Protecting the public's library assets is the responsibility of independently controlled libraries. In addition to strong management practices, library insurance coverage is one strategy to safeguard assets, sustain service during emergencies, and be aware of risk management issues. In some cases, the library might want to think about self-insurance. In most circumstances, the library will collaborate with an insurance expert.
Insurance for Physical Assets
A library has many moving parts, all of which need to be protected against the unforeseen. Here are some types of insurance a library might need:
- Property insurance protects you against the majority of property risks, including fire, theft, and some weather damage. Fire insurance, flood insurance, earthquake insurance, and boiler insurance are examples of specialty insurance.
- If staff drive any vehicles on or off library property for library business, commercial auto policies are required.
Library insurance is also needed to protect employees.
- Liability insurance protects your library from accidental negligence that causes injury or the perception of injury to individuals or their property, perhaps leading to liability lawsuits or claims against the library.
- Directors and officers insurance. If a board is part of a bigger government entity, such as a county or city, it may be protected by its parent organization. Finding out is an excellent idea. If the board does not have this protection, they should look into D&O policies and compare them carefully.
Any library that does not have coverage should consider researching and acquiring library insurance to protect its assets.