Everything you need to know from requesting proposals to making your final decision based on coverage, cost, and service levels.
It's no secret that COVID-19 has caused technology's already growing place in the classroom to expand dramatically. Many K-12 schools are buying insurance for student-issued devices for the first time, and with so many options, making an informed decision can be overwhelming. Luckily, we're here to simplify the process. We'll teach you to compare companies critically so you can make this decision with confidence. By the end of this article, you can rest assured your choice is cost-efficient, eliminates risk, and minimizes trouble for your staff.
Not all coverage is created equal
Requesting an itemized list of coverage with your proposals is the first step in making an informed decision. When submitting a bid, companies may leave out key elements of coverage to offer a lower price. While a few dollars off may seem attractive at the time, you might end up spending more, in the long run, replacing laptops for damages not covered by your policy. This is especially pertinent for K-12 schools as they not only tend to have a larger quantity of devices, but student devices generally face more wear and tear. Check what extended warranty, accidental damage, lost, theft, and perils covers for each company to ensure you're getting the most bang for your buck.
What coverage do you need?
Mechanical failure makes up around 25% of the claims filed by K-12 schools and can be some of the most expensive to resolve. On average, it costs $95 to repair a Chromebook with mechanical failure and $250 to replace it if unrepairable. While extremely valuable, not every school needs to include mechanical breakdown in its policy immediately. If you recently bought new devices, they most likely came with a 1-year manufacturer's warranty. Many companies that sell refurbished devices include 1-3 years of coverage for mechanical failures, so customers save even more! Just make sure to add mechanical failure to your insurance policy after your original warranty expires to protect from loss.
The biggest problem K-12 schools face is accidental damage—making up about 70% of all claims they file. In fact, many schools decide to purchase insurance solely for this coverage. Repair costs for just a part can be up to 80% of the device's replacement value, and after adding labor and shipping, it may not even make sense to try to fix the device. It's always sensible to purchase accidental damage for student devices; still, it's crucial you're aware of caveats in your chosen policy. Are there limits on the number of claims that can be filed? Is there an extra service fee for accidental damage repairs? Are there certain damages that are not covered?
One of the many benefits of third-party insurance agencies is access to coverage for loss, theft, and perils. Manufacturers don't sell these additional coverage options, which can come in handy for many schools. Analyze your school's needs to decide if it would be beneficial to purchase insurance that would protect you from replacing your own devices in such instances.
Limitations in your policy?
Many warranty companies, including OEMs, limit covered repairs to the cost of the device and allow a maximum of one replacement. This way, the service contract is more quickly considered fulfilled, and new coverage must be purchased for the device. One-replacement limits are standard with manufacturers warranties and can cut your 3-year plan down to 6 months with just one claim!
The last thing you need when a student turns in a damaged device is having to worry about how much that repair is going to cost. Checking to see if you've met your deductible or filled the maximum number of claims shouldn't get in the way of ensuring the student's learning is not disrupted. That's why 95% of schools—public, charter, and private—have insurance policies with a $0 deductible and unlimited claim incidents. Typically, only third-party agencies can provide a policy that gives schools this flexibility.
Missing or broken keys, and power supply failure are much more common with K-12 users, but OEMs and most insurance companies won't cover them. Battery failure is also usually limited to one replacement. Think about the likely damages to your devices and double-check that company you go with won't leave you stranded without coverage in the middle of your term.
Who will pay for the warranty?
Many schools decide to foot the bill for insurance if they have a 1:1 program, and many others ask parents to purchase it instead. If your school does not have the budget to take on the burden of paying for device insurance, don't worry, there are other ways to ensure protection. Several schools commonly ask parents to pay an annual technology fee, usually around $25, so you can give students the tools they need without breaking the bank. Parents don't have to stress about buying their child a device, and administrators don't have to worry about repair/replacement costs!
Other schools may have parents purchase insurance at a negotiated price, or simply offer it as an option. If parents will be required to purchase insurance for devices issued to their students, it's imperative to consider how much you can reasonably expect them to spend.
Still conflicted? A few more things to consider:
When finalizing which provider to go with, ask for a few client references to see if other schools in a similar situation had a good experience. Is the company able to handle high-volume contracts? Do they pay equal attention to smaller clients? Did the school have any significant or minor trouble throughout the year?
How complicated will it be to keep track of every device? Will you be accommodating to the insurance company, or will they be accommodating to you? If parents purchase policies at home, will you be able to keep track of that too? Your IT department should be able to see the status of any and all devices easily.
How long is the turnaround time? Some schools have to keep loaner devices on hand since some companies can take up to 3-months for simple repairs! Will students fall behind because their iPad was held up in a repair depot longer than expected? If your IT department is equipped to handle some repairs, will your chosen company allow that and reimburse you to save time?
What Securranty does differently:
Over the years, Securranty has earned the trust and confidence of 1000's schools, small and large, with our personalized approach to every customer. We will accommodate your needs to make this process as easy as possible for you and your students.
Securranty covers damages no other insurance provider does! These include, but are not limited to, battery failure, missing/broken keys, and power supply failure. There is also no limit on the number of claims that can be filled!
Your staff will have full access to our proprietary technology that will allow them to keep track of devices and claims in real-time. Click here to learn how to check if we received your device, are in the process of repairing it, or have already sent it your way!
Not only do we offer a 5-day turnaround time, but we will also pay for shipping both ways, and each school can decide which carrier they prefer. Once you purchase your $0 deductible policy, you won't be required to pay a penny more!
Still not convinced? You can instantly generate a proposal on our website to look through options and see how little such comprehensive coverage can cost. (P.S. were the only ones that do that, too!)
Securranty is a licensed Third-Party Administrator and an insurance agency established in 2011 that serves K-12 schools & higher education institutions, businesses & enterprises, and individuals & families across the country. Securranty also partners with computer electronics resellers and distributors to offer Extended Warranty & Accidental Damage plans for education and enterprise customers. For more information, Contact Us or connect with us on Facebook, LinkedIn, and @securranty on Instagram and Twitter.