Article provided by: Day Care Insurance Services, Inc.
Why Providers Of Home Daycare Need Daycare Liability Insurance
In every business, especially a business that involves caring for loved ones of others, it is very important to protect yourself with insurance. The society today is willing and ready to take legal actions to settle disputes. Your business might be at risk if it is not properly protected against lawsuits. This includes daycare businesses. As a daycare business owner, you need daycare liability insurance to protect your business.
Some Misconceptions about Home Daycare Businesses
A lot of home daycare owners think that their business is protected under the general insurance of their home. Find out from the insurance company of your home they provide daycare liability insurance coverage for home daycares.
While a couple of insurance companies are willing to provide home daycare insurance, many others will tell you that home daycare services are not covered by the insurance policy of the home. So if the insurance company of your home provides coverage for home daycare services, you will have to pay for the daycare insurance separately from the insurance of your home.
Types of Home Daycare Insurance
When looking for insurance coverage for your home daycare, it is very important that you know the type of insurance that your business needs in order not to be under or over insured. There are two different types of home daycare insurance that you will come across, and they are “accident-medical insurance” and “liability insurance.”
Accident-medical insurance covers any medical fees or injury caused when you are in your daycare. Liability insurance protects all your properties and for any damage that occurs. Also, if you have employees working for you, then you need to get them a separate insurance plan to cover any injuries they sustain while working.
Things You Need To Consider
You need to find out exactly what your insurance policy is covering and what they are not covering. You also need to find out from the company if your home daycare is covered if an event takes you out of the home or you are on a field trip. Some insurance policies usually exclude injuries related to animals on site, overnight care, or swimming pool.
So, make sure you find out from the insurance company if they have any exclusion for their coverage. When choosing daycare liability insurance, ask the company to give you details of everything that the insurance covers. You can as well find this in the fine print of the company, so make sure you take out some time to go through the fine print thoroughly before you sign it.
If you are also offering transportation services (like a school bus), also make sure you get automobile insurance, so your children will be covered in case an accident occurs. It is safe not to assume that your liability insurance covers your pick and drop off services to your students. Make sure you find out from the insurance company if your insurance plan covers such cases. A lot of home daycare insurance policies don’t actually provide transportation coverage.
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