A Caring and Cultivated Approach to Nursery Insurance
Whether you’re starting up a small daycare or seeking to modify and modernize an existing pre-school, you need to understand your pre-school insurance obligations and potential solutions) in detail. While this essay is too short to assess all the technical aspects of nursery insurance coverage, it can hopefully provide a clean overview of your major concerns and suggest a crucial resource to help you lock down a solid insurance package quickly and decisively.
Key Nursery Insurance Needs
Obviously, pre-school insurance buyers need liability protection. When you take charge of the welfare and well being of young children, you must be extremely careful to comply with all laws and go above and beyond standards for “best care.” Even if you do everything right, however, accidents happen. A toddler can hurt his ankle playing on swings. A baby can get seriously ill from eating strawberries. And so forth. If you lack adequate liability insurance, and one of your kids gets sick, injured, or otherwise harmed, you could wind up having to pay medical bills and other costs — this could literally drive you to bankruptcy.
Similarly, you need premises liability coverage. This way, if someone on your property — a parent, visitor, or even one of your employees — slips and falls on a puddle of juice or something and hits her head and gets brain damage, you will be covered. If you have four or more employees — teachers, nurses, counselors, etc — you will need workers’ compensation insurance. This will cover your business if, for instance, a teacher catches a cold from one of her students and ends up in the hospital with pneumonia. Without workers comp coverage, you will have no way to pay for her hospital bills and lost wages except out of your own company’s coffers.
If you own your own building, you will need property insurance. You also need coverage for your business property and assets, such as your toys, cribs, refrigerators, office computers, and the like. Imagine what would happen if your equipment or assets broke down or got stolen or got damaged by weather. To prevent negative surprises from forcing you to close your school, you need good property insurance.
Nursery Insurance Solutions
The above discussion actually is just the tip of the iceberg — you can talk about various nuanced nursery insurance coverages for literally pages. For instance, some daycares might opt for something called business interruption insurance, which allows you to collect revenue if something forces you to shut down the school for a while.
But you don’t have the time or expertise to get caught up in the intricacies of all these different kinds of nursery insurance coverage. So let’s discuss a way forward — a way out of the overwhelm. One method is to talk to an experienced insurance agent to figure out what you need — and, perhaps even more importantly, what you don’t need. Also, talk to other people who own pre-schools — people whom you trust — to learn practical tips and tricks. Another way to go is to try to envision what your “perfect nursery insurance policy” would look like. Then work backwards to retro-engineer it. Lastly, aim to keep your school as safe as possible — and your employees as well trained as possible.
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