Even though libraries are commonly seen as safe, peaceful locations, they still possess some risk. Operators might need to consider obtaining a comprehensive library insurance plan that covers these potential exposures and protects the establishment, its employees and its patrons. The following coverage areas are some of the most common among libraries.
Perhaps the plan with the widest scope, general liability insurance protects the library in case a patron is injured due to neglectful conditions of the premises, equipment, employees’ actions and other factors. This insurance coverage covers medical and legal costs related to the injuries, as well as potential slander and libel. Source: https://www.reganagency.com
A growing trend in insurance coverage is an investment into a captive insurance plan. According to Caitlin Morgan Insurance, this investment is an alternative to traditional provider coverage, in that the insurance company is a wholly-owned subsidiary insurance company owned by its insureds. It is considered a viable insurance program regulated by a state department of insurance, but those who are insured are limited. The captive can be formed from a single parent company or by multiple organizations in a collective group. Usually, those in group work in the same industry or share similar risks and exposures.