One of the many things you will need when you start your home daycare business is to have the right insurance to protect you and your business. You would want to be able to keep your business running in any eventuality. Insurance can cover many different things such as physical injuries that children may acquire while being under your care. You home daycare insurance may not be covered by your existing home policy insurance and you would need to make the necessary changes to the coverage to make sure you are covered.
You need to speak with your home insurance provider the scope of your current home insurance and determine if there is a possibility to make the changes of if you would need to get a whole new insurance for your business. Most home policy insurances do not include the home daycare and would even restrict the coverage from having a home daycare. You will need to study this carefully.
What you would want to get is a business policy that would provide the necessary requirement coverage for your daycare. There are a number of different types of home daycare insurance available for you to choose from. There are three basic types of liability insurance for your home daycare.
* Homeowner insurance of renter insurance. This policy gives you the protection and provides coverage to the children who are under your daycare premises. The policy does not cover any child abuse.
* General Liability. This insurance covers a larger aspect. It covers fieldtrips and child abuse with no extra added cost. It also provides protection for the children within the scope of your daycare service.
* Professional Liability or error and omissions insurance. This insurance policy provides the maximum coverage for your home daycare. It also provides insurance for negligence in child care. Other aspects that are covered by the policy are:
* Personal Injury
* Accident on premises
* Field Trips
* Child Abuse
* Auto Liability
* Medical expenses due to accidents
* Accidental death on the premises
When choosing the insurance form you might be well off choosing the occurrence form since it will cover the claim even if the insurance has already elapsed. In the event that a parent decides to file a claim against you due to child injury or sickness, your home daycare policy insurance will be able to take care of the legal costs that may arise. Be sure you are aware of which type of insurance form you are choosing since this will greatly affect the coverage of your insurance and your protection from any liability.
The home daycare insurance is one of the most important documents you can ever have when starting and running your own home daycare service business. This will help you keep afloat in any eventuality that may end up in legal battle or medical care. This will help save you and your business and assure that you stay in business for years to come. Talk to your insurance agent and get the best insurance you can have.
For more:
How to start a daycare business by StartADaycare.org
