Daycare owners start their businesses to provide a vital service to local children and their parents.
The programs offer safe childcare while parents work or attend college. The daycares may also provide educational programs for the children that prepare them for kindergarten. Reviewing 8 types of daycare insurance shows the new business owner what to expect from each policy.
- Daycare Insurance Coverage
Daycare insurance coverage provides restricted property coverage for day-care providers who operate out of their own homes. It also provides some liability coverage for the children who attend the day-care services each day. Typically, the day-care owner adds the policy to their existing homeowner’s insurance policy to provide fuller coverage for potential damage and injury-based liabilities. Daycare owners who want to learn more about day-care insurance coverage consider Garrity Insurance today.
- Property Insurance for the Daycare Facility
Property insurance for the daycare facility covers damage caused by specific events such as fires, natural disasters, floods, and criminal vandalism. The property is covered if it is damaged because of any covered event. The property owner receives funds to complete repairs or replace the property if it is a total loss. The exact value the owner receives if the property is a total loss is explained in the terms of the policy.
- Professional Liability Insurance
Professional liability insurance covers the business if a parent files a lawsuit against the daycare. The coverage helps the business pay any financial awards resulting from the lawsuit without facing a serious financial hardship that could shut down the facility. This applies to injuries that result from alleged negligent acts of the workers.
- Commercial Auto Insurance
Commercial auto insurance is necessary for any day-care that transports children staying at the day-care for field trips or facility-related outings. The insurance must apply to all vehicles used for the day-care. Drivers who operate the vehicles must have a safe driving record to keep the insurance costs lower for the company.
- General liability insurance coverage
General liability insurance coverage provides protection for accident injuries and related circumstances. If a child is injured at the daycare, the insurance covers the cost of medical treatment. It may also provide compensation to the parents.
- Worker’s Compensation Insurance
Worker’s compensation insurance covers workers who are injured on the job. It pays for medical treatment and replacement wages. Some policies require drug and alcohol screening for the injured workers before coverage is available. It will provide larger settlements for more profound or permanent injuries.
- Umbrella Insurance Coverage
Umbrella insurance coverage extends coverage for liabilities and helps the day-care if a legal claim is filed against the company. Daycare owners can file a claim when a legal claim is filed against them.
8.Abuse and Molestation Coverage
Abuse and molestation coverage is required to protect the daycare if any workers are accused of abuse or child molestation. It can prevent the daycare from facing liabilities to the alleged actions of a worker who is charged with a crime.
Daycare owners provide a vital service for parents who have hectic work schedules. New day-care owners must purchase vital insurance policies that protect them and their business. Among the necessary policies are property coverage, liability insurance, commercial auto, and worker’s compensation. Protection against legal claims is necessary to protect the company if a legal claim is filed against them. Reviewing the different types of day-care coverage helps business owners protect their investments more fully.
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