Insurance Coverage

Our Insurance Protection

Impact Suite maintains comprehensive insurance coverage to protect both our organization and our educational agency partners against risks associated with data security, privacy breaches, and general business operations. Our insurance program demonstrates our commitment to financial responsibility and provides an additional layer of protection for the student data entrusted to us.

Key Principles:

• Adequate Coverage: Insurance limits appropriate for our operations and risk profile

• Specialized Protection: Cyber liability coverage specifically for data breaches and privacy incidents

• Educational Agency Protection: Additional insured status available where appropriate

• Financial Stability: Insurance demonstrates our financial responsibility and stability

• Continuous Coverage: No lapses in coverage, with proactive renewal management

• Transparency: Certificates of insurance readily available to educational agency partners

Our Insurance Portfolio

Impact Suite maintains a comprehensive portfolio of insurance coverage designed to protect against the unique risks associated with educational technology and student data management.

Cyber Liability Insurance

Coverage Overview:

Cyber liability insurance (also known as cyber insurance or data breach insurance) protects against losses and liabilities arising from data breaches, cyberattacks, and privacy incidents.

What This Coverage Includes:

First-Party Coverage (Direct Losses to Impact Suite):

Data Breach Response Costs:

• Forensic investigation to determine cause and scope of breach

• Legal counsel for breach response and regulatory compliance

• Notification costs (letters, call centers, websites)

• Credit monitoring services for affected individuals

• Public relations and crisis management services

Business Interruption:

• Loss of income due to cyber incidents

• Extra expenses to restore operations

• Costs to recover from ransomware or malware attacks

• System restoration and data recovery costs

Cyber Extortion:

• Ransom payments in ransomware attacks

• Negotiation and investigation expenses

• Costs to respond to extortion threats

Data Recovery:

• Costs to restore or recreate lost or damaged data

• System restoration and reconfiguration

• Forensic data recovery services

Third-Party Coverage (Liabilities to Others):

Privacy Liability:

• Legal defense costs for claims alleging violation of privacy laws (FERPA, COPPA, HIPAA, state privacy laws)

• Settlements and judgments for privacy violations

• Regulatory defense costs and fines (where insurable)

• Costs of regulatory investigations and proceedings

Network Security Liability:

• Claims arising from unauthorized access to systems

• Transmission of malicious code or viruses

• Denial of service attacks affecting third parties

• Failure to protect third-party data

Media Liability:

• Claims of defamation or libel in electronic communications

• Intellectual property infringement in digital content

• Invasion of privacy in online activities

Technology Errors and Omissions:

• Claims arising from failure of our technology services

• Professional liability for technology services

• Errors in software or platform functionality

• Failure to perform contracted services

Policy Limits:

Current Coverage Limits:

• Policy Aggregate: $[Amount] (typically $2,000,000 - $5,000,000 for EdTech companies our size)

• Per Occurrence: $[Amount]

• Retention/Deductible: $[Amount]

Note: Specific coverage limits are determined by our risk profile, company size, and industry standards. Current certificate of insurance with exact limits available upon request.

Why This Matters for Educational Agencies:

Cyber liability insurance ensures that in the event of a data breach:

• We have financial resources to respond quickly and effectively

• Affected individuals receive required notifications and services (credit monitoring)

• Legal and regulatory obligations are met

• Educational agencies are defended and indemnified as required

• Business continuity is maintained during incident response

General Liability Insurance

Coverage Overview:

Commercial General Liability (CGL) insurance protects against claims of bodily injury, property damage, and personal injury arising from our business operations.

What This Coverage Includes:

Bodily Injury and Property Damage:

• Injuries to third parties on our premises or caused by our operations

• Damage to third-party property

• Medical expenses for injured parties

• Legal defense costs and settlements

Personal and Advertising Injury:

• Libel, slander, or defamation claims

• Invasion of privacy claims

• Advertising injury claims

• Copyright infringement in advertising

Products and Completed Operations:

• Claims arising from our software or services after delivery

• Liability for defects or failures in our products

• Injury or damage caused by our completed work

Policy Limits:

Current Coverage Limits:

• General Aggregate: $[Amount] (typically $2,000,000)

• Products/Completed Operations Aggregate: $[Amount] (typically $2,000,000)

• Each Occurrence: $[Amount] (typically $1,000,000)

• Personal and Advertising Injury: $[Amount] (typically $1,000,000)

Technology Errors & Omissions (E&O) Insurance

Coverage Overview:

Professional liability insurance for technology companies, covering claims arising from errors, omissions, or negligence in providing our services.

What This Coverage Includes:

Professional Services Liability:

• Errors or mistakes in service delivery

• Failure to perform services as contracted

• Negligent acts in providing professional services

• Misrepresentation of capabilities

Software and Platform Liability:

• Defects or errors in software functionality

• Failure of platform to perform as warranted

• Data loss or corruption due to system failures

• Downtime or service interruptions

Intellectual Property:

• Copyright or trademark infringement claims

• Unauthorized use of third-party IP

• Disclosure of trade secrets

Policy Limits:

Current Coverage Limits:

• Policy Aggregate: $[Amount] (typically $1,000,000 - $2,000,000)

• Each Claim: $[Amount]

• Retention/Deductible: $[Amount]

Workers' Compensation Insurance

Coverage Overview:

Required by law, workers' compensation insurance covers medical expenses and lost wages for employees injured on the job.

What This Coverage Includes

• Medical expenses for work-related injuries or illnesses

• Lost wages during recovery

• Disability benefits

• Rehabilitation costs

• Death benefits for work-related fatalities

Why This Matters:

• Ensures our employees are protected

• Demonstrates our commitment to employee welfare

• Required for legal compliance

• No impact on educational agencies but demonstrates comprehensive risk management

Directors & Officers (D&O) Insurance

Coverage Overview:

Protects company leadership from personal liability for decisions and actions taken in their corporate roles.

What This Coverage Includes:

• Defense costs for lawsuits against directors and officers

• Settlements and judgments

• Regulatory investigations involving leadership

• Employment practices liability

Why This Matters:

• Ensures company leadership stability

• Demonstrates mature risk management

• Protection for decision-making in best interests of company and customers

Additional Insured Status for Educational Agencies

Impact Suite can provide additional insured status to educational agency partners on our insurance policies where appropriate and requested.

What "Additional Insured" Means

Definition: An additional insured is a party added to an insurance policy who receives coverage under that policy, even though they are not the primary policyholder.

Benefits for Educational Agencies:

• Direct coverage under our insurance policy for claims related to our services

• Ability to file claims directly with our insurer

• Coverage for vicarious liability (liability arising from our actions)

• Additional layer of protection beyond indemnification

When Additional Insured Status is Available

General Liability Policy: Educational agencies can be added as additional insured on our General Liability policy for:

• Premises liability (injuries during on-site meetings or training)

• Operations liability related to services we provide

• Products/completed operations for our software and services

Typical Limitations:

• Coverage only for liability arising from our acts or omissions

• Does not cover agency's independent negligence

• Subject to policy terms, conditions, and limits

How to Request Additional Insured Status

Request Process:

Step 1: Contract Negotiation

• Request additional insured status during contract negotiations

• Specify which policy (General Liability, Cyber, E&O, or multiple)

• Indicate required coverage scope

Step 2: Review and Approval

• Impact Suite reviews request with insurance broker

• Confirms availability under current policies

• Determines if any additional premium required

• Obtains insurer approval if needed

Step 3: Documentation

• Endorsement added to relevant policy/policies

• Updated certificate of insurance issued showing additional insured status

• Copy of endorsement provided to educational agency

• Effective date documented

Timeline: Typically completed within 10-15 business days of request, depending on insurer responsiveness.

Cost: Usually no additional cost for additional insured status on General Liability policy. May be nominal fee for other policies. Any costs discussed upfront.

Certificate of Insurance Availability

Impact Suite readily provides Certificates of Insurance to educational agency partners documenting our insurance coverage.

What a Certificate of Insurance Includes

Standard Information:

Insured Party:

• Impact Suite, LLC (legal entity name)

• Business address

• Contact information

Insurance Carrier Information:

• Name of insurance company/carrier

• Policy number for each coverage type

• Policy effective dates (start and end)

• Contact information for carrier

Coverage Summary:

• Type of coverage (Cyber, General Liability, E&O, Workers' Comp, Auto)

• Coverage limits for each policy

• Per occurrence and aggregate limits

• Deductibles or retention amounts

Certificate Holder:

• Educational agency name and address

• Ensures certificate is issued specifically to requesting agency

Additional Insured Status:

• Notation if agency is added as additional insured

• Reference to endorsement if applicable

Cancellation Notice:

• Statement that carrier will endeavor to provide notice if policy is cancelled

• Typically 30 days notice for non-payment, 10 days for other reasons

How to Request a Certificate

Request Process:

Contact Information: Email: kris.kofoed@impactsuite.com (Compliance Officer) Subject: Certificate of Insurance Request

Required Information:

• Educational agency legal name

• Mailing address for certificate holder

• Any special requirements (additional insured, specific wording)

• Purpose of certificate (contract requirement, file, etc.)

Timeline:

• Standard requests: Issued within 2-3 business days

• Urgent requests: Can often accommodate same-day or next-day with advance notice

• Additional insured requests: 10-15 business days (requires endorsement)

Delivery:

• Email delivery (PDF) - most common

• Physical mail if required

• Secure portal access available

Cost: No charge for standard certificates of insurance.

Certificate Updates

When We Provide Updated Certificates:

Policy Renewal:

• New certificates issued automatically upon policy renewal

• Sent to all educational agencies on file

• Ensures continuity of coverage documentation

Policy Changes:

• Material changes to coverage or limits

• Change of insurance carrier

• Addition or removal of coverage types

Upon Request:

• Any time an educational agency requests an updated certificate

• For contract renewals or amendments

• For internal record-keeping

Proactive Communication:

• 30-60 days advance notice of policy renewal

• Notification of any material changes to coverage

• Updated certificates sent without requiring request

  
  

Insurance Policy Management

Impact Suite maintains proactive insurance policy management to ensure continuous, adequate coverage.

Policy Renewal Management

Annual Review Process:

90 Days Before Renewal:

• Review current coverage adequacy

• Assess changes to business operations or risks

• Evaluate claims history and loss experience

• Determine if coverage adjustments needed

• Solicit quotes from multiple carriers if appropriate

60 Days Before Renewal:

• Finalize coverage decisions

• Negotiate terms and pricing with carrier/broker

• Review policy terms and conditions

• Ensure adequate limits for company size and operations

30 Days Before Renewal:

• Execute renewal policies

• Obtain new policy documents

• Verify no coverage gaps or lapses

• Update certificates for all partners

Renewal Confirmation:

• Confirm coverage is bound (activated)

• Distribute new certificates of insurance

• Update internal documentation

• Notify key stakeholders

No Coverage Lapses

Commitment: Impact Suite commits to maintaining continuous insurance coverage with no gaps or lapses.

How We Ensure This:

• Renewal management starting 90 days in advance

• Calendar reminders and automated tracking

• Multiple stakeholders responsible for renewal oversight

• Backup payment methods to prevent non-renewal for payment issues

• Premium payment automation where possible

In the Event of Carrier Non-Renewal:

• Sufficient advance notice (typically 60-90 days) to secure alternative coverage

• Multiple broker relationships for placement options

• Maintain strong relationship with carriers to minimize non-renewal risk

Coverage Adequacy Review

Annual Assessment:

We annually review whether coverage limits remain adequate based on:

Company Growth:

• Revenue increase requiring higher limits

• Customer base growth

• Geographic expansion

• New services or products

Industry Standards:

• Peer company coverage levels

• Educational agency requirements

• Industry best practices and recommendations

Risk Profile Changes:

• Types of data processed

• Number of students or records

• Regulatory environment changes

• Threat landscape evolution

Claims Experience:

• Historical claims or incidents

• Near-miss events

• Industry-wide trends

Contractual Requirements:

• Minimum coverage requirements in contracts

• RFP insurance requirements

• State or local requirements

Insurance Claims Process

In the event of an incident that may trigger insurance coverage, Impact Suite follows established claims procedures to ensure prompt response and resolution.

When to File a Claim

Incidents Triggering Potential Claims:

Cyber Liability:

• Confirmed or suspected data breach

• Unauthorized access to student data or PII

• Ransomware or malware infection

• Privacy law violation allegations

• Regulatory investigation notice

General Liability:

• Bodily injury on our premises

• Property damage caused by our operations

• Personal injury claims (defamation, privacy)

E&O (Errors & Omissions):

• Claims of professional negligence

• Service failures or outages with customer impact

• Alleged errors in service delivery

• Contract disputes related to service quality

Claims Reporting Process

Immediate Notification (Within 24 Hours):

Internal Notification:

• Security Officer (Zach Johnson) or Compliance Officer (Kris Kofoed) notified

• Executive team briefed

• Legal counsel engaged if needed

Carrier Notification:

• Insurance carrier/broker notified within 24 hours

• Incident details provided

• Claim number assigned

• Claims adjuster assigned

Documentation:

• Incident details documented comprehensively

• Evidence preserved

• Timeline of events recorded

• Affected parties identified

Carrier Claims Process:

Initial Response (24-48 Hours):

• Claims adjuster reviews incident

• Coverage determination (preliminary)

• Assignment of breach response team if applicable

• Authorization of immediate response expenses

Investigation (Days 2-14):

• Forensic investigation if needed

• Scope and impact assessment

• Coverage analysis under policy terms

• Determination of applicable deductible/retention

Response and Remediation:

• Carrier authorizes response expenses (notification, credit monitoring, legal fees)

• Breach coach or legal counsel engaged

• Public relations support if needed

• Regulatory response coordination

Resolution:

• Claims settled or resolved

• Subrogation pursued against third parties if applicable

• Lessons learned documented

• Impact on future coverage or premiums assessed

Educational Agency Involvement

Notification to Affected Agencies:

Impact Suite will:

• Notify affected educational agencies per contractual requirements (typically 72 hours)

• Provide information about insurance coverage available

• Coordinate with carrier on agency communications

• Ensure agencies receive required notifications and services

• Involve agencies in remediation as appropriate

Additional Insured Benefits:

If educational agency is additional insured:

• Agency can participate in claims process

• Direct communication with carrier available

• Coverage for vicarious liability claims

• Defense costs covered under policy

Important Limitations and Exclusions

Like all insurance policies, our coverage includes certain limitations and exclusions that educational agencies should be aware of.

Common Policy Exclusions

What Insurance Typically Does NOT Cover:

Intentional Acts:

• Deliberate, intentional, or criminal acts

• Fraud or dishonesty

• Knowing violations of law

Prior Acts (Cyber Liability):

• Incidents occurring before policy effective date

• Known circumstances not disclosed during application

• Claims arising from prior breaches

Contractual Liability:

• Liability assumed under contract (beyond what would exist without contract)

• Warranty or guarantee obligations

• Penalty clauses

Regulatory Fines (Generally):

• Civil or criminal fines imposed by regulators

• Penalties for violations

• Note: Some policies cover certain regulatory fines where insurable by law

Infrastructure Failures:

• Utilities failure (power, internet, telecommunications)

• General service outages

• Maintenance issues

Intellectual Property (General Liability):

• Patent infringement claims

• Trade secret violations

• Generally covered under separate E&O or Cyber policy

Policy Limits and Deductibles

Understanding Policy Limits:

Aggregate Limit:

• Maximum amount policy will pay for all claims during policy period

• Once exhausted, no further coverage until renewal

Per Occurrence/Claim Limit:

• Maximum amount for any single claim or incident

• Multiple claims from single event may be treated as one occurrence

Sublimits:

• Lower limits for specific coverage types

• Example: $50,000 limit for breach notification costs within larger policy

Retention/Deductible:

• Amount Impact Suite pays before insurance coverage applies

• Typically $25,000-$100,000 for cyber policies

• Varies by coverage type

Defense Costs

How Defense Costs Are Handled:

Within Policy Limits:

• Some policies include defense costs within policy limits

• Settlements + defense costs = total limit

• Can exhaust policy faster

In Addition to Policy Limits:

• Other policies provide defense in addition to limits

• Defense costs don't reduce available coverage for settlements

• More favorable structure

Impact Suite's Policies: [Specify structure - typically cyber liability has defense costs in addition to limits, which is more favorable]

Frequently Asked Questions About Our Insurance

Q: How do I know Impact Suite has adequate insurance coverage?

A: We maintain coverage limits in line with industry standards for EdTech companies of our size and risk profile. Our insurance program is reviewed annually by our broker to ensure adequacy. We provide certificates of insurance upon request, and our coverage limits are disclosed during contract negotiations.

Q: What happens if Impact Suite's insurance doesn't cover a claim?

A: While we maintain comprehensive coverage, any amounts not covered by insurance remain Impact Suite's responsibility under our contractual indemnification provisions. Our insurance provides an additional financial layer but does not limit our contractual obligations.

Q: Can we require specific insurance coverage limits?

A: Yes. During contract negotiations, educational agencies can specify minimum required coverage limits. If our current coverage doesn't meet requirements, we will work to obtain additional coverage or negotiate alternative risk mitigation approaches.

Q: How often are certificates of insurance updated?

A: We issue new certificates upon policy renewal (annually) and upon request. We proactively send updated certificates to all partners when policies renew to ensure you always have current documentation.

Q: What if Impact Suite changes insurance carriers?

A: We will notify all educational agency partners at least 30 days in advance of any carrier changes and provide new certificates of insurance. There should be no gap in coverage during any transition.

Q: Does insurance cover regulatory fines?

A: This varies by policy and jurisdiction. Some regulatory fines and penalties are covered where insurable by law, but many are excluded. Defense costs for regulatory proceedings are typically covered. We can discuss specific coverage details upon request.

Q: How does additional insured status benefit our school district?

A: Additional insured status provides your district with direct coverage under our insurance policy for claims arising from our services. This means you can access coverage without first exhausting your own insurance, and you receive defense coverage for covered claims.

Q: What happens to insurance claims if Impact Suite goes out of business?

A: Insurance policies typically include "tail coverage" provisions or extended reporting periods that allow claims to be filed even after a company ceases operations, as long as the incident occurred during the policy period. This protects educational agencies even in unlikely insolvency scenarios.

Contact Section

Section Title: Questions About Our Insurance Coverage?

Body: For questions about our insurance coverage, to request certificates of insurance, or to discuss additional insured status, please contact our Compliance Officer.

Primary Contact: Kris Kofoed, Compliance Officer kris.kofoed@impactsuite.com

For Insurance Certificates: Please include:

• Your organization's legal name and address

• Certificate holder information

• Any special requirements (additional insured, specific wording)

• Urgency/timeline needed

  
  

Note: This page provides general information about our insurance program. Specific coverage details, limits, and terms are subject to policy provisions and may change at renewal.

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