NACC News & Blog

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Key person insurance is a strategic financial tool that colleges can use to protect against the potential loss of a critical team member, such as a founder, owner, or top executive. This type of insurance provides a payout if a key person dies or becomes disabled, which can be used to cover financial losses, recruit a suitable replacement, or stabilize operations during the transition period.

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Workers’ compensation insurance is vital for career colleges in Canada, providing protection for employees who suffer work-related injuries or illnesses. This insurance, regulated provincially, covers medical expenses, rehabilitation costs, and lost wages due to workplace incidents. Each province has its own workers’ compensation board or commission, such as WorkSafeBC in British Columbia, WSIB in Ontario, or CNESST in Quebec, each with specific regulations and requirements.

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Offering a group retirement plan is an excellent strategy for attracting and retaining top talent at your college. A well-designed group retirement savings plan, such as a Registered Retirement Savings Plan (RRSP) or a Defined Contribution Pension Plan (DCPP), allows employees to build a secure financial future while benefiting from employer contributions. These plans offer tax advantages for both employees and employers, making them a valuable component of a comprehensive employee benefits package.

Drivers need to be prepared for not only challenging conditions but also having the right things on hand to deal with emergencies.

Here’s a refresher on some of the difficult road conditions you may face:

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Professional liability insurance, often referred to as errors and omissions (E&O) insurance, is crucial for career colleges to protect instructors and staff from claims of negligence, inadequate work, or failure to deliver promised services. In the education sector, lawsuits can arise from dissatisfied students or parents who believe the education provided did not meet expectations, or caused financial or professional harm.

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Business interruption insurance is essential for career colleges, providing a safety net in the event of unexpected disruptions that force a temporary closure. This insurance covers lost income and helps manage ongoing operating expenses, such as rent, payroll, utilities, and loan payments, while your college is unable to operate due to a disaster like a fire, flood, or other natural events. It can also cover the cost of relocating to a temporary location, ensuring that your institution can continue providing education without a significant financial setback.

Offering student insurance plans can be an excellent way to provide peace of mind to both students and their families. Student insurance can cover a range of needs, including health insurance, accident insurance, and tuition protection in the case of unforeseen events.

Offering student insurance plans can be an excellent way to provide peace of mind to both students and their families. Student insurance can cover a range of needs, including health insurance, accident insurance, and tuition protection in the case of unforeseen events.

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A Business Owner’s Policy (BOP) is a convenient package that combines general liability and property insurance for career colleges, providing comprehensive coverage in one policy. This type of policy is often cost-effective and tailored to the needs of small to medium-sized businesses.