Subba Rao has 35+ years insurance industry experience working in MNCs in improving the distribution networks of agricultural seeds across rural India and infrastructure companies. With his unique understanding of customer requirements, he helps Novo achieve customer success for customers across industries.
Insurance is the only sector that clocked double-digit growth for the past fifty years. Insurance covers majorly four areas namely: Property, Marine or Transit, Liability and Personal Insurance (Life Insurance, Accident Insurance and Health Insurances.)
Let us now look at the insurance coverage options for educational institutions. It would include Property Insurances, Liability Insurances and Personal Insurances.
Personal Insurances:
Life Insurance, Accident insurance and Health Insurances. All three are important. Looking at it seriously from the institution’s perspective- Health Insurance for the staff and children – both are important. Accident Insurance? There can be a group accident insurance policy for the staff (teaching and non-teaching). As for the students – there are specific student plans available. They would cover the students – full time or during school time- that is – from the time they leave their residences for school till the time they reach the residence back from school. Full time group insurance is normally taken. Some options would make cover available for the parent paying the fee too. Since the loss of a parent to an accident can definitely affect the student’s education.
Travel Insurance: Students travel a lot for educational trips – this is also an option that can be explored.
Liability Insurance: The various levels of Educational Institutions – Schools, Colleges, and Universities would need to look at different Liability Insurances.
Property Insurance:
It would cover school buses, school building and equipment.
Public Liability Insurances, Professional Liability Insurances. These two were the only ones looked at earlier. With the growth of Educational Institutions, as also growth in the legal option of approach that most have come to now- there are specific insurances on professional liability to be looked at. There has been a shift in focus in recent times to the Director’s Indemnity Insurance as well. Insurances which would cover the infidelity of employees, to Employee Compensation Insurances, Liability Insurances have come a long way, including Cyber Security Insurance.
Cyber Security Insurance:
Cyber insurance provides coverage in the event of a cyber-attack or data breach. Data – Encrypting your system isn’t enough to protect data. A cyber insurance policy can minimize the impact of a data breach and restore data. There would need to be strategies for Risk Management of Educational Institutions. Environmental Risks and coverage for pandemic preparedness are emerging.
Tailoring Insurance policies for all levels of Educational Institutions can be done. This would need a professional approach. Professionals can definitely help you get good effective and innovative solutions from NOVO BROKING INSURANCE.
