Types of International School Insurance in Dubai
Educational institutions can face a potentially large pool of risks that can threaten their operations. Institutes must secure essential policies such as property insurance, business interruption, and cyber insurance among others to mitigate potential risks.
In this Pacific Prime Dubai article, we will present the essential and most common international school insurance solutions, and also explain why other extra plans are recommended for private and international schools in Dubai to obtain.
Why Is It Important for International Schools To Be Insured?
Schools, arguably more so than other businesses, can suffer losses due to unexpected events such as natural disasters, theft, cyber attacks, or other unfortunate incidents that happen to third parties or employees at the school’s premises.
All these examples threaten the school’s reputation, operations, and, in effect, the school’s ability to perform their core service: teaching their pupils. Inability to teach will quickly have a detrimental impact on a school’s financial stability and, in the worst-case scenario, can lead to bankruptcy.
International school insurance plans are specifically designed to protect schools from unfortunate events that are most likely to happen to schools.
We realize that every school’s needs are different, but we have also identified several international school insurance solutions that are essential and act as a necessary layer of protection, which we recommend every school obtain.
On top of the must-have coverage, our expert team of insurance advisors has prepared a list of additional recommended plans that schools may require depending on their needs.
Essential International School Insurance Plans
The essential insurance plans for private and international schools offer coverage for the most common events that may cause damage to your institution. The solutions in this list include:
Property Insurance
Covers all risks related to physical loss or damage to school property, such as fire, storm, flood, water damage, vandalism, theft, and accidental damage to insured items/buildings.
Business Interruption
This type of insurance covers loss of revenue and/or increased cost caused by events that interrupt the day-to-day operations of the school.
Cyber Insurance
Nowadays, cyber insurance is a must-have solution that covers the costs associated with cyber extortion, forensics, data breach, and theft, among others. Some plans may include funds necessary for schools to continue their operation until their systems are repaired.
Public liability insurance
This plan compensates the school for claims made against it by third parties (not employees) for injury, death, or damage to their property when the school is negligent.
Workers’ Compensation and Employers’ Liability Insurance
In the UAE, as in many other countries, this type of insurance is obligatory. It covers the school’s cost in a situation where an employee suffers injury, disease, or death in the workplace, and the school is proven to be at fault.
Professional Indemnity
This form of insurance covers you in a situation where you are unable to provide your core service – i.e. you are unable to teach. This might happen due to many reasons, including negligent acts, loss of documents, or error/omission.
Directors & Officers’ Liability Insurance
This covers legal liability for damages, costs, and expenses associated with wrongful acts committed, attempted, or allegedly committed by any director/officer of the school in carrying out their duties.
Each school will have its individual insurance needs, but the plans listed above are among the most essential products that we at Pacific Prime Dubai recommend every school obtain.
Recommended International School Insurance Solutions
The recommended solutions do not have to apply to every school since every school’s needs are different. However, these plans show that even the most complex and unusual events or cases can be insured, giving the school’s management team peace of mind at all times.
These solutions can include, but are not limited to:
- Money insurance – protects the physical money that is stored or carried by school employees on school premises or while in transit.
- Machinery breakdown insurance – covers the costs of repairing/replacing school equipment (such as air conditioners, gym facilities, or computers).
- Crime insurance – safeguards schools against employee dishonesty that might result in theft, fraud, and other crimes.
- Group travel insurance – covers emergency medical and other travel-related costs during school trips abroad.
- Group personal accident insurance – protects staff and students in the event of accidental injury and deliberate assault.
- Kidnap & ransom insurance – in some parts of the world, kidnapping is a real threat, especially if your students come from high-net-worth families. This insurance covers the costs associated with kidnapping, hijacking, and similar actions against students.
- Erection/construction insurance – covers costs associated with damages/losses to school property during construction work. It also offers third-party liability for accidental bodily injury or property damage arising from construction.
These supplementary solutions can be useful if your business is involved in the activities connected to these specific types of insurance.
While usually it’s better to be safe than sorry, you might not necessarily need all of these additional international school insurance plans, but some might come in handy (e.g., crime insurance or group personal accident insurance).
Why Should You Consider Securing International School Insurance Through a Broker?
Securing international school insurance is a big project, and by working with an experienced insurance broker, such as Pacific Prime Dubai, you can expect multiple benefits from that arrangement. Let’s take a look at the advantages of seeking help from a broker vs going directly to an insurer:
- An expert team will help you identify your insurance needs.
- An insurance broker will advise you on the sums and benefits, and the most competitive premiums for your international school insurance package.
- You can compare and choose between many different insurers and plans.
- A reputed broker will then help you negotiate the best benefits and premiums with the insurer.
- A good broker will go a step further and help you implement the plan. Examples of our value-added services include (but are not limited to):
– Simplification of the application process
– Employee and management orientation and Q&A sessions
– Contract assistance
– Service team introductions
Pacific Prime Dubai at Your Service
If you’d like to learn more about your private and international school insurance options, you can check out our International School Survey Report detailing the latest trends in the market and the most practical reasons behind securing international school insurance solutions.
If you’re ready to talk about your options with a specialist, contact us today, and our insurance advisors will assist you step by step in the process of securing school insurance for your institution.
Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.
In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.
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