All types of libraries are prone to risks. From the electrical faults to natural calamities, anything can happen and interfere with normal library operations. For this reason, libraries should have a reliable risk management plan for how to avoid or handle the risks when they happen. Library insurance is an important aspect of risk management. If you are not yet insured, check out these two main insurance coverage types that you can use to keep your library safe.
Property Liability Insurance
Libraries contain many costly tools and equipment. A single damaging event can cause huge losses on your end, and that is where the need for property-liability insurance comes in. As referenced on www.reganagency.com, this insurance helps you to repair or replace your property if it gets damaged.
Public Liability Cover
Public liability cover protects the people in your library premises. It applies when there is bodily injury or death, accidental loss of property in the library, or loss that occurs as a result of the staff negligence. You can choose the risk you want to be covered under public liability. Your choice depends on the level of risk exposure and the size of your library.
The above insurance coverage makes risk management in libraries possible and practical. Choose the best according to the specific needs of your library.