Home daycare is a popular business people like to conduct from their home premises. Generally regular insurance companies will cover you up to 5 kids including your own for Daycare if it is UNLICENSED. But if you are getting kids from a LICENSED daycare provider you will need to buy extra coverage for that.
When you deal with kids on a daily basis, you never know the exposures to a potential claim. Mistakes can happen while they are under your care. If something goes wrong and you get sued for it, you will require insurance to cover the law suite for you.
Coverages will you take for a Home Based Daycare…
Commercial General Liability
Covers your business from childcare liabilities arising out of third-party property, physical and personal damage. CGL may cover medical fees and legal expenses, regardless of the lawsuit’s outcome. If one of the child that you care for get hurt while playing and the parents sue you for bodily injury, Commercial General Liability will cover you for that. On the application for Daycare you have to mention if there is outdoor playground on your premises and children’s playing equipment installed. These can be potentially impact the likely hood of children under your care getting injured.
Commercial Property
You will be covered for any items you use for commercial or day to day daycare operations. It also covers you for business interruption, meaning if there is an insured loss and you cannot operate due to that, then you will get compensated for the time you were out of business.
Errors and Omission
Errors and Omission protects the staff and employees of your daycare. At any given time if due to negligence or by mistake of an employee of your daycare establishment or due to a mis-understanding of the contracts signed by the parents, there is a loss occurred and there is financial damage to the parents they can sue you for that. Errors and Omission will be covering you for that purpose.
Abuse Liability
Threat of sexual, physical, or mental harassment, abuse, or misconduct is covered under this section.
Cyber Liability
You can take this coverage if you store data on computer or cloud based system and they get hacked
Cost of Daycare Insurance
Day care insurance cost depends on some factors on the premises. In order to know the price, please give me a call, and I will assess your situation and provide you with an estimate.
416-550-8546 or email me at [email protected]