How can Michigan Business Insurance Agents assist Private Schools?

   By: Jennifer L. Peters, Project Manager, Oakland Companies

   Michigan business insurance agents have more ability to help in private schools than they think. Even though the enrollment for private schools has decreased due to the economy, the risks still remain at these schools.  Agents can help private schools manage these potential obstacles.

    According to an article by Dave Willis entitled “Opportunities for agents in the dynamic world of private schools,” there are many different types of liabilities that come into play.  Shirl Hedges, an underwriting manager, stated that “winter storms, snow and ice, hurricanes, hail, tornadoes --- they’re impacting schools countrywide.” 

Several questions did arise from a few private schools…

 1)      What about special events or trips?

 The need for special events or trips overseas has become very prominent in almost all private schools to help keep kids involved in their education.  As a result, the importance of customized insurance policies will help decrease the expense of these risky activities.

2)      What about potential for cyber liability insurance in a virtual online world for schools?

 Many schools are concerned for their virtual safety due to the fact that schools are becoming reliant on internet programs for items such as tuition transfer and other confidential information.  The needed protection from cyber bullying would be imperative to avoid legal issues.  Steven Sims, president of WRM America, states that “with an effective risk management program, you can do a very good job at what we call pre-loss cost containment.”

3)      How can we make sure that the Michigan insurance agent / broker knows what to be aware of in our tailored industry?

 First, agents need to understand the unique exposures each school presents.  Be aware of cyber liability, pollution liability and violent acts of exposure.  Ask questions!

 Michigan business insurance agents can do a great deal to assist private schools but only if they do their homework.  “Schools need to know that agents and brokers not only know their business but are committed to their industry and their cause.”