Home-based or not, having insurance is an important and mandatory thing that you must have when operating a daycare business. As a daycare service provider, your business can certainly face some risks that require you to deal with lawsuits. This is the reason why daycare insurance quotes are important.
In general, there are two policies of daycare insurance that most people choose. They include general liability and commercial property insurance. Which one is better? Naturally, it all depends on your needs. After all, there are still several other policies available in daycare insurance.
Below, we have summarized valuable information about daycare insurance, ranging from the types of policies you can choose, their prices, and the best companies that offer the best daycare insurance quotes. Thus, let’s get started!
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What is Daycare Insurance?
What is daycare insurance? Well, daycare insurance or commonly known as child care insurance is a type of insurance that will protect care providers financially from various risks that may occur during your care services.
These risks include slip and fall, child abuse accusations, damaged toys, and accidents due to accidental ingestion of toxic substances. You certainly don’t want to see your daycare business shut down due to these risks, right? That’s why buying daycare insurance is a must.
Daycare Insurance Quotes Policies
When you purchase daycare insurance, there are several coverage policies that you can choose according to your needs. Here are the types of coverage policies that most daycare businesses select.
- General Liability: Protection against bodily injury, property damage, and reputational harm.
- Commercial Auto: A type of policy that provides coverage for injuries, damages, and lawsuits resulting from accidents involving your business vehicle.
- Property Insurance: This coverage will cover the building, equipment, and supplies of your daycare business.
- Abuse & Molestation: A policy that will cover losses caused by employees who abuse children.
- Workers Compensation: A type of policy that provides wage replacement and medical bills for sick or injured employees.
- Umbrella Insurance: Excess coverage of liability.
Best Companies for Daycare Insurance Quotes
Below are the 5 best companies that provide the best daycare insurance quotes as well. Check them out!
1. CoverWallet
First on the list of companies that provide daycare insurance quotes is CoverWallet. They are an insurance company with the best option for daycare businesses.
They offer a website that you can visit to find an insurance package quote that suits your needs. Through their website, you can customize your insurance by choosing your preferred provider, purchasing policies, and even managing your insurance easily online.
However, currently, CoverWallet offers 4 insurance plans for daycare businesses. That said, there is a premium cost of around $39 every month for the general liability coverage plan.
In general, CoverWallet has policies with coverage limits of $1 million per occurrence and $2 million in aggregate. If you need and want to, you can double the coverage limit. However, suppose you need higher coverage. You can request a custom quote from CoverWallet.
2. The Hartford
Moving on to the next insurance company that provides the best daycare insurance quotes is The Hartford. They are a proper insurance company for daycare businesses that plan to grow and expand in the future.
The Hartford also has affordable premiums that make this insurance company stand out from other insurance companies. Indeed, this insurance company offers a monthly fee of only $25, making it the cheapest daycare insurance quote on the market.
Then, what about the coverage limit of The Hartford? Well, for the coverage limits, this insurance company offers coverage of $1 million per occurrence and $3 million overall. Suppose you need a higher coverage limit, you can choose the umbrella insurance that this insurance company offers.
3. Next Insurance
When it comes to daycare insurance quotes, Next Insurance is worth considering company. They offer daycare insurance that is popular in the California area. Also, Next Insurance is an insurance company that operates online. With that in mind, you can consult and purchase daycare insurance quotes online via phone, email, or chat.
Generally speaking, Next Insurance offers a much cheaper policy than CoverWallet with costs starting at $33 per month. As for coverage limits, they provide $500,000 per occurrence and $3 million overall.
4. Markel Insurance
Suppose you have a daycare business that is still growing or is already large, then buying daycare insurance quotes from Markel Insurance is the most appropriate choice. They are an insurance company that has a global reach and has served many small and large companies regarding daycare insurance.
In addition, Markel Insurance offers policies and bundles for both home-based daycare and commercial daycare. Both have coverage limits of up to $1 million per occurrence and $3 million overall.
Not only that, but Markel Insurance also offers 3 types of daycare insurance plans, general liability, professional liability, and homeowner policy.
5. Philadelphia Insurance
The last list of an insurance company that provides the best daycare insurance quotes is Philadelphia Insurance Companies or short as PHLY. They are one of the largest insurance companies in the United States and are based in Pennsylvania.
What makes Philadelphia Insurance stand out is its Crisis Management Enhancement Endorsement plan. It is an insurance plan that allows daycare business owners to claim up to $25,000 due to crisis incidents.
In addition, Philadelphia Insurance’s limits and coverage range up to $3 million overall for general liability and professional liability.
Daycare Insurance Quotes Costs
In general, the price you have to pay for daycare insurance quotes depends on the type of daycare business, the policy you take, the services available, and how many children you care for. For more details, please check the policies and premium ranges below.
- General Liability: $495 to $2,200
- Commercial Auto: $1,100 to $4,400
- Property Insurance: $550 to $990
- Workers’ Compensation: $5,500 to $7,200
So, Are Daycare Insurance Quotes Worth It?
That’s a bit of explanation about daycare insurance, starting from its definition, available coverage, the best companies, and daycare insurance quotes. Well, as a business owner who deals with people’s children, having daycare insurance is definitely something you should consider. Get the best quote now!