Insurance for academies – 8 questions to consider

  • Funding challenges are driving huge changes in education
  • While academies have to ensure value for money, focusing purely on the price of insurance can prove expensive in the long run
  • We discuss eight questions academies should consider when choosing their insurer

Financial constraints mean academies are under pressure to justify every penny they spend, including on insurance. However, while price is an important consideration, value for money is even more so.

Here we discuss eight questions to consider when choosing an academy insurer.

1. What kind of support would we receive after a major loss?

It is important to consider what expertise and experience an insurer has in dealing with major loss events. How easy would it be to access help and support in the immediate aftermath of a major loss event, particularly if others are likely to be affected too (e.g. following a region-wide flood)?

The more you know about your insurer, the more confident you can be in their ability to support your recovery following any major loss event. See our case study – Zurich’s ‘gold standard’ response to college flood.

2. How quickly would we back up and running?

What could your insurer do to help you resume normal operations quickly? Or, if you suffered a total loss, how would they support your longer-term recovery, including untangling issues such as liability, and recovery of compensation? See our case study – back up and running after a major school fire.

3. What kind of claims service would we get?

Most organisations do not appreciate the importance of a claims service until they need to make a claim, but it is vital that whatever the size and nature of a claim, it is dealt with promptly and with the minimum of fuss.

4. How could our insurer help us reduce the risk of losses occurring in the first place?

Insurers have a wealth of expertise to call on, and can offer valuable insights into claims trends and loss history, in order to help you better understand and manage the risks you face. You should consider what risk prevention services your insurer can provide.

5. Would we have all the cover we need?

Not every insurer can provide all the cover you would need under a single policy. It is important to consider carefully whether there are any potential gaps in cover – such as motor or travel – and how best to bridge them.

6. Does our insurer really understand our organisation?

Your organisations’ needs are unique to you. That’s why an off-the-shelf insurance solution is rarely likely to be the most appropriate. It is also important to consider what kind of support and expertise you will have access to in between renewal periods, and whether you will have a single point of contact or a lengthy list of names and phone numbers.

7. What other support services might help us?

Value-added services may not be the decisive factor when choosing an insurer, but they can offer important risk management benefits. It is worth considering what other services insurers are able to offer you in addition to cover.

8. Are we getting value for money?

Considering the points above should help to give you a better idea of what represents value for money in an insurance proposition. Here are just some of the ways our proposition responds to the specific needs of academies:

  • We have more than 20 years’ experience insuring schools and our extensive cover is tailored to meet each academy’s needs
  • Cover such as motor, travel and engineering can be provided as part of a package, removing the needs for lots of separate policies
  • We were the first insurer to set up a Major Loss Property Claims team, and remain the only insurer in the UK to have a Safeguarding Risk Consultant
  • We offer customers a single point of contact for the lifecycle of a claim, and access to a broad network of loss adjusters and other experts
  • We have significant expertise in liability and compensation recovery
  • We give customers access to risk specialists and latest guidance on key risk topics and claims trends.