To keep a library running takes a lot of work, but generally, all of that work pays off. Libraries are a staple in communities, but you have to mitigate against risk and have adequate insurance to stay in business. Most require unique insurance for libraries.
Unique Library Risks
Libraries have risks that other companies may not have. These risks require unique coverages in case the institution faces litigation or property damage. Libraries are filled with valuable assets. Not only do you loan books, CDs and other media to members of the community, but you have computers for public use and other resources.
When working with the public, damage becomes a risk. You need insurance coverage to help if someone doesn’t return items or damages your property.
Insurance Coverage Options
There are a variety of coverage options for libraries. You may need to think of your unique risks. Some common coverages to consider include:
Mobile equipment, computer equipment and data coverage
- Medical payment coverage
- Donation assurance
- Flood or backup coverage
- Property off-premise coverage
- Abuse or molestation coverage
You cannot predict the future. When working with other people and loaning materials, accidents and abuses do take place. You have to be prepared to mitigate and insure your risks.
Libraries provide something invaluable to their communities. They are a resource for students, employees and other members of the community. To keep your library functioning, you have to have appropriate insurance policies.