Operating a childcare program can be extremely rewarding, but it comes with a substantial amount of responsibility and corresponding risk. In addition to the perils that most any business is exposed to, childcare businesses must also consider what would happen if one or more children were involved in a serious accident. Daycare insurance won’t prevent an accident from occurring, but it may provide childcare programs in Massachusetts with financial protection if they suffer a covered loss or are named in a covered liability lawsuit.
Daycare insurance policies tend to be robust and specialized commercial policies. Policies are normally underwritten as package policies that contain multiple individual coverages within them.
The vast majority of childcare programs in Massachusetts can benefit from having a child care insurance policy in place, and nearly all programs (if not all) ought to carry a policy. This includes a diverse variety of childcare programs, such as:
Additionally, businesses that offer childcare for customers and/or employees frequently also need a policy for this aspect of their operations.
While having parents and guardians sign waivers or affidavits might afford a childcare program with some legal protection, these generally aren’t a substitute for insurance. They normally don’t cover everything that an insurance policy does, and they don’t necessarily prevent people from filing lawsuits against a program.
Insurance policies not only offer other protections, but they also often cover a variety of liability suits regardless of the outcome of the suit.
Since the risks that come with supervising young children are significant, child care insurance policies frequently make high liability limits available to programs that want lots of protection. Not only do primary liability coverages often come with multiple limit options, but programs are usually able to get even more protection through excess liability and/or umbrella coverages. These are two forms of secondary liability coverage, and they normally offer high limits for comparatively low premiums.
An insurance agent who specializes in these types of policies can help programs find the best way to obtain the limits that they want. Depending on a program’s situation and available policy offerings, coverage might be obtained through a variety of primary limit selections and secondary liability coverages.
There are many factors that influence how much daycare policies cost, and premiums vary a lot as a result. Even with the variance, though, policies tend to be affordably priced. They’re almost certainly more affordable than what facing a major loss or liability suit without any coverage in place could amount to.
Childcare programs can find out how much they’d have to pay for a policy by talking with an independent insurance agent. An independent agent has the freedom to request and compare quotes from several insurance companies, which makes it easy to see what different insurers charge for various coverage combinations.
For help insuring a childcare program in Massachusetts, contact the independent insurance agents at The Feingold Companies. Our team of knowledgeable agents can show you policy options from many insurers, and they have the expertise necessary to help you select whichever daycare insurance policy is best for your program.