Worth Ave. Group, for example, covers any physical damage outside of intentional damage, Ha says. Schools work on an honor system, reporting what seems intentional or accidental to the best of their ability. Worth Ave. Group’s claim submission process consists of seven questions for IT staff members to answer. All devices are listed in an online portal to ensure a quicker claim submission process that doesn’t overburden the IT team.
Most schools opt for a zero-deductible plan, Ha says. In some cases, schools move the insurance process to the families, who can opt to purchase insurance for their students’ devices. In these instances, Worth Ave. Group issues a group policy, where parents typically pay about 10 percent of the device’s cost to insure against theft or damage. Notifying parents of this policy in advance can help them budget for it in their back-to-school shopping. In 2022, families spent about $13 billion on electronics for students returning to school, according to data from the National Retail Federation. Fifty-six percent also began shopping as early as July, NRF data shows.