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Daycare Insurance Information
We Offer Premium Daycare and Head Start Insurance in NY, N, CT & CA
The daycare industry (a.k.a. Early Learn) continues to grow these days as more and more families show a significant need for childcare. Whether it’s a modest in-home daycare, a mega-care center, or a community-founded Head Start with many classrooms and a gymnasium on the roof, it needs to be protected.
That’s where Carriage Trade Insurance Agency can help - we are experts at all things Daycare Insurance! Let us help you find the right coverage for your daycare at a price that makes sense.
What is Daycare Insurance?
Daycare insurance is a specific type of business insurance that was designed to meet the unique needs of childcare businesses. It provides business owners with much-needed daycare liability insurance coverage as well as business property coverage.
Many daycare insurance policies come with a set of coverage options that allow daycare owners to build an insurance policy that caters specifically to their organization’s unique needs.
Who Needs Daycare Insurance?
Whether you operate your daycare business out of your home or you run a large Early Learn Daycare/Head Start program, getting daycare or preschool insurance is critical to your business plan. Very often, coverage is required to run your daycare program.
Childcare centers and nursery schools are required to carry daycare liability insurance in order to be licensed by the Department of Health and Human Services (DHHS), and most states (and cities) require licensure in order for a daycare business to legally operate.
While the DHHS has strict guidelines that your business must adhere to, your insurance company may have even stronger requirements that will affect your daycare insurance costs. These requirements are put in place to limit your exposure to lawsuits resulting in fewer claims.
The DHHS does not require liability insurance to license home-based daycare businesses. However, you may be required by your local or state government to maintain a license. Very often your homeowner’s insurance company will require you to carry a business insurance policy or to purchase specific endorsements to protect your business.
Remember – your home insurance does not double as daycare insurance!
Do not expect your home policy to cover you for bodily injury or property damage stemming from your home business. Your home insurance company may even refuse to renew your homeowner’s policy if they discover that you have been running a business out of your home without home daycare insurance.
Daycare Insurance Offers Liability Protection
We live in a litigious society. There are many instances that may arise where your daycare business may face a lawsuit. Even if the suit is dropped, the ensuing legal defense costs can be quite expensive.
Liability insurance provides coverage for any court costs and legal fees associated with a covered claim.
- General liability: This coverage is necessary for any business where the public is permitted to enter your property. General Liability (GL) insurance provides coverage for property damage or injuries suffered by third-parties while they are on your premises. This is particularly important when dealing with children in your daycare. Kids have a tendency to get injured easily. In most cases, the injuries will be minor, but if an injury is severe enough to require medical attention, your facility may be held liable for the expenses.
- Professional liability: If your business is sued because a teacher or member of your staff has shown negligence to the children’s needs and safety, your business can be sued. Lawsuits can occur due to mental, physical, or emotional abuse of the children.
- Commercial auto liability: This is required if your daycare business has company owned vehicles that are used to transport children to and from school and to outings or events.
- Non-owned or for-hire auto liability: If you, or any of your employees, drive children in privately owned vehicles your business can be held liable for injuries or property damage if the driver is in an accident. This coverage protects the daycare when privately owned vehicles are being used for company business.
- Corporal punishment liability: If you or one of your employees strikes a child in your care or is accused of administering corporal punishment, your daycare can be held liable. This insurance option provides financial protection if you face a claim.
- Abuse and molestation liability: If an employee of your daycare sexually or otherwise abuses a child, your business can be liable for expensive litigation, claims and medical payments. This insurance coverage will protect your daycare from financial losses.
- Umbrella liability protection: This coverage provides additional liability protection beyond the limits of your base daycare liability insurance policy. Many daycare facilities may benefit from this added coverage.
Daycare Insurance Offers Property Insurance
A lot of capital is invested in your daycare’s equipment - daycare insurance can provide you with reimbursement if your business property is damaged or stolen.
- Building coverage: This provides coverage for damages to the structure of the building in which your business is housed, including improvements and betterments you have made to the premises. Daycare property insurance provides for damages caused by fire, severe weather, falling objects, and theft of property. Additional insurance may be necessary for damages caused by floods and earthquakes.
- If you rent your business space, you may only need coverage for improvements and betterments you have made to the property.
- If you operate your daycare out of your home and have a dedicated space for your daycare operation, you may need to add a rider to your homeowner’s insurance policy.
- Contents coverage: This provides coverage for the items you use for daycare purposes: cribs, toys, books etc. If any of your business/personal property is damaged by fire, extreme weather, vandalism, or theft, you may have a compensable claim for your loss.
- Outdoor equipment coverage: Most daycare/pre-schools/Head Starts have outdoor equipment like swing sets, sandboxes, and sports equipment. In many cases, coverage for loss or damage to this property is included in your contents coverage; however, some insurers require you to purchase a separate endorsement for outdoor equipment.
Daycare Insurance Provides Additional Coverage
It provides other insurance options that may be important to your childcare business, like:
- Field trip insurance: This provides liability and property damage coverage while you are off site with your students.
- Special events liability coverage: If your daycare hosts a special event like a holiday party or a fundraiser you may wish to purchase this one-time insurance policy which provides liability protection during the event.
- Loss of business income insurance: If your facility is forced to temporally close its doors after a covered loss, this insurance will provide a continuation of income so that you can keep paying employee salaries and monthly expenses until your business is able to open again.
- Workers compensation: This provides medical coverage and compensation for your employees if they are injured on the job. Each state has its own laws when it applies to worker’s compensation insurance, so make sure your daycare business is compliant.
Get Your Daycare Needs Covered Today
Feel free to reach out to us to see how you can get personalized coverage that suits your business the best. Call us today at 516.358.3612 or email us and an insurance professional will reply promptly.