How to obtain insurance for an educational institution in Thailand
Private and international schools, just like any other organization, are exposed to a wide range of potential threats that can have a dramatic impact upon them – even ending their operation. With so many parties involved in the functioning of a school, obtaining insurance for an educational institution that will protect all assets, students, parents, and employees is daunting, but nevertheless crucial. Today, Pacific Prime Thailand will explore in detail how best to obtain insurance for an educational institution, and what the essential insurance elements to look at are.
This analysis is an additional commentary to our recently released School Insurance Guide 2018-2019, which we strongly encourage you to download. In it, we list all essential, as well as recommended, insurance solutions for private and international schools.
What types of risks do international schools face?
Obtaining insurance for an educational institution is not an easy task. Every school’s needs are different and can get very complex. That’s why understanding the risks that an organization may face is essential for every school administrator, or anyone involved in a school’s risk management strategy. Some of the most common threats that schools may encounter include:
- Fraud and theft
- Student safety
- Staff medical costs
- Brand and reputational damages
- Injury to staff
- Data privacy breaches and cyber attacks
- Property damage (e.g. fire, flood)
- And many more.
Educational institutions can protect their good reputation, financial stability and ability to continue their operations by choosing the right school insurance solutions for their needs.
What to look for when searching for insurance for an educational institution
As with any type of insurance, school insurance has its rules. There are plenty of plan options, but also many potential pitfalls that unexperienced shoppers can encounter. Below, we present a few points to pay attention to when deciding on a school insurance plan.
Type of school insurance
Depending on your organization’s needs, and potential threats it may face, you should choose the insurance policies that will work in your best interests. While there are essential school policies that Pacific Prime Thailand recommends for every private and international school, there is also an array of a specific school insurance policies that will apply only to certain educational institutions, such as international student travel insurance or machinery breakdown insurance.
Coverage limits
A coverage limit is the maximum amount of money an insurance company will reimburse you for within a given time period. It is vital to obtain an adequate coverage limit, as too low a limit can hurt your school’s budget almost as much as no coverage at all. Ask insurance experts, such as Pacific Prime Thailand, to help you determine the proper coverage limit for each school insurance policy you want to have in place.
Exclusions
An exclusion refers to anything the insurer won’t cover in the plan. Exclusions can be a very tricky part of every insurance plan, as they often vary from plan to plan. Thus, it’s of the utmost importance to know a plan’s exclusions and to understand them before purchasing it. For example, typical exclusions in business interruption insurance plans would be pollution, contamination, riot, or civil commotion.
Secure insurance for an educational institution with Pacific Prime Thailand – an experienced insurance broker
While you can go directly to your insurer of choice and obtain a plan from them, there are some things you should know about working with an insurance broker first. The process of getting the right school insurance solution is likely to be as follows:
Step 1 – We help you identify your organization’s insurance needs through a thorough analysis of your school’s situation, an on-site visit, and a series of questions.
Step 2 – Based on the collected information, we advise you on different policies and coverage options. We will present you with an easily comparable list of a few top plans, and explain any questions you may have.
Step 3 – Once you have chosen the plan you want to go with, we will rigorously benchmark it against other similar plans on the market and issue a Request for Proposal (RFP) to any relevant insurers.
Step 4 – After successfully securing the perfect school insurance for your organization, Pacific Prime will help you implement it, and further manage and administer the plan – thereby taking that burden off your shoulders.
The process of getting insurance for an educational institution can be a lengthy ordeal, but with our help you can have peace of mind that all of your insurance needs are well met. You will be paired with a dedicated account manager, and get access to our claims support team, which is always ready to assist you.
Contact Pacific Prime Thailand – a regional expert in school insurance solutions
If haven’t already, download our recently released School Insurance Guide 2018-2019, and complement your knowledge about insurance for educational institutions by learning all about the essential and recommended solutions for private and international schools.
To learn more about our approach, and what other clients say about us, please visit our corporate website, or simply get in touch with us today for a nonbinding chat. You can contact us via e-mail or phone at +66 (0) 2 697 9145.
When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!
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