Daycare Insurance
Wondering how many carry liability insurance for your daycare? I dont think it is required, just recommended in our state? How much does it cost?
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i use to have it since regular homeowners does not cover but dropped it years ago for many reasons.
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I do carry extra liability insurance. Mine is about $200 a year. I'm in MN, not sure if it varies by state as far as price. The only thing that I have found is that some parents are comforted by me having it. Several have commented that they worry when someone doesn't carry it. Not sure why exactly that is but thought it might help to add...
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I carry it, my homeowner's found out about my daycare and required that I carry it. They wouldn't cover me so i had to get a separate policy for $350/year. My sister's homeowners added a rider to hers for only $100/year.
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who do you all have your daycare insurance through? I am looking for new options.
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Originally Posted by Crystal: http://www.acainc.org/insurance_family.html |
Originally Posted by Blackcat31: |
I'm not registred, but I carry it anyway just to protect myself in case of an accident, because you just never know! I would rather be safe than sorry, and it also makes me look more business like and professional when parents know I have it. Here, it is really cheap, as I have a daycare rider that I added for $80/YR FOR $300,000 worth of coverage. I would never think of not having it. Sure I would like to not spend the money, but again, just in case, because ya never know what could happen.
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Originally Posted by Abigail: |
I have a question. Is it required to have liability insurance or homeowner insurance in any home daycare in Texas??
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Business Liability Insurance
I've posted a national directory of insurance companies offering liability insurance (and other types) to family child care providers at www.nafcc.org. Click on Business Center and scroll down til you see the heading Legal and Insurance.
I wouldn't worry about telling parents you have business liability insurance. It protects them in the sense that your insurance will provide protection and compensation to the parent if their child is injured. If I was a parent using child care I wouldn't take my child to someone who didn't have this insurance. Insurance policies vary a lot. Essentially you get what you pay for. Those that cost more give you greater coverage. Compare. The cost is 100% tax deductible. |
From what I can tell, these policies are only issued to licensed providers. Can you get one if you are not licensed?
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Originally Posted by Blackcat31: |
My homeowners insurance policy covers the daycare; but can I deduct it using the time/space %??
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I do not have Insurance, but I am definitely considering it!
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I use:
http://www.mazeyinsurance.com/...I chose them because someone told me they were often used for home child care coverage. it's $500/year. |
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I have it through state farm, and I have used it once, I had a child break his leg here, and I wasn't liable myself at all, it was a complete accident on the child, as we were at the park, but I figured it could help them with their medical cost, and they ended up getting a check for $1000, so that was pretty cool, now they wouldn't have been able to get anymore....the max they give for an accident is $1000, now Had I been holding the child, and dropped him and he broke his leg, that I believe would have been my liability, and the insurance would have covered everything, I think its stupid not to have it, if a child gets injured and a parent comes back at you and you have no insurance, your looking at a world of hurt! I pay right now $22/month through state farm, but they will only cover up to 6 children in my childcare at a time (does not include my own children), I will probably have to switch come summer, because I will have more kids then.
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Originally Posted by Blackcat31: |
Originally Posted by Jewels: |
Wow Jewels, that is very cheap! I have State Farm right now for renters insurance and two vehicle insurances. I bet I could get a discount if I keep them for Child Care, but will wait until the time comes to find out. What a great rate!
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I have a rider to my homeowners. Cost about $100 per year. Farm Bureau
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I added my coverage onto my home insurance through Travelers, and it's 255 a year.
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I have umbrella coverage through state farm, but its for childcare, its a $1m dollar policy. I have talked with them a few times on this, I had to fill out a daycare sheet and mail it back....itsnot a bad price
at all. I honestly don't know if its in addition to my homeowners, all it says is umbrella coverage. |
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