Risk Management for Higher Education

Risk Strategies specializes in a broad range of insurance products required by educational institutions. We work with institutions nationwide to help identify trends and potential liabilities and offer solutions to mitigate risks, prevent loss and reduce the overall cost of risk.

Whether it’s protecting basic operations, crafting policy wording for complex exposures, or enhancing your risk management efforts, our team of specialists knows the issues that arise when negotiating contracts with carriers. Our long-standing presence in the market gives us the access and expertise to insure your institutions from costly exposures.

Assuring your risk financing decisions are appropriate is critical, so partner with an insurance broker who understands your unique needs. Risk Strategies understands the exposures that colleges and universities face and can tailor programs that meet your exact specifications. We can help protect you from:

• General Liability, Automobile Liability and Workers’ Compensation - General liability, automobile liability and workers’ compensation coverage comprise the core of any college or university’s insurance program, so it’s vital you have a best-in -class partner to assure these are appropriate and crafted accurately.
• Educators Legal Liability, Directors & Officers, and Employment Practices Liability - Educators are focused on content delivery, as they should. Educator’s legal liability, a hybrid of directors and officers, employment practices and liability, and errors and omissions coverage and is an effective way to protect the institution from adverse financial ramifications arising from leadership decisions made in support of the institution’s mission.
• Errors & Omissions and Malpractice -Institutes of higher learning are tasked with everything from educating professional students to operating medical clinics and providing consulting services. That means E&O and malpractice exposure is ever-present with possible adverse financial impact for which the institution must have a financing plan.
• Crime - Despite your best efforts, including internal controls and careful fiscal oversight, fraud and dishonesty can still cost your college or university in amounts large and small. Risk Strategies experts can ensure those types of losses aren’t crippling by tailoring crime coverage to your needs.
• Fiduciary Liability - Even if you rely on outside advisers to manage your employee benefits program and its retirement plan, your institution could still be subject to a fiduciary liability claim. Risk Strategies can help ensure your institution has a properly designed fiduciary policy.
• Cyber Liability - As institutions become increasingly reliant on technology, they are facing new and unprecedented risks. Our team can provide a range of products and services to help combat these new challenges. We also help develop loss prevention strategies and incident response plans.  Preventing a breach is the primary objective; however, you must have a response plan, too.
• Clinical Trials Coverage - For research institutions that conduct trials domestically or internationally, having the right coverage with the right limits, is critical to protect against potential claims. Work with Risk Strategies to create a program designed to address your specifics.
• Environmental - Environmental liabilities can be hard to spot and complex to deal with. Many Commercial General Liability policies exclude pollution-related exposures, making statutorily mandated clean-ups a potentially crippling expense.
• Sexual Abuse and Molestation - Risk Strategies can help you review your college or universities current sexual abuse and molestation coverage to determine what, if any, changes are needed to ensure you are protected. Core insurance policies might provide some coverage, but it is possible additional protection is needed to fill in any policy gaps.
• Workplace Violence - A campus is a workplace and not immune to unexpected violence or other potentially dangerous situations. Risk Strategies can help you develop a program to reduce the likelihood of such events and minimize the adverse impact upon your staff, faculty, and students. Workplace violence coverage can assist your institution with public relations experts, business interruption coverage, property damage, and medical costs if a tragic event occurs on campus.
• Property and Business Interruption - Colleges and universities have diverse property portfolios, from research facilities, power plants, and stadiums, to medical data centers, auditoriums and more. Each have unique risks of exposure to damage from disasters and business interruptions. Risk Strategies can assist with loss prevention and reduction and craft coverage minimize exposure to property damage and loss.
• Builders Risk - Property insurance is designed to cover buildings already built. Builder’s risk protects your college or university for covered losses to buildings that are under construction or renovation. When preparing for a new building project or renovation, Risk Strategies can help you ensure the project is appropriately insured.
• Fine Arts - Your college or university doesn’t need a museum on campus to need fine arts coverage; it can protect more than you think. Beyond traditional fine art, any object or collection your school can inventory may be insurable often at better rates than a traditional property program. Risk Strategies Fine Art experts can show you how.
• Intellectual Property - Colleges and universities today are home to cutting-edge research and intellectual property (IP), which is great for new discoveries but also presents a potential for increased risk. Risk Strategies can craft intellectual property coverage that provides resources for institutions sued for intellectual property infringement, including legal counsel and judgment costs.
• Marine Cargo and Inland Marine - Most property policies exclude or limit coverage for valuable assets and property damaged, lost or stolen while in transit. Risk Strategies experts understand these fine print problems and how to avoid them so you can feel confident shipping a valuable item or delicate research equipment.
• Alumni Associations - Many colleges and universities have alumni associations located around the world. However, these are often not protected by their alma mater’s insurance programs. Risk Strategies can help your alumni associations extend their protection by finding appropriate and affordable coverage for Directors and Officers, Error and Omission, Crime, or Commercial General Liability to to minimize the adverse financial impact which can arise from these exposures.

When you are facing the most pressing business challenges, maximizing your success starts with the right partner. At Risk Strategies, you get a dedicated risk management consultant and partner with in-depth industry knowledge and 25 specialty practices. We offer: