What every daycare should never be without is insurance. Before your daycare becomes operational you should already prepare and make sure your business and services is covered by insurance. This insurance will be very beneficial in protecting you, your employees and business in the event of any unforeseen accidents and liabilities.
Insurance policies can vary depending on the coverage that it provides. You would want to get the right kind of insurance that would protect you and your business from any eventuality. From the onset, parents should be required to fill out daycare forms and submit medical records for the child to make sure that any medical needs are met and that if there are accidents any allergic reactions to medicine are already noted. These forms must be duly signed by the parents to make sure that they agree to the terms and conditions of the services that you will be providing in the daycare. It would also be good to ask the parents to submit immunization records of the child with the physician’s signature. This can protect you from possible lawsuits in the future. Children can play rough and accidents are sometimes unavoidable and liability insurance can be helpful in these kinds of incidents.
Each state will have different rules and guidelines on child care. It is usually the case that the local government would require you to get the necessary licenses and permits before your daycare can operate. Insurance is one of things they can require you to have. Insurance gives you medical coverage. It settles your medical expenses of the children under your care in cases of accidents. Of course the insurance will have limitations. The accident should first and foremost be covered by your policy. Usually if the accident happened in your daycare premises it can automatically be covered. Liability insurances does not cover child abuse, however it will pay the damages in case you lose in court.
Liability limits in the insurance is dependent on the amount that you pay for the coverage. The more money you pay for the insurance, the higher premium you are able to obtain. If in the event that you need to pay medical expenses for the child under your care, the insurance will cover the payment to the extent of the insurance’s coverage and anything in excess of that will have to come out of your own pocket. It would be good to have a high premium on your insurance since medical expenses can be very expensive.
If you do not have any idea on the different coverage of insurance feel free to seek advise from lawyers or from your insurance company. They will be able to discuss with you in detail the differences of these insurance and be able to suggest the type of coverage that would be ideal for you. You do not want to be thrifty when it comes to your daycare insurance. These provide you a lot of security and remember you are dealing with children that need special attention. You do not want to be caught unprepared for any eventuality.
For more:
How to start a daycare business by StartADaycare.org
