Insurance is one of the necessities of and hardships in life. It’s an added cost to your life yet it may end up saving your life. It’s always a big question whether or not one should get insurance because you will be paying for something that you might not actually you in the end. But I guess its better safe than sorry.
As a new owner of your daycare center, you will experience a lot of obstacles that would provide a lot of challenge and learning experiences. Of all these experiences you would be wise to learn the value of protecting yourself and your business from risk of accidents and liabilities. Having yourself and your business insured will provide you with the invisible security that you need in times of hardship due to accidents and unforeseen dilemma. The question is what type of insurance should you be getting?
* Business insurance. - Your daycare center is a form of business. You will need to get a business insurance to protect yourself from possible future losses and the future of the people under your employment. This insurance aims to protect your investment and keep you going in difficult times.
* Basic insurance would cover your fire and accidental insurance. This is common to most people as it protects not only you but your place of business. In the eventuality of fire or accidents the insurance would be able to cover the expenses and other liabilities depending on the coverage of the insurance policy. Most insurance companies already include this in the package when you get insurance from them. If this is not included be sure that it gets included.
* Daycare liability insurance is specifically designed for the needs of the daycare and protection of its owners and constituents. The current business insurance you have, may already have this included but if not you would need to get a separate one. There are a lot insurance companies who offer this type of insurance and you should pick out the one that has the best package and coverage. You want to prepare for anything that may happen especially since you are dealing with kids. General liability insurance will cover everything that may arise such as loss, physical injury and even legal costs if it arises. Don’t hesitate to ask your insurance agents about the coverage of your insurance. They will be happy to inform you of what would be the best type of insurance to get for your daycare center.
* Errors and Omissions Insurance provides you the maximum coverage for your daycare. It covers negligence, personal injury, field trips, unforeseen circumstances and medical expenses for the children in you care. The insurance will even cover clauses for accidents and accidental death.
Insurance types are numerous and you would choose the best one that would suit your needs. Be sure you account for everything and that you are protected in every aspect. You do not want to be regretting in the end and asking yourself why you did not get that insurance.
For more:
How to start a daycare Center by StartADaycare.org
