You are thinking about opening up a daycare business and have some property in mind that will serve as the daycare setting, have some staff members in mind, and have been wondering if daycare insurance is necessary to protect your business in today’s market. The answer is, yes, daycare insurance can definitely protect you, your business property, and your staff members.
There are numerous risks involved in ownership of any business, especially in the daycare industry. While your business is operating, you are responsible for all the children that you and your staff members will be caring for while their parent’s leave them in your care. It is important to protect your daycare with a general liability insurance plan. General liability typically covers any lawsuit filed from a parent of a child you care for, for any injury or damage of property. If a lawsuit of this nature was filed and there was no daycare insurance, the out of pocket expense could possibly bankrupt your daycare business. General liability can prevent large out of pocket expenses.
Unfortunately there have been numerous cases of sexual abuse in daycare centers and having coverage for this, may help to save your business. This type of coverage typically will cover you and your employees if any allegations of sexual abuse were ever made.
When speaking with your insurance broker, have them discuss all of the different types of coverage’s that are available for daycares.