As schools continue to face tight budgets and rising operational expenses, managing insurance costs remains a top priority. Fortunately, there are proactive steps you can take to help control premiums—without compromising protection. Here are five key strategies to consider:
1. Prioritize Safety and Risk Management Programs
Implementing comprehensive safety protocols not only protects students and staff—it reduces claims, which directly impacts premiums. Focus on:
- Regular safety audits
- Staff training (e.g., slip/fall prevention, crisis response)
- Up-to-date emergency preparedness plans
- Routine facility inspections and maintenance
2. Review and Update Property Values Annually
Outdated or inaccurate property valuations can lead to overpaying for coverage or being underinsured. Conduct an annual review of your building, equipment, and contents to ensure values are accurate and reflect current replacement costs.
3. Implement a Strong Workers’ Compensation Strategy
Schools can face high workers’ comp claims, especially in custodial, cafeteria, and transportation roles. Lower costs by:
- Offering employee wellness programs
- Enforcing return-to-work/light duty programs
- Investigating incidents promptly and thoroughly
- Partnering with medical providers who understand school environments
4. Manage Auto and Transportation Risks
School transportation—buses, vans, and staff drivers—poses a unique liability. Reduce exposure with:
- DMV checks and ongoing driver training
- Safe driving policies and GPS monitoring
- Preventative maintenance schedules for vehicles
5. Work with a Broker Who Understands Education
A knowledgeable insurance partner can help you spot gaps, find competitive rates, and advocate on your behalf with underwriters. Look for a broker who:
- Specializes in public or private education
- Offers benchmarking and risk consulting
- Helps with claim reviews and coverage analysis
Every dollar saved on insurance can go back into the classroom. By taking proactive steps, you can better control costs while ensuring the safety and security of your students and staff.
