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Daycare Insurance

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Daycare Insurance

When you consider the cost of daycare and expenses for your child(ren), you may not think of daycare insurance, also known as childcare insurance.

While daycare centers are typically safe, secure, and enjoyable places for children to spend the day, there are always risks to consider, especially in an unforeseen accident or situation that may cause injury. For this reason, daycare center insurance is essential.

Whether you run a daycare service from your home or a daycare center, the premises must be safe and insured to protect all children, employees, and people on site. 

What is Daycare Insurance and How Does it Work?

Daycare business insurance provides coverage based on the company and the needs of your services.

Many factors must be considered, including the condition of your home or facility where daycare services are provided, the company’s reputation, safety precautions, staff certification and experience, and other details that play a role in determining the level of risk and security. 

Each insurance policy is tailored to meet the needs of your business, which may include more comprehensive coverage for large-scale facilities or a more basic coverage level for home-based childcare services.

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Commercial Property Insurance Coverage

Commercial daycare insurance should include protection for your property or the building/unit you lease for daycare services.

This type of daycare center insurance is vital whether you rent or own the space for your daycare business and will protect more than the physical building or structure, but the contents, equipment, and items used inside the facility in the event of theft, vandalism, or damage. 

Commercial childcare provider insurance will cover the cost of replacing items if your daycare center is shut down due to damage from a natural disaster.

Commercial childcare provider insurance will cover the cost of replacing items. You will also receive reimbursement for loss and temporary relocation of your business or ceasing operations. This type of coverage is also known as business interruption insurance

Examples of reimbursement may include replacing or repairing damaged flooring, equipment, computer and office items, and more.

Commercial General Liability Insurance

One of the essential types of coverage for your daycare business is liability insurance for daycares. This daycare center insurance protects your business in the event of damage to third-party property, damage or injury to visitors, and related expenses, such as legal and medical fees.

This is a valuable level of protection to purchase and is often a requirement for a licensed daycare business. 

While most daycare centers are well-designed to protect children and visitors, there is always a risk that a child might fall off a table or trampoline or slip on toys or objects left in the play area.

If an injury results, parents may pursue legal action against the daycare, which makes childcare liability insurance vital for covering the high costs of legal fees, regardless of the case’s outcome.

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Cyber Insurance for the Protection of Information

Daycare centers store sensitive information about children, their families, and staff, including financial and medical details, which much be protected with the best security features.

While limited and authorized access levels are required to protect sensitive information, there is always the potential for incidents that could lead to the loss of these records, including cyber hacking, which must be covered. 

Professional Liability Insurance for Daycares

Daycare business insurance should cover professional liability if a staff member makes a mistake or there are issues that lead to misconduct, financial loss, failure to provide the agreed-upon services, or negligence. When an event occurs, a parent may sue, and professional liability coverage will help cover the associated expenses.

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Liability Insurance for Abuse

Even with the most rigorous background checks, and due diligence, every business is at risk of harassment, assault, abuse, or misconduct, which can lead to criminal prosecution and lawsuits. If you encounter an incident or receive a report from a parent, staff member, or visitor to your daycare center, it’s important to take legal action immediately.

Many insurance companies offer a legal assistance phone line, so you can determine which steps to take next and how to handle claims associated with your business. 

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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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October 10, 2023
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FAQs about daycare insurance

What is daycare insurance?

Daycare insurance offers several levels of protection, which include liability, professional liability, cost reimbursement for legal costs, damages, renovations due to damage, and more. The price of insurance varies based on what your business needs, which is assessed by an insurance broker.

How much does daycare insurance cost?

The cost of premiums depends on a variety of criteria, including the levels of coverage you buy, the size and location of your business, staff, the number of children in your care, safety precautions, and more items that are assessed.

Can I opt out of certain levels of insurance to save on premiums?

While not all levels of insurance may be mandatory, depending on the type of business and your location, it’s best to include as much coverage as possible. Commercial liability and professional liability are among the most important, though you’ll find the additional levels of coverage can save you a lot in expenses if you need protection.

Is there a difference between the level of coverage for a home-based daycare and a rented or owned facility?

Generally, yes. Home-based daycares tend to have smaller groups of children, which means less risk, though this depends on many factors that will need to be assessed by an insurance broker to determine potential safety risks, etc.

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