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Apprenticeship training schools are often places of high risk, which can become the driver for accidents, resulting in costly claims and lawsuits from staff and students alike. But it doesn’t end there - physical facilities like schools are also exposed to the risk of property damage due to poor weather conditions, theft, or vandalism, which can too cost money to come back from.
And while there are certain things you can do to ensure the safety and well-being of everyone involved - accidents can still happen, and that’s why you should have apprenticeship training insurance.
How Much Does Apprenticeship Training Insurance Cost?
The cost of your apprenticeship training insurance will vary on various factors such as the size of your business and the level of insurance coverage you opt-in for.
The average apprenticeship training school in the United States pays around $50 per month for general liability insurance. Such a policy is essential as it will provide your school with cover from general accidents that lead to a lawsuit or a claim such as third-party bodily injuries and property damage.
Physical businesses - including schools, can greatly benefit from business owner’s insurance. This policy combines general liability insurance by extending its coverage and commercial property insurance. So, not only are all third-party individuals protected by so is the physical property your business is within. You can expect to pay around $120 per month or $1,440 per year for this policy.
If your school has employed any staff, state law will require you to take out workers’ compensations insurance. Such policy for schools costs around $130 every month or around $1,560 per year. It will provide essential financial cover if your staff gets sick or injured. From lost wages to medical and hospital bills - the insurance company will cover it all.
Professional liability insurance is another popular policy for schools in the U.S. This policy covers your school if it gets sued based on negligence, lack of student supervision, oversight in background checks, and other professional mistakes. You can expect to pay around $650 per year for such a policy.
What Types of Insurance Do Apprenticeship Training Schools Need?
There is a wide variety of insurance available to apprenticeship training schools. The level of insurance coverage your business needs typically depends on the size of your school, the number of employees and company cars you have, the state you operate out of, and other similar factors.
Please look below to find out the best insurance policies for apprenticeship training schools below:
Why Do Apprenticeship Training Schools Need Insurance?
Apprenticeship training schools take out insurance for several reasons, but mainly to free themselves from financial liabilities in case of accidents, lawsuits, and claims.
In other cases, apprenticeship training schools are legally required by state law to get a certain level of insurance cover before they are legally allowed to enroll students into their programs.
Either way, when your apprenticeship training school has all the insurance policies necessary to keep it protected from the financial consequences that may arise in the event of accidents, lawsuits, and claims - the pressure and stress when dealing with such accidents will be brought down to a minimum.