Day care insurance

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PostPosted: Mon May 31, 2010 12:07 pm   Post subject: Day care insurance  

Hi, I'm running a day care facility along with peers. Is there any insurance to cover the children from injuries? Do I get protection to cover my property here?


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BroccholiM
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PostPosted: Mon May 31, 2010 12:09 pm   Post subject:   

You'd better get on getting a policy NOW...call some agents, get quotes, you're putting your family at (financial) risk.



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PostPosted: Tue Jun 01, 2010 5:55 am   Post subject:   

Well, first of all you need to be sure that the facility that you're operating on is licensed. If it's licensed, then only your condo or home insurance policy would cover such day care operations.

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PostPosted: Wed Jun 02, 2010 8:35 am   Post subject:   

Some of the carriers would simply offer this day care coverage in the form of an endorsement. They'd also charge an additional premium for this.

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PostPosted: Fri Jun 04, 2010 6:44 am   Post subject:   

The rating factors are different with each company. That's one good reason why the premiums may also vary for different companies.

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PostPosted: Sat Jun 05, 2010 4:44 am   Post subject:   

There are a number of other factors that may affect your rates. Factors like the number of years in business, an estimate of children, facility type, past claims etc. have to be taken into account. An inspector might come and check out the premises as well.

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PostPosted: Sat Jun 05, 2010 5:13 am   Post subject:   

Whoa.....just wait a doggone minute. There's a lot of unanswered questions here.



I would NEVER, NEVER, NEVER assume that a homeowner's contract would cover a daycare exposure. In fact, just about every HO contract out there specifically excludes liability from a day care operation on the premises. Some carriers will cover up to 3 kids, but that's about as far as it goes, and that's a stretch.



There's nothing in the OP's post that would tell us enough to be able to answer this question properly. We have no idea whether the daycare operation is in the insured's home or in a commercial setting. We also don't know how many children. We don't know the business entity formation, such as partnership, corporation, etc. There are too many variables in the OP's post to give any kind of accurate info.



OP- we need more info!



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PostPosted: Sat Jun 05, 2010 6:10 am   Post subject:   

If the facility is not licensed, then the rates would depend on your liability limits (mentioned in your home or condo insurance).



On the other hand, rates for licensed facilities would depend on the worth of your liability coverage. The number of children that your day care facility possesses is also an important factor.



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PostPosted: Tue Jul 31, 2012 1:56 am   Post subject: lUsGfrhRUtLO  

Many household names sell eenvpsixe insurance. With term insurance you just want to make sure that the policy is convertible to a permanent policy if your health changes down the road and that the company is A-rated. Outside of that it doesn't really make a difference. It's term insurance .not your life savings or a pension plan.Just buy through a broker that can show you multiple companies. I direct my clients to the tool on my web site quotes ~150 different carriers and requires no personal information to use. That way they can shop the marketplace on their own before they contact a broker.


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