new market and source new clients. There are a few ways you can do this.

1. Find the Right Marketing Partner

Rather than struggle to do everything in-house, consider partnering with a marketing firm that specializes in the insurance industry. Through their digital marketing services and an insurance broker directory, you will gain access to data that may have remained out of reach from you. Marketing partners know and understand trends and forecasts, making your strategy relevant.

2. Research the Competition

To make waves in a new market, you need to stand out from the competition as soon as you get started. Do your homework when it comes to competitors. Find out why they are liked, the strengths and weaknesses, and the limitations they may have. Plan your entrance and your operations to capitalize on the weaknesses. Don’t be dishonest, but don’t publicize your intentions either.

A new market can be an overwhelming thought, and you should always be prepared before transitioning into something so significant. With the right help and the right research, you increase the chances of success you have exploring new territory.

Risk Management

Risk Management in Social Work

Social workers face decisions that can have major and far-reaching implications on a daily basis. There is a risk of potential harm to clients— and possibly themselves — if a poor decision is made. That is why it is critical for social workers and companies that utilize them to develop and implement social work risk management strategies.

Risks Faced by Social Workers

The unique nature of the social worker-client relationship opens the door for potential conflicts and risks. The most prevalent ones include the potential to do harm o themselves or their clients. That may be physical, psychological, ethical or financial.

Strategies That Minimize Risk in Social Work

Although some will naturally be riskier than others, you should always assess the risks of each client intervention. Them, take steps to reduce any risks that are identified. It is virtually impossible to remove them all, however, so additional precautions may be necessary. The right insurance programs, designed specifically for social service providers, can help reduce liability and protect against claims.

Risk management plans are designed to assess and reduce potential areas of concern, not eliminate them. Expecting too much from a program can lead to serious problems. Instead, it is better to use your plan as a strategy for prioritizing actions to provide the highest level of care while also protecting yourself and clients from harm.