Daycare Insurance in Vermont
What is Daycare Insurance?
Operating a daycare or other childcare facility involves a substantial amount of responsibility and a corresponding amount of risk. Daycare insurance helps Vermont for-profit businesses and not-for-profit organizations that offer childcare protect themselves from many of the risks they face.
In order to meet daycare facilities’ many risk mitigation needs, daycare insurance policies are typically underwritten as package policies. They usually have multiple coverages that work together to create a web of protection.
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What Daycare Facilities in Vermont Need Child Care Insurance?
Most Vermont businesses and organizations that offer some form of child care services can benefit from the protections that child care insurance affords. This generally applies to both for-profit businesses and not-for-profit organizations. Some examples of facilities that might need child care insurance include:
- Small and large childcare facilities
- Home-based childcare service providers
- Public childcare programs
- Preschool programs
Businesses that primarily operate in another sector but offer child care to their customers or employees likely also need a child care insurance policy.
Why Do Daycare Facilities with Waivers and Affidavits Need Child Care Insurance?
Many daycare facilities have parents sign waivers or affidavits before enrolling their children, and these documents might give facilities some legal protections in the event of a lawsuit. The documents aren’t necessarily a guarantee against lawsuits, however, and they don’t provide the same protections as insurance.
Whereas waivers and affidavits normally afford legal protection, insurance typically provides financial protection. Should a covered lawsuit be filed against a facility, an insurance policy might help pay the court costs, miscellaneous legal fees and any settlement associated with the suit. Moreover, a policy will usually cover legal costs as soon as a covered lawsuit is filed and regardless of the outcome of the suit.
What Limits Are Offered by Daycare Policies?
In the event of a tragic incident that results in serious harm or a fatality, the resulting liability could be quite expensive. To help protect against possibly expensive liability risks, most daycare policies make fairly high limits available. Facilities that want higher limits than what a particular policy makes available may be able to purchase commercial liability insurance as a secondary and supplemental protection.
Do Childcare Facilities Need Workers Compensation Insurance?
Childcare facilities that have employees are generally required to carry workers compensation insurance. This is a protection that may reimburse employees for medical costs and lost wages if they suffer a job-related illness or injury.
Whether workers compensation is purchased through a daycare policy depends on the policy, though. Often, the insurance is procured via a stand-alone policy.
Are Childcare Policies Expensive?
Childcare policies vary in price because rates are based on many different factors. Even with the variance among rates, however, these policies tend to be affordable. Their premiums are almost certainly more affordable than what a major property loss or liability claims could cost if no protection is in place.
Facilities can find out exactly how much they need to pay for insurance by talking with an independent agent. Independent agents have the freedom to request quotes from multiple insurance companies, which makes comparing different insurers’ coverages and rates quick and easy.
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For questions or concerns, please contact our independent insurance agents.
Office: 41 IDX Drive, Suite 135
South Burlington, VT 05403
Office: 158 Lake St,
St Albans, VT 05478