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Organizing after-school youth programs comes with a lot of risks. From accusations of fraud due to mismanaged funds to accidents that lead to injuries are some of the scenarios that can land you in legal and financial trouble.
Without insurance, you will be responsible for covering all the legal fees, compensations, medical costs, and other fees associated with the lawsuit or the claim if you’re found to be at fault. That’s why after-school youth programs insurance is always recommended.
How Much Does After-School Youth Programs Insurance Cost?
There are a number of factors that can impact the premium of your insurance. Those usually depend on the level of cover you’re after and the size of your after-school youth program.
The average after-school youth program pays around $42 per month or around $500 per year on general liability insurance. Such a policy will provide your business with cover in case of third-party bodily injuries and property damage.
For $120 a month or $1,440 per year, you should take out business owner’s insurance, which will safeguard your business from damage to your property. On top of that, such insurance also increases the cover your general liability insurance is unable to provide.
Many youth program businesses also take out professional liability insurance, which provides financial cover in case you are sued for mistakes or negligence that results in an injury or other bodily harm. This policy costs the average after-school youth academy program around $650 per year.
The executive board or any directors that are part of your business are not invulnerable to lawsuits and claims. They can often get sued for decisions that they have made on behalf of the program. To protect the directors of the company, directors and officers insurance is needed, which costs around $70 per month or $840 per year.
For youth programs that hire staff, worker’s compensation insurance is necessary. This policy will protect your staff in case they get sick or get injured at the place of work. From lost wages to hospital fees, this insurance policy will pay the costs out if an accident were to occur. You can expect to pay around $130 per month or $1,560 per year.
What Types of Insurance Do After-School Youth Programs Need?
After-school youth programs can take advantage of various insurance policies that are available to them in the United States. The level of cover your youth program needs to take out will depend on whether or not you employ any staff, the size of your business, and the risks your business is exposed to in general.
Below, you can take a better look at some of the most recommended insurance policies for after-school youth programs in the U.S.
Why Do After-School Youth Programs Need Insurance?
After-school youth programs support the development of young people by offering extra-curricular activities after school. And as such - there are many risks that could turn into costly accidents, which is why youth program organizers need to have insurance in place.
For instance, if a participant gets a serious injury during the activities that are taking place, and the program organizers are at fault for not ensuring proper safety measures - they can get sued. And without insurance, they will be expected to pay for all the costs out of pocket.
In other cases, the board of directors can get sued too if they are caught making poor decisions on behalf of the program or are committing fraud.
Aside from those, and many more reasons - some after-school youth programs are simply required by law to have an adequate level of cover before they can serve the public and organize such events lawfully.