Every school wants to build a safe institution for students to learn and grow in, but accidents can happen at even the safest institutions. Accidents that occur on school property, and even off of it, can put a school at risk of expensive lawsuits.
School accident insurance is one way you can safeguard your district and the students that attend your schools. There is a lot to know, though, so before you decide, get apprised of all your options from POMI.
What is School Accident Insurance?
School accident insurance is most often utilized by K-12 school districts to provide coverage for their students and volunteers that assist educators during events or activities, in the case of an incident that leads to injury or illness.
Accident insurance isn’t only available to public schools, these policies can help protect:
Choosing the right policy can go a long way towards helping to protect students from serious harm and the financial strain off a family’s already full plate.
Get to Know the Policies
Every school has its own unique needs and manages a different amount of risk. For example, a school with a great number of extracurricular activities may face a greater risk of student injury. The accident insurance policy you choose could help to accommodate these risks.
Mandatory Accident Coverages
Most school districts are required to provide accident insurance to students and volunteers. It provides a financial safety net to students, or student-athletes, in the case of accidental injuries.
As the name suggests, this brand of accident insurance is made mandatory and typically acts as an excess coverage, contributing secondary benefits to families who already receive benefits through their personal health insurance. For students who don’t have health insurance, a mandatory policy will help ensure that they have a buffer against paying medical expenses on their own when a covered accident occurs.
Mandatory coverages help protect institutions from litigation by helping minimize out-of-pocket expenses for students when an accident occurs and helps balance an institution’s budget.
Institutions may purchase compulsory coverage to extend benefits towards injuries that occur during the hours that school is actively in session, and throughout school-sponsored activities on or off the school grounds. Thanks to the flexibility of this coverage, this policy covers:
Students participating in interscholastic sports
Students traveling between school and a school-sponsored event
With this coverage, the institution backs the premiums to take the financial pressure off the students’ families.
There are two major types of voluntary accident insurance policies for schools: school time coverage and 24-hour accident coverage. These two policies are paid by the individual, rather than the institution, because they are voluntarily purchased on part of the individual.
Similar to compulsory coverages, school time coverage only offers benefits for injuries sustained during the official hours and day when school is in session, or while students are participating in school-sponsored events on or off the premises.
24-hour coverages, on the other hand, are best for the individuals that are involved in activities outside school hours. These coverages go a step above compulsory coverages by providing benefits for injuries sustained 24-hours a day, even throughout weekends, vacations, and summer breaks.
Interscholastic Sports Coverages
Students who are involved in interscholastic sports are most at risk for sustaining injuries during their school careers. Interscholastic sports coverages can ease the financial burden that may follow injuries from student-athletes, managers, trainers, and other participants who are involved in interscholastic sports programs. This coverage covers:
Injuries acquired during tryouts
Injuries that occurred during the pre-season, regular season, and post-season
Injuries sustained during travel between games and practices
Like voluntary coverages, the interscholastic sports coverage is funded by the individual and not the institution.
Help Ensure Your Students’ Safety with POMI
POMI understands the need to accommodate the individuality of every learning institution, which is why all of our policies are DIY on your own schedule. As the broker or agent, you have complete control over the process and, when you encounter a client with more unique needs, one of our policy experts can help you put together the perfect policy.
Contact us today to start your POMI experience!