FRIDAY, OCTOBER 30, 2020
Understanding PTA Property & Crime Insurance Benefits
With the significant safety and health challenges facing schools in the age of social distancing, it has been hard for many PTA organizations to operate normally. This might have affected your fundraising abilities and made your organization less solvent than it might have otherwise been. Therefore, you’ll need to safeguard what you already have even more closely than before.
Your PTA or PTO commit countless hours to sustaining the school, its staff and students. To make its endeavors successful, it also needs to protect itself and its property.
Sometimes, unexpected hazards might cause a loss of property. In some cases, the loss might even occur as a result of criminal acts committed within the organization itself. When these accidents occur, the PTA could face a loss of value and productivity. Still, it’s a burden that could prove very heavy, and you need to be able to respond appropriately.
To protect your organization’s property, you’ll need both property and crime insurance. Each type of coverage works in unique ways and in different circumstances. Together, they can provide support in case of unfortunate losses of critical property.
Supporting a school requires an investment in resources. You have to continue your school’s fundraising and support opportunities throughout the year. You will need to invest some of that money in the property that will help you continue to offer your services. The property you acquire can act as a catalyst to help your organization expand.
Fundraising is a complicated and commitment-heavy endeavor. No matter how hard you work, you might always feel like there is more that you can do. Therefore, any property losses could prove significant and hard to replace. With the loss of even a single item, you could both lose money on a prior investment and face an inhibition to future fundraising.
With a quality PTO property insurance plan, you’ll protect these valuable assets from any number of complicated losses. Some of the items that your plan might cover include:
In the event of an unexpected loss, your plan can work with you to provide a financial settlement for the item. Therefore, you’ll be able to recover your investment without a significant financial loss. Your organizational security can remain intact as a result.
Keep in mind, to receive coverage for the damaged property, your plan will have to cover the peril that caused the issue. Often, your plan will pay for a number of hazards, including:
Your policy will generally agree to pay a maximum amount of money per year, no matter how many claims you make. Property damage that results from neglect or wear & tear will not have coverage. It is your responsibility to keep these items in good shape and secure as best you can.
One type of theft that a general property insurance policy will not cover is theft that occurs internally. However, given the wide number of volunteers and participants who might interact with the PTA, this is a prevalent risk that might threaten property security. Therefore, you’ll likely benefit from the added protection offered by crime insurance.
You want to establish a trustworthy and reliable PTA organization. Therefore, when accepting volunteers, it will pay to do your research. There are situations where a dishonest party might try to infiltrate your organization and use your property and funds to enrich themselves. The proper crime insurance can assist you in case the property loss threat comes from an internal act.
Suppose, for example, that your PTA uses a bank account to store and manage funds. Trusted members of the organization have bank cards to access this money. However, over time, you notice that your receipts do not match the balance within the account. After an investigation, you realize that a longtime volunteer has been taking money off the account.
This is more than just a huge breach of organizational trust and a criminal action. It is an occurrence that threatens your organization’s ability to sustain itself. Therefore, you’ll want the benefit of being able to recover these lost assets. The money was stolen from you by a party you thought you could trust. You shouldn’t have to suffer the ramifications of this loss. Crime insurance will help you recover the value lost.
Talk to your Bene-Marc agent about the way you can build your PTO/PTA insurance policy to include the appropriate property insurance for all your operational needs. We’ll help you understand which property we can insure, how to we do so and under what circumstances we can help you out. In the end, it is easy to get a very beneficial policy.
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