Colleges and universities face unique challenges when it comes to risk management. They have to consider faculty, students, staff members and workers among the slew of everyday exposures they face regarding everything from liability issues to property damage, just for starters. Higher education insurance can provide a multitude of coverage options designed to help reduce the risks associated with these valuable centers for learning.
Few other entities have as many considerations when it comes to needing insurance protection. Their concerns are far-reaching, and as broad as everything from employment practices, student safety and vehicle usage on school property issues, to studying abroad with terrorist threat concerns, environmental hazards and also intellectual property issues.Coverage issues consist of property and general liability coverage to employment practices liability and security and privacy coverage, and that’s just the tip of the iceberg.
Being part of a college or university means being part of a dynamic system where the impetus must be to guard and protect the safety and reputations of students and faculty alike, first and foremost. After all, this is where new ideas are born and where we as a community must adapt to evolving technological risks.
Understanding the risks and implementing safety procedures
Institutions of higher learning have to balance these complex exposures with the day-to-day business of educating students. Classrooms represent perhaps the lowest example of where concerns may exist. The focus should be on areas where behavior and attitudes can lead to greater possibilities of injuries or accidents, including:
- Residential life
- Fraternities and sororities
- Students in experiential programs, and
- Laboratory environments
These represent a small sample of some of the unique risks associated with campuses on a daily basis. Visitors, or outsiders who often target these facilities, can burgle residents knowing that students spend a great deal of time in class and study halls. Fraternities are where the students cut loose and this can be a breeding ground for all types of serious accidents. Labs often contain chemicals and other solvents that can be a hazard for fire, or personal injury concerns. Security measures can go a long way to preventing many unfortunate incidents from occurring.
Institutions also have exposures related to endowments, research grants, behavioral assessment teams and continuity of operations, as a prime example of the variety of challenges that must be considered. Higher Education insurance represents a solution to the issues surrounding these learning facilities and agents are ready and willing to answer any questions or concerns pertaining to coverage options.