When owning and operating a daycare, it’s important to have proper insurance coverage. Daycare insurance can help to protect against risks, keeping employees, employers and children safe. Speaking to an insurance expert on the cost of home daycare insurance can help you to understand the matter a bit more. Don’t let the safety of your business fall through the cracks, seek out proper coverage and keep your daycare a fun space!
What Is Daycare Insurance?
An in-home daycare center can be an exciting business to own. However, operating a daycare comes with certain risks (e.g. accidents involving children) and it is important to be adequately protected against these incidents. Regardless of the number of children you have in your care, daycare insurance can be extremely beneficial. As with most other types of insurance, coverage levels and limits typically vary depending on the amount of protection you seek.
Factors Affecting The Cost Of Home Daycare Insurance
Daycare insurance costs are typically different from those a commercial daycare center faces. According to a June 2020 survey by Care.com, the national average weekly child care cost for an infant child in 2019 was $201 for a family care center. This figure represents a 58% increase from the average cost per child in 2013. Before purchasing daycare insurance, you should understand that the total cost of this type of protection depends on several factors. Four of these factors are your daycare center’s location, the age of the children attending, the types of meals and supplies your center provides, and your employees’ licensing and accreditation status. Here is a close look at these four factors.
Location Of The Daycare
If you live in a small, suburban town, your in-home daycare costs will likely be lower than those you would pay in a major city. Average costs of care per child also vary by state. Data from Child Care Aware of America (CCAA), a national nonprofit organization, reveals that Massachusetts has the highest average annual costs for childcare ($12,636 per infant and $11,834 per 4-year-old. New York and Connecticut have the second and third-highest costs ($10,972 and $10,452 per infant, respectively).
Age Of Children Attending
The cost of childcare also depends on a child’s age. Infants and newborns must be burped, fed, and have their diapers regularly changed every day. Once children reach the age of 2, child care costs typically drop, unless a child in your care has special needs due to a physical or mental disability (e.g. blindness, cerebral palsy, etc.). In these cases, child care costs can easily increase.
Meals & Supplies
If your caregiver plans to provide children with full, healthy meals, (e.g. fruit for breakfast, meat or pasta for lunch and dinner) your total childcare costs will likely be higher than if your daycare center simply offered snacks that are low in nutritional value (chips, candy, etc.).
The same is true for supplies needed to care for children (e.g. baby wipes, diapers, first-aid kit, toys, arts and crafts, etc.). If the parents of the children in your care cannot provide these supplies, the costs for such items can easily add up. Ultimately, you should ensure that you have all the proper supplies to keep your children safe.
Licensing For Employees
An in-home childcare provider who is licensed and accredited will generally cost more than an unlicensed parent who decides to informally supervise one or two children alongside his/her own. If your daycare center’s employees are licensed, this typically entails they must adhere to caregiver/child ratios and safety rules, among other regulations. Be sure to check your state or community’s specific requirements regarding these matters. Certain states and counties may require daycare center workers to have a master’s degree in early childhood education and/or to be certified in CPR and other types of emergency responses.
You should also know that certain types of activities and services, such as grooming/cosmetic services, teaching sports, and use of swimming pools are generally not covered by daycare insurance policies.
Work With The Daycare Insurance Experts
Reach out to the professionals at John M Glover for more information on the cost and benefits of home daycare insurance. Although headquartered in Norwalk, Connecticut, we have been dedicated to serving clients located throughout Connecticut, New Jersey, New York, Massachusetts, and Hawaii since our founding in 1916. We always strive to provide our clients with affordable and top-quality insurance solutions and, as an independent insurance agency, we work closely with several major insurance carriers.
The safety and health of children attending daycare are top priorities within this industry. A daycare insurance policy can help extend liability and property coverage from homeowners, while also protecting your in-home business. This extended liability can often help pay for any medical or legal fees that may arise as a result of a claim. The team at JMG Insurance Agency will help you determine which coverage option best suits your at-home daycare center. Call John M Glover today at 1-(844) 304-7332 or contact us online to request a quote.