Jobs and Career
Life Insurance: Can it insure against risks in the school business?
Posted Friday, October 25 2013 at 00:00
The risks involved in running a school are incredibly and unimaginably high, it can be easy to take for granted the self-checking system offered by the teachers and prefects’ body in a school but can you imagine the alternative cost of replacing each with say a security guard?
Sadly today’s risks go far beyond the control of staff and prefects, Imagine as director having to explain why for example, a school bus accidentally knocked a student, students were poisoned in food, how you expect your business to survive when the principle is taken critically ill, threats of terror at the school premises etc.
A school matron was taken ill with a severe lung infection, she had a monthly salary of Shs400, 000 and required surgery, hospitalisation and after care of up to Shs8m. As a school director, what would you do for such an employee? Which funds would you use to help them? Tragically, many are let go at this point which should not be the case.
Contemporary solutions to such threats have been sought and the devastation can be much reduced if not mitigated. An umbrella solution that manages the welfare of all staff and key personnel in a school is essential for business survival. Such a policy would cover critical illness, death and disability.
For as little as Shs9,400 per school term, a student’s parent or guardian can be insured up to Shs5m to cater for the school fees. This would offer a bursary to any student whose parent unfortunately got critically ill, disabled or dies, this also means your revenue stream is protected.
Costly illnesses for staff can be mitigated by having insurance pay for the hospital bills instead of using management funds.
The writer is the Corporate Sales Manager for UAP Insurance.
Please contact us on, email@example.com or, www.facebook.com/uaplifeadvisor or text 0755353545