Insurance For Daycares
You can protect yourself from the risks that come with running a daycare thanks to commercial insurance – and ALIGNED can help you find a great policy. Whether you operate a home daycare or run a commercial daycare centre, an ALIGNED broker will work with you to ensure you find the right coverage.
Customized insurance coverage for your daycare
Each daycare is unique and therefore has its own personal insurance needs. As such, not all daycare insurance policies look the same. That said, the following types of coverage are highly recommended for daycares and childcare centres:
- Commercial general liability insurance: Commercial general liability insurance, or slip and fall insurance, may protect your daycare from claims of third party bodily injury and property damage. If a third party claim is brought against your daycare, your insurance provider may cover the cost of the lawsuit (including defence and settlement fees), as well as any necessary medical expenses, repairs, etc.
- Commercial property insurance: Commercial property insurance may protect your daycare centre and its business-related contents from property damage caused by an insured loss. Windstorms, fire, theft, water damage, and vandalism are just a few examples of covered losses that your policy may include.
- Directors & officers liability insurance: If your daycare is a registered non-profit with a board of directors, it might be worthwhile to add directors & officers liability coverage. This option can cover the cost of a lawsuit if any of your members are sued.
- Abuse liability insurance: Abuse liability insurance aims to protect your childcare centre from the cost of a lawsuit that alleges abuse or misconduct. With this type of coverage, your insurance provider may cover legal fees, including defence costs. Abuse liability insurance can be extremely important for organizations, such as daycares, that work with children.
- Commercial auto insurance: Commercial auto insurance might be important if your daycare uses cars for commercial purposes, such as to transport children in your care to and from their homes or to and from other locations, such as parks or local attractions. Commercial auto coverage varies but may include third party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and more.
- Umbrella liability insurance: Umbrella liability insurance takes effect when regular liability limits are reached, meaning it can protect your childcare centre against unforeseen or catastrophic events.
- Crime insurance: Crime insurance may also come in handy for daycares. This type of coverage can help minimize the financial losses of employee or customer crimes against your daycare, like internal theft, forgery, fraud, and employee dishonesty.
- Employment practices liability insurance: If a current or former employee of your daycare alleges that they were wrongfully terminated, harassed, or were the victim of employment-based wrongful acts, employment practices liability insurance can be useful.
- Equipment breakdown insurance: This type of insurance can cover losses due to specific insured perils that may affect your daycare’s heating systems, compressors, electrical panels, and other machinery and equipment.
Factors impacting the cost of insurance for daycares
Insurance companies will take into account a wide range of factors when calculating your insurance premium. Daycare operators might find it useful to know which factors matter most when rates are determined. The following is a list of factors that can impact the cost of daycare insurance:
- The location and size of your childcare centre
- Your insurance claims history
- The policy coverages, limits, and deductibles you choose
- The annual and projected revenue of your childcare centre
- The services provided by your childcare centre
How can I buy insurance for my daycare?
ALIGNED makes purchasing daycare insurance easier than ever before. While insurance for daycares can be bought directly through an insurance company, the most convenient, hassle-free way of purchasing daycare insurance is via a reputable insurance brokerage like ALIGNED. Insurance brokers are experts in their field and they take care of everything. For example, your ALIGNED broker will shop around on your behalf and unlock discounts to ensure you get the best coverage at the most competitive rate for your daycare insurance policy. Learn more about the benefits of working with an insurance broker to find daycare insurance by contacting ALIGNED today.
Does my daycare need property insurance?
It is important for daycare and childcare centres to purchase commercial property insurance, as it is this type of coverage that protects the physical building your daycare is housed in from property damage. Commercial property insurance is a staple of many commercial insurance policies. More specifically, it can protect your daycare and any business-related contents inside of it from property damage that is caused by a covered loss. It is up to you to decide which specific perils to protect against. However, the options usually include theft, vandalism, water damage, windstorms, fire, and more. Speak with an ALIGNED broker for expert advice on which perils to include in your policy and the general importance of commercial property insurance for daycares.
Key considerations before purchasing daycare insurance
- Coverage: It is important for daycare operators to remember that the coverage they choose is up to them. To make this decision, you will need to assess your budget and personal preferences, as well as the risks your daycare faces. Commercial general liability insurance and commercial property insurance are fairly standard for most daycare insurance policies. However, depending on your unique needs, you may also want to consider abuse liability insurance, equipment breakdown insurance, commercial auto insurance, and more. If you are not sure where to start or what your needs are, contact ALIGNED for expert advice today.
- Cost: Another consideration when purchasing childcare centre insurance is the cost. The cost of insurance matters. No one wants to overspend on daycare insurance. If you’re looking for a childcare centre insurance policy at a competitive rate, ALIGNED can help. One of our licensed brokers will shop around on your behalf to find you the best coverage at a great rate. You can also contact us if you want to learn more about how the cost of insurance for daycares is calculated or to request a quote.
- Insurance broker vs. insurance company: Finally, before purchasing any type of insurance, including daycare insurance, you will need to consider whether you want to purchase it from an insurance company or a broker. There are benefits to both, but working with an insurance broker is the height of convenience, saving you time and money.
ALIGN your daycare with quality insurance
Are you ready to purchase great coverage at an affordable price for your daycare? Get in touch with ALIGNED today. The ALIGNED team will work together to find a great policy at a competitive price that suits the needs of your childcare centre. You can count on us to find a personalized policy within your budget. Give us a call today to speak directly with an ALIGNED insurance broker or click here for a free quote.