Vocational schools provide an invaluable service to millions of Americans. By most measures, vocational schools are on the rise; the number of students enrolled in U.S. vocational schools increased from 9.6 million in 1999 to 16 million in 2014. Demand for workers with specific skills is leading this resurgence, and vocational schools are springing up to meet that need. But vocational schools have needs of their own, especially when it comes to risk management and financial exposure.
That's where insurance coverage comes in.
Vocational school insurance is designed to meet the challenges trade and technical schools face and protect them from a variety of exposures. Philadelphia Insurance Companies (PHLY) has more than 25 years of experience in this sector and understands how to meet the specific needs of vocational institutes. The right policy will protect your school in the event of a fire, lawsuit, abuse or molestation claim, and a wide range of other scenarios.
Choosing the Right Carrier is Key to Getting the Right Policy
No matter which insurance carrier you choose, there are a few key questions to consider when shopping for vocational school insurance. Here we break down three key considerations to help you make the best decision for your educational institution.
1) What Rating Does the Insurance Company Have?
An insurance company's rating is a measure of its creditworthiness and its financial performance relative to its competitors. This is a very important metric to consider because it indicates the company's ability to repay creditors and pay out claims. An insurance company with a very low rating may not have the financial strength and stability needed to support you when you need it the most.
Different insurance rating agencies use different scales, but in general, you'll want to look for an "A" rating. PHLY has an A++ (Superior) rating from AM Best, an insurance-focused global credit rating agency. The A++ rating is the highest rating AM Best offers and indicates exceptional financial strength and enterprise risk management. PHLY also has an A+ rating from Standard & Poor's, denoting strong financial stability.
When you're looking for vocational school insurance, it's important to choose an insurance carrier with the kind of rating you can count on when you need support.
2) What Liability Options are Available?
Virtually every insurance carrier will be able to offer some sort of liability insurance. However, not all liability insurance is created equal, and you'll want to make sure you find a policy that meets the specific needs of your vocational school. Our policies are specifically tailored to meet the unique needs of vocational schools. PHLY offers various liability options. Our Commercial General Liability coverage has high limits of $1M per occurrence and $3M per campus aggregate. Our general liability coverage includes several additional options you can consider, including:
- Science Laboratory coverage (automatically provided)
- Special Events Liability
- Educator's Professional Liability
- Employee Benefits Liability
- Corporal Punishment coverage
- Medical Incident Liability for nurses and athletic trainers (automatically provided)
PHLY also offers coverage for Abuse or Molestation which covers inappropriate sexual or physical contact with a student by a teacher, volunteer, or anyone that has access to the student.
Umbrella coverage is available to provide high limit protection for your vocational school.
3) What Risk Management Services are Offered?
Risk management is a particularly important consideration when choosing insurance coverage for your vocational school. A strong insurance partner will be able to identify the risks to your school and proactively work with you to mitigate them. At PHLY, we work closely with you and your school to tailor risk management solutions for your unique circumstances. Our robust risk management program offers access to benefits in several important areas, including:
- Sexual abuse awareness training
- Suicide prevention training
- Skillful screening training
- Defensive driver online training and examination
- Discounted background checks
- Discounted motor vehicle record (MVR) checks
- PHLYTRAC Telematics to help improve driver behavior
- PHLYSense early warning sensor system monitors room temperature and detects water leaks
In addition to offering these benefits, PHLY works to keep its policyholders informed about risk management. Our website is packed with safety information and resources to protect both schools and their students. All of these benefits are part of a comprehensive risk management program that is designed to meet the constantly-evolving challenges vocational schools face.
Choosing the right insurance provider is critically important to getting the right policy. At PHLY, we have a culture of customer service, validated by our 96% overall customer satisfaction rating. To learn more, visit our product page or contact a PHLY Representative today!
