According to the Education Industry Association (EIA), although growth in the education sector has slowed in recent years, the outlook over the next five years is positive. In fact, they predict that the education industry will outpace its not-for-profit peers in terms of growth with an expected revenue increase of 4.1 percent. This is great news for anyone who runs any type of business within the education sector.
Of course, with this business also come inherent risks that can lead to financial losses. This is why having a business insurance policy specifically designed for the education industry is so important.
The National American Industry Classification System, or NAICS, was created to categorize U.S. businesses into a number of different sectors and subsectors. This was done for the purpose of data collection, analysis and reporting. There are currently 374,398 businesses classified under the NAIC’s Education Industry Sector. Included are the following business types:
When you are running a school of any type, you run the risk of liability lawsuits, property damage and student and faculty injuries. Fortunately, business insurance tailored specifically for the education industry can help protect your business and prevent undue financial losses.
Some coverage types that may be particularly important in your industry include:
Of course, there are many more coverage options available to you, and the insurance types that are right for your school will be largely dependent on its size, scope and educational focus. To ensure that you are fully covering your liability risks and assets, it is to your advantage to discuss your options with an independent insurance agent before making a purchase.
The Trusted Choice® network is made up of thousands of independent insurance agents with offices located throughout the country. These agents are not tied to any one particular insurance company, so they are free to help you explore your many insurance options so that you can build a policy that is right for your education industry business.
Contact a Trusted Choice agent near you to learn more and you can start comparing quotes for insurance for the education industry in no time.