Manage your school’s risks.
You entered the education sector because you believe in the value of a good education, but to continue helping students achieve their potential, you need to manage your school’s risks. Education insurance can protect your education institution, allowing you to focus on the needs of your students and staff.
Common Education Coverage Types to Consider
Mavrix offers tailored protection for schools, learning centers, and educational programs. From property coverage to liability concerns, our plans safeguard students, staff, and facilities so you can focus on your mission to educate and inspire.
Protecting Your Educational Institution
Whether you’re operating a private K-12 school, a tutoring program, a college, or a vocational school, you have risks. Litigation is a common threat that may stem from students, parents, or staff. Plus, cyberattacks and data breaches are on the rise. On top of risks unique to the education sector, there’s also the potential for losses from natural disasters and injuries.
Controlling these risks requires education business risk management. Depending on the type of educational institution you operate, you may need private school insurance coverage, academic program insurance coverage, nonprofit educational institution insurance, or a vocational school insurance policy.
Frequently Asked Questions
What is education insurance for private schools and training centers?
Private schools and training centers have multiple risks, which requires multiple insurance policies. Education insurance for private schools and training centers consists of multiple policy types.
Your insurance program should be tailored to the risks of your school. We can help you secure academic program insurance coverage, training center liability insurance, and school owner insurance solutions that fit your unique needs.
How will tuition protection help my school or educational business manage risk?
Students may have to drop out of school due to unforeseen circumstances, such as illness, mental health issues, financial hardship, or a death in the family. This puts both the student and the school in a difficult position. Students typically want a tuition refund because they cannot receive the education they’ve paid for. However, the school may not be able to refund the money without experiencing budgetary problems.
Student tuition refund insurance offers tuition protection for educational institutions and their students. If a student can’t complete a program for a covered reason, the insurance policy refunds the unused tuition and school fees. This way, neither the school nor the students suffer financial hardship. School fee insurance for small schools is especially important because smaller schools may experience greater disruption when students have to drop out unexpectedly.
What types of coverage does education insurance for institutions include?
Education insurance for institutions typically falls into one of two categories. The first category includes coverage types that organizations in most industries need, such as property, general liability, employment practices liability, directors and officers, workers’ compensation, and cyber insurance. The second category includes coverage types that are more specific to the risks faced by educational institutions, such as abuse and molestation, educators professional liability, and tuition refund insurance. You need a customized insurance program that meets the risk management needs of your organization.
Is tuition refund insurance available for short courses and seasonal programs?
Coverage terms and eligible requirements vary depending on the carrier providing coverage. However, there may be restrictions for the types of education program that are eligible for coverage as well as when you must purchase insurance and when claims are covered. If you are interested in tuition refund insurance for your school, contact Mavrix to learn more about the options available.
How does the claims process work for schools handling student withdrawals?
If a student needs to withdraw early, you will need to follow the insurance carrier’s claims process to file a claim for tuition refund coverage. It’s important to submit the claim in a timely fashion and to provide any supporting documentation needed to support a fast claims process. Once the claims handler approves the claim, the tuition refund will be released. This benefit is typically paid to the school and should be credited to the student’s account.