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Preparing for the Annual Audit: Reviewing Your School’s Insurance

Grow Schools

April 11, 2023

Preparing For The Annual Audit Reviewing Your Schools Insurance

The idea of the audit can invite stress, and it’s understandable to feel daunted by the need to address compliance and other issues while you’re focused on the day-to-day aspects of growing a school. The Charter School Audits Guide Preparing Your School for the Annual Audit offers month-by-month breakdown schools can use to stave off overwhelm. The key is preparing a little bit at a time.

Here’s what the plan looks like:

Yearly Plan List

As seen in the chart above, month one is dedicated to the fiscal audit overall. That’s because month one is when schools have just completed the previous year’s audit, so first steps are about how to move forward from there.

For a detailed look at previous months, click the links below:

Month 1

Month 2

Month 3

✔️ Comply with Insurance Policy and Laws
  • Know the limits and sub-limits of your policy
  • Understand insurance laws and regulations that apply to your school
✔️ Review Your Policy and Shop Around
  • Check with other brokers and carriers to see if there’s a better option for your school
  • Look into carrier ratings, policy details, and costs for your school and employees
  • Tip: Make sure you check your current insurance company’s cancellation policy if you’re switching insurance companies
✔️Check Premiums and Deductibles
  • Review whether your premiums are broken into smaller payments or just one annual fee
  • Consider scheduling your premium payment differently to save money
  • Tip: Check your deductible to see how close you are to meeting it
✔️Examine Employee Benefits
  • Shop employee benefits to make sure you have the policy that’s the best fit for your school

  • Tip: Consider paying a flat amount rather than a percentage to keep expenses down

✔️Review Retirement Benefits
  • Understand what you’re offering in addition to mandatory state retirement benefits

By performing a focused audit of your insurance, you can ensure that your school is adequately protected and prepared for the future, and can help you identify potential coverage gaps and save you money. If you’re looking to learn more about insurance options for your school, your insurance broker or carrier is a great resource.

Audits For Charter Schools

To take a deeper dive into this plan, download The Charter School Audits Guide Preparing Your School for the Annual Audit, a free guide for school leaders.

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