Daycare Insurance, Photo by Alan Cleaver
As you learn about daycare business regulations and licensing for in-home family daycare businesses, you will learn that you must invest in insurance in order to protect the business, the clients, and the employees. It is wise for child care centers to invest in liability, accident, structural, and health insurance as well as workers’ compensation insurance.
Types of Daycare Insurance
Liability Insurance protects you in the event you are sued for damages. Accident medical insurance is insurance that pays children’s medical bills if they are injured at your facility or during activities you sponsor and the child has no insurance coverage of their own. Health insurance for employees directly reimburses them a fixed amount for the services they use most frequently. In addition, many states require that you purchase worker’s compensation insurance if your daycare center has employees.
Your current home owner’s insurance policy may not be sufficient. Check to see if your home owners policy includes business pursuits, sex abuse claims, or limits liabilities to a very short distance from the home. If so, you will definitely need daycare insurance.
In many states, to be eligible for coverage your daycare business must be licensed and the license must be in good standing. In many cases, there is a maximum number of children that you can care for in order to be eligible for the daycare insurance. The insurance certificate is usually issues within one week after the application is received.
Online Daycare Insurance Resources
There are many companies online that will insure your daycare business. Feel free to shop around to find an insurance company that best meets your business’ needs. Here are a few:
Daycare Insurance Services
Morgan & Associates
Child Care Insurance Specialists
Markel Insurance Company
American Federation of Daily Care Services
The Maskin Group
Daycare Insurance Books
Guides to starting a daycare describe the insurance you need and how to select the daycare insurance that is right for you:
Family Child Care Legal and Insurance Guide: How to Reduce the Risks of Running Your Business by Tom Copeland, JD and Mari Millard [Redleaf, 2004].
The Business of Childcare: Management of Financial Strategies by Gail H Jack [Delmar Cenage Learning, 2004].
Start and Run a Home Daycare by Catherine M. Pruissen [Self Counsel Press, 2002]
Home Daycare Record Keeping: Your Financial Guide to Success by Brigitte A. Thompson [Datamaster Publishing, 2003]
The Business of Home Daycare by P.A.Williams [1st Books Library, 2002]
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