Business Interruption Insurance: Keeping Your College Running Amid Crises

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. Moreover, business interruption insurance can extend to cover additional expenses, like hiring temporary staff or expedited shipping costs for materials needed to resume operations. Review your policy regularly to ensure it aligns with your institution’s needs, considering the specific risks your college faces, such as its geographic location and potential hazards. Collaborate with your insurance provider to identify coverage gaps and address them accordingly. Having a robust business interruption policy in place ensures your college’s financial stability, enabling you to focus on recovery efforts and maintain continuity in education services. This foresight helps protect your institution against the financial uncertainty that can arise during crises, ensuring a swift return to normal operations.

NACC has partnered with HUB Insurance to provide a one-stop-shop for Commercial Insurance, Employee and Student Benefits, Group Retirement, Surety and Personal Insurance. To discuss your college’s unique needs please complete the form found here: HUB Inquiry Form