What kind of insurance do I need to start a daycare?
The MySchool Insurance Program package offers the common types of insurance needed to start a daycare:
- Commercial General Liability – helps cover legal expenses if someone is hurt or has their property damaged as a result of negligence on the part of you or your staff. A common example is someone slipping on an icy sidewalk on your daycare’s property.
- Abuse Liability – Allegations of abuse can happen and may include complaints of molestation, harassment, corporal punishment or other forms of mental abuse, which is why we ensure our clients have abuse coverage on an occurrence basis.
- Commercial Property – helps cover the costs of repairs or replacement of your daycare’s property if it’s damaged by an insured peril like fire or wind.
- Commercial Auto – helps cover legal and medical expenses if you’re involved in an accident. There are optional coverages like collision, comprehensive and loss of use as well.
- Professional Liability Insurance – Your staff with professional designations are held to an ethical and professional standard that needs specialized coverage known as Educator’s errors and omissions insurance. Depending on the statement of claim, the policy will respond to claims of actual or alleged wrongful acts, errors, omissions or breaches of duty as a professional. More importantly, for insured claims, coverage includes claims expenses such as fees for lawyers and experts, along with investigation and arbitration expenses.
- Directors and Officers Insurance – helps to protect the personal finances of directors and officers should they face legal action for alleged wrongful acts while performing their duties.
- Employment Practices Liability – as a component of Directors and Officers Insurance, this coverage will respond to allegations of wrongful termination, harassment in employment and discrimination.
- Employee Benefits Liability – helps respond to claims related to the administration of their benefits program such as failing to add or remove an employee to or from their plan.
- Cyber Liability – helps cover expenses related to a privacy breach or cyber attack. This can include legal costs, regulatory fines, public relations expenses and more.
We also offer customized coverage such as expense reimbursement, child trauma and abduction expenses, umbrella liability, special events coverage and more.
Our MySchool insurance experts can help you determine which coverages you need. Speak to us today at 1.800.461.8562 or [email protected]