Aba Group Advises Local Schools and Academies to Start 2012 With a Financial Health Check
It’s a great time to evaluate where you are and how you could improve your situation in preparation for the surprises 2012 is likely to bring. Examining your finances and risk management activities, can be a great way to start.
With the beginning of the New Year, many people are trying to stick to New Year resolutions and are making changes to ensure that 2012, will be a good year.
These changes need not be limited to an individual’s lifestyle however, as Bolton’s specialist Business Insurance Brokers, the aba Group, advise local schools and academies on how to kick start the year in great financial health.
One of aba Group’s Directors, Lynne Eckersley, states:
“Many people associate the New Year with a new start or a time for change. After coming back from a holiday, many discover a newfound motivation to get things done. Whether it’s to investigate new suppliers, reinvigorating their brand or just to do things differently, it’s a great time to evaluate where you are and how you could improve your situation in preparation for the surprises 2012 is likely to bring. Examining your finances and risk management activities, can be a great way to start, just in case those surprises are of the undesirable ilk”.
One of the key tenets of good financial management is managing risks. This is particularly true of schools, academies and other educational institutions, as the scope for accidents and issues can be great.
“When you are responsible for the education and wellbeing of hundreds, if not thousands of pupils, you need to ensure that you’re covered in the event that something should go wrong, whether that’s a claim as the result of an accidental injury, or to replace damaged equipment and teaching materials as a result of building or infrastructure damage” says Ms Eckersley
The issue with managing risks in schools and academies is the unique nature of the institution itself. No two schools are the same and so off-the-shelf schools and academies insurance policies are just not feasible. Oakfields Community College in Middlesbrough is one such example, it teaches the majority of its classes through the prism of entrepreneurship; so not only are classes conducted differently, but the education of their pupils also includes off-site visits as part of their ongoing education to sell things, meet investors, and more. As these pupils are encouraged to begin businesses of their own, there is no telling how a collapsed venture might affect the school, or how a business success might be managed.
“It is commonplace in universities for students to sign away all intellectual property arising from their studies, to the university. If such a process is not in place at the school, how would the success of a spin off venture be managed? Who would actually own it? Could the school be liable legally if things went wrong? Such stark differences between academic institutions emphasizes the need for tailored academies insurance and schools insurance to bridge the cracks in cover” says Ms Eckersley
If school governors are serious about safeguarding their school and the interests of their pupils an parents, an assessment of their risk assessment practices is crucial. Where damages and accidents occur, the initial costs can be huge and can disrupt the normal teaching regime, and so schools insurance should be in place to help them cover the initial outlay for settling any claims and paying for any replacements and repairs, so that teaching can resume as quickly as possible.
“If any local schools or academies would like any further advice on how to manage their risks to guard against unexpected costs over the coming year, we’d be happy to help” adds Ms Eckersley
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About aba Group:
aba Group has been operating in Bolton for years, headed by Managing Director Graham Webster and fellow Director Lynne Eckersley, they have 70 years’ experience in the industry between them. Their specialist coverage spans Academy School Insurance, directors, officers, contractors, engineers, landlords and a whole host of other professional roles and activities; which has seen them become the go-to business insurance brokers locally.
For further information contact:
- Contact Information
- Graham Webster
- Managing Director
- aba Group
- (44) (0) 1204 364 842
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