Major risks to consider

Unfortunately, new opportunities do not come without their own set of risks. As library leadership looks to evolve and draw in new patrons in the new year, agents and brokers should advise them on their changing risk exposure. A good insurance program specializing in risks unique to libraries can provide thorough risk assessments as well as tailored risk mitigation expertise. Agents and brokers should talk to their library prospects about these specialty programs and be sure to discuss the following risks with library policyholders:

Cyber: While libraries do not typically store sensitive information, they are still targets of phishing, malware and other hacking activities. If a cybercriminal hacks into a library database, they could gain access to patrons' home addresses and contact information.
Agents and brokers should suggest librarians stay vigilant and use best practices to protect library systems and patrons' information. Librarians and other staff can enact routine protocols such as password protection, a dedicated email address, and specific authorization to access the database. Regular training to recognize and avoid phishing schemes will go a long way. Technology such as virtual private networks (VPNs) and firewalls can also provide a solid final wall of defense.
Weather-related disasters: Like any other business, libraries are subject to losses, damages and/or destruction of property in the face of an event such as a flood, earthquake or fire. Agents and brokers should suggest that libraries have an emergency action plan (EAP) in place and that all staff are trained, knowledgeable and regularly practice the plan in the event of an emergency. This plan should include what to do with historic, sensitive and/or valuable library assets in the event of an emergency.

Theft: As libraries begin to store and loan higher-value media, they will become more vulnerable to theft, particularly as they begin to advertise such items. Similar to cybertheft, insurers can recommend that librarians and other staff stay vigilant and use best practices to protect library goods. Recognizing what goods are susceptible to theft and how thieves may take them is a good first step.
LibFocus shared some suggestions on how to ramp up physical security within the library. Those suggestions include keeping thorough records of appointments, utilizing CCTV and other surveillance equipment, checking all items when returned and cataloging any damaged or lost pages and conducting regular inventory checks. Making it difficult to easily steal or simply slip out with library goods can significantly cut down on petty theft.

Domenic Antinucci III, CPCU of the Brownyard Group. (Courtesy photo)

Special Reports /

The next chapter for library insurance

Related Stories

Recommended For You