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I am a homeschooling mother and Certified Public Accountant (CPA) combining my experience and knowledge to help micro businesses, families and homeschool organizations such as co-ops. This blog will cover topics on running a small business, working from home, taxes and personal finance.
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4:11 PM, Jun. 27, 2006
Insurance for homeschool groups part 2
(view similar articles on Non Profit Organizations)
In talking to a helpful insurance agent, I learned there are at least three types of insurance a homeschool group could possibly need:
General Liability (sometimes called fire insurance). It covers the property an organization owns or rents. This is what the church is wanting from our group. They want an insurance policy if our group damages their property. Someone suggested that we ask the church to add our group as a rider. It might be cheaper. Or, it was suggested, we should get "event" coverage. It might be cheaper since we don't meet every day in the church.
Accidental Medical coverage. This is for coverage if a child hurts him or herself while at our homeschool function. Since we don't have gym classes or physical activities I think my group will skip this type of insurance. We'll probably get the parents to acknowledge that they will cover their children's medical expenses.
Director and Officer insurance: This is to protect the leaders from being personally sued for liability. The agent said these policies start at $1,000/year. Yikes! He said it is because it includes provisions for employee s*xual harassment, etc..Because of the expense to the organization, some non-profits board members carry their own liability insurance. Personal liability insurance, sometimes called an umbrella policy, can be added to a homeowner's policy (I think). Our group doesn't have employees (or a very large budget) and so I think that we'll forgo the D&O insurance, also.
I've learned a lot. How about you? Anything you can add to my knowledge about insurance for homeschool groups?
Carol
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At the co op I am a member of there was an incident where a teenager "accidently" collided with a parent while walking bruskly through the crowded hallway. The parent's head hit the brick wall and she was injured quite severely. She suffered a head injury which caused neurological damage. What type of insurance did the co op need to have in order to cover this type of incidence? This is just a learning co op and there are no gym classes, playgrounds or sports activities. This was just a "freak" accident.
Posted by Anonymous on Sep. 29, 2008 at 9:39 PM
My co-op's General Liability insurance policy comes with a medical provision. As I recall, it will cover something like $5,000 per incident.
Also the injured member should have her own medical insurance.
You asked a good question for all co-op leaders to ask their insurance agents.
Carol Topp, CPA
Posted by HomeschoolCPA on Sep. 30, 2008 at 10:06 AM
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Insurance for Home School Co op
