What Kinds of Insurance Does a Library Need?

September 27, 2018

Libraries that are independently governed have a built-in responsibility to protect the library’s assets. Good management practices should be the main goal of limiting risks and liabilities, but adding insurance coverage such as library insurance is one way to protect assets, keep service current during all situations, even emergencies, and be aware of risk management.

With all this in mind, and with a foundation built on providing a service to the public, libraries should invest in a well-rounded insurance plan and weigh their options. Here are some insurance options libraries can look into.

Property Insurance

This kind of insurance provides protection against most risks to property. Everything from fire to flood, property insurance is a fundamental basic when it comes to protecting the physical integrity of a library building. Libraries should consider a handful of factors when bringing this kind of insurance on. Look at the level of insurance wanted, such as replacement cost, actual cash value, and functional replacement.

What’s more, the most important thing inside your library, besides people, is the material cache itself. Think of coverage needed for items such as books, DVD’s, computers, furniture, etc.

Liability Insurance

This kind of insurance covers unintentional negligence on the part of the library when injuries are caused. Liability lawsuits could arise and spell legal and financial trouble for libraries. This kind of coverage supplies out-of-pocket expenses for individuals injured on your property including volunteers. Also, liability insurance can provide protection of lawsuits related to claims of libel or slander as well as covering damage employees may cause to other people or the property. It’s a wide-ranging insurance policy that looks to create a full-circle level of protection.

Commercial Auto

Does your library use official vehicles? From transporting books to official use from employees, commercial vehicles need to be covered for safety. This kind of auto insurance can protect vehicles like library vans and official cars owned by the library and used on library business. Also available, non-owned auto insurance covers the library when employees use their own vehicles for library business and end up in an accident.

Directors and Officers Insurance

Library boards can take extra care of their reputation with Directors and Officers (D&O) insurance, which protects against legal defense costs. This can be extended to individual trustees or can cover the board itself in the case where it indemnifies its trustees for reimbursement of expenses.

It’s important that libraries and their boards and executives look at the overall needs—from day-to-day needs to special momentary ones. There are a lot of moving parts under the roof of a library and for every bookshelf and every item therein lies the possibility of a liability. Be sure to be diligent about seeking out coverage to protect against risks.

About Regan Agency

A family-owned business, Long Island-based Regan Agency has more than 35 years of experience serving the insurance and risk management needs of Tri-State residents and businesses. We have earned the trust of our clients based on our integrity and commitment to offer individuals and businesses quality library insurance products at competitive prices backed by unparalleled responsive service. Just give one of our professionals a call at 631-669-3434.