Running a childcare program comes with a considerable amount of responsibility and risk, and the perils that these businesses face extend beyond what many businesses in other industries are exposed to. Daycare insurance helps protect childcare programs in Massachusetts from many of the risks they’re exposed to.
Daycare insurance policies are specially designed commercial policies that have been crafted to meet the risk mitigation needs of childcare programs. Most policies are set up as package policies, coming with multiple coverages that work together to create a robust network of protections.
Most childcare programs in Massachusetts ought to have child care insurance, for the vast majority of programs are exposed to substantial risk and child care insurance is normally the right type of insurance for these programs. The following are a few specific examples of programs that may find this type of insurance meets their needs:
While affidavits and waivers might offer some protection against certain liability claims, they generally aren’t a substitute for a robust insurance policy. These documents don’t necessarily prevent people from suing a program, and they aren’t a guarantee that a lawsuit against a program won’t be successful. Additionally, the documents normally provide no protection for physical property that a program owns.
For these reasons, most childcare programs should purchase a suitable insurance policy even if they have affidavits, waivers or other legal protections in place.
Because the risks associated with watching children are substantial, child care policies often offer fairly high limit options. In addition to any limits that are available for primary liability coverages, programs can usually obtain additional coverage through excess liability or commercial liability coverage.
An insurance agent who specializes in child care insurance can check what limits are available to a specific child care program and help the program get the amount of coverage that it needs.
Daycare policies are often crafted as claims-made or occurrence insurance policies. Claims made policies generally determine coverage in part on when an insurance claim is filed, and they’ll usually only cover claims that are filed during the effective period. Occurrence policies tend to determine coverage in part on when the incident occurred, and they may cover claims that occurred during the effective period but were filed after that period was over.
In most cases, occurrence policies provide more robust protection than claims-made ones. Because there can be exceptions, though, programs should carefully review any policy they’re considering with a knowledgeable agent before purchasing the policy.
Insurance companies base daycare policies’ rates on many different factors, and premiums vary as a result. Broadly speaking, though, these policies tend to affordable considering the protections that they offer. Paying premiums certainly is nearly always more affordable than facing a major liability claim with no coverage in place.
To see exactly how much insurance will cost, childcare programs should speak with an independent insurance agent. An independent agent can request quotes from multiple insurers, and each of these quotes can be based on the program’s unique situation. With several quotes from different companies in hand, comparing rates and protections is easy.
For help insuring a childcare program in Massachusetts, contact the independent insurance agents of Garrity Insurance. Our agents have helped many childcare programs procure daycare insurance, and we’re ready to assist you.