Selecting the right daycare center isn’t easy for parents because many variables make a daycare great. However, the management’s dedication to child safety and security tops the list of priorities for parents. Taking care of children is a tremendous responsibility, and daycare insurance indicates that you hold this duty in high regard.
It is essential to understand that insurance coverage doesn’t just help your daycare business appease the parents. But it also safeguards you financially if you have any troubles with your business and gives you a mechanism to pay for health care, legal expenses, and other charges without tapping into your own assets.
Daycares need liability insurance for various reasons, and they address many significant issues before opening for business. However, it is important to know what exactly is covered by childcare liability insurance. Keep reading this blog post to know more about daycare insurance.
Types of Daycare Liability Insurance
Depending on the sort of daycare business you have, different types of insurance coverage are needed. A small daycare center does not require as much property insurance as a large commercial one. Like a one-person enterprise, a daycare with employees should also have adequate workers’ compensation insurance.
Your childcare liability insurance covers your legal fees and court costs if you’re sued for negligence. Other types of coverages for childcare include:
1. Abuse and Molestation Liability Insurance
Your child care facility may be held accountable for significant penalties and medical costs if an employee is abusive in any way.
2. Commercial Auto Liability Insurance
If the childcare center uses its own vehicles to carry children to and from school, this insurance is a must. If you or any of your workers are driving children in their own automobiles or if you are renting vehicles for field trips or other outings, you may also require hired and non-owned auto coverage.
3. Corporal Punishment
Child care facilities can be held accountable if one of their employees hits a customer’s child while on the job.
4. General Liability Insurance
5. Workers’ Compensation Insurance
Workers’ compensation insurance pays for medical expenditures and missed wages for injured or ill employees on the job. Workers’ compensation is required in most states for daycare proprietors that employ even part-time workers who may be injured by:
- Slipping or falling on wet floors
- Trying to lift children
- Accidentally stepping over playground equipment
6. Professional Liability Insurance
Your legal defense in the event that you or your employees are blamed for causing harm while delivering professional services is covered by professional liability insurance or errors and omissions insurance.
7. Umbrella Liability Protection
What kind of coverage you need for your business depends on a wide range of factors, like how often you have to pay for medical, legal, and other business-related charges. Umbrella liability insurance is designed to cover them.
8. Accidental Damage Protection
An accident insurance policy can be an essential aspect of a daycare’s overall insurance coverage. Medical expenses for a child injured while in your care are covered by insurance policies to a certain extent. In most cases, daycare businesses require two types of insurance:
1. Accidental medical expense (AME)
Pays for things like ER visits and emergency medical services.
2. Accidental death and dismemberment (AD&D)
Pays a fixed sum to the family of a kid who got injured or lost their lives in an accident.
9. Commercial Property Insurance
Property insurance for daycare centers covers the facility, equipment, and materials that make up your operation. Your commercial property might be insured for either its current market worth or its replacement cost. Rebuilding a damaged object is not covered by replacement cost insurance but rather only by actual cash value insurance, which takes depreciation into account before making a payment.
Connect With JMG Insurance Agency to Sign Up for Daycare Insurance
No matter how anxious you are about the expense of insurance, the risk of not having insurance outweighs any financial concerns. It only takes one occurrence to bring your business to a standstill. Also, bear in mind that even if you believe you have everything in order, it is pretty much impossible to monitor every one of your staff constantly.
Daycare insurance is something that every daycare facility should have, even if they don’t think they’ll need it. They must sign up for it to ensure their personal safety and the safety of the children in their care. So, do it as a courtesy, in case you need it.
Many individuals think that substantial fees are linked with daycare insurance. Wrong! Let JMG Insurance Agency’s professionals assist you in obtaining the finest possible childcare liability insurance for your company.
You may relax knowing that your business is well-protected. Even if you’ve been running a daycare for a long time, you can rest easy knowing that JMG Insurance is there to protect you and your business. Connect with JMG Insurance Agency to learn more about the insurance and its process.