Managing your budgets, where do you cut back?

With the costs of living increasing and energy bills soaring, there is pressure on budgets everywhere and we know people are constantly looking at ways to keeps expenses low where possible and balance budgets.

One way to reduce your outgoings could be to cover staff absence yourself by paying for the cost of supply teachers as and when you need to from your budget. This obviously helps you avoid paying for the cost of a staff absence insurance policy upfront. But does it really help you in the long run?

What could be a saving to begin with, could soon add up to a financial headache should you face long-term sickness with staff.

As you begin to consider protection against the cost of staff absence, it’s worth mentioning that although you have the option to self-manage staff absence and cover any cost of supply teachers with financial provisions from your budget, the downside of this option is that you could find that you go considerably over the agreed budget, particularly if a teacher experiences a long-term absence.

The Education Broker is helping schools with their budgets by offering access to exclusive staff absence insurance policies from three insurers, ensuring we are always achieving best value on your behalf. In addition, our leading Health and Wellbeing Hub helps your school reduce absence and in turn, reduce insurance premiums.

We are the experts in all things education and can advise your school on the right option for you and would love to talk to you!

One thing is worth remembering: when it comes to insurance, there is nothing more expensive than cheap!

Author: Joanne Taylor