A Liability Look at Financial Stewardship Fundamentals

With today’s societal, financial, and regulatory stressors on education, considering liability and risk transfer is fundamental to financial sustainability for institutions of all sizes.

You can help your institution take steps to manage costs on self-insured layers, mitigate the rising cost of premiums, and protect its reputation. Social inflation, the increased cost of liability claims above general economic inflation, is driving higher insurance premiums and costs not covered by insurance. When liability costs rise, the margin for mistakes shrinks. Seemingly simple decisions, such as delaying a sidewalk repair, failing to follow procedures on background checks, or getting certificates of insurance from contractors, can have an outsize effect. Boards can play a crucial role through oversight conversations. You can tip the scale to strengthen financial resilience through difficult times.