What is home daycare insurance?

What is home daycare insurance?

It is a type of business insurance that protects in-home daycare businesses from a variety of risks, including general liability, professional liability, business property, business interruption, abuse and molestation, corporal punishment, workers’ compensation, and commercial auto.

kids sitting together at table
What is home daycare insurance? Kids sitting together at the table- Image by Freepik

Why do you need home daycare insurance?

It is important for a number of reasons.

First, it can protect you financially in the event of a lawsuit.

For example, if a child is injured at your daycare, your insurance could help cover the cost of their medical bills and legal fees.

Second, this form of insurance can help you maintain your reputation as a safe and reliable daycare provider.

Many parents require proof of insurance before enrolling their children in a daycare.

What are the different types of home daycare insurance?

There are a number of different types of insurance available.

The most common types of daycare insurance include:

  • General liability insurance: This type of insurance covers bodily injury, property damage, and personal or advertising injury.
  • Professional liability insurance: This type of insurance covers claims of negligence or errors in judgment.
  • Business property insurance: This type of insurance covers your business property, such as furniture, toys, and equipment.
  • Business interruption insurance: This type of insurance helps cover your debts and replace your net lost income if a covered loss interrupts your business operations.
  • Abuse and molestation insurance: This type of insurance covers the cost of defending against and settling lawsuits alleging abuse or molestation of children.
  • Corporal punishment insurance: This type of insurance covers the cost of defending against and settling lawsuits alleging corporal punishment of children.
  • Workers’ compensation insurance: This type of insurance covers medical bills and lost wages for employees who are injured or become ill on the job.
  • Commercial auto insurance: This type of insurance covers your business vehicles, such as vans used to transport children.

How much does home daycare insurance cost?

The cost of the insurance varies depending on several factors, including the size of your daycare, the number of employees you have, and the types of coverage you choose.

However, most home daycares can expect to pay between $450 and $1,350 annually for insurance coverage.

What are the best home daycare insurance companies?

Some of the best companies include:

How to choose a home daycare insurance company

When choosing an insurance company, it is important to consider the following factors:

  • Reputation: Choose a company with a good reputation for providing quality customer service and paying claims fairly.
  • Coverage: Make sure the company offers the types of coverage you need for your business.
  • Price: Compare quotes from multiple companies to get the best price on your insurance.
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