Like other small business owners,
child care providers need life, health, and disability insurance to protect them from
losing their income. Because they work with children, day care providers face unique
risks.
The greatest risk a day care provider faces is the injury or death of a child or client.
If an insurance company or a jury holds the provider responsible, he or she could lose
great amounts of money. Providers should prepare for the risk now.
Child care providers risk
three types of financial loss. If a child is injured, a day care provider may have to pay
the victim's hospital and doctor bills. If there is a lawsuit, damages may be awarded to
the victim or the victim's family. In addition, a provider could have to pay court costs
and attorney fees.
Medical or accident insurance will pay for the victim's doctor and hospital bills. Most
liability policies include medical and accident insurance. If your policy does not, you
might need separate coverage.
Liability insurance usually will pay for damages awarded by the court. These policies also
will pay the defense costs.
Some providers feel they do not need insurance because they have never had an accident.
Unfortunately, the future cannot be predicted - an accident could occur at any time.
However, a good safety record may be helpful in buying insurance. Those people with a
history of accidents will probably pay more for insurance.
Sometimes providers try to substitute waivers signed by parents for insurance. This is
unwise. Legal advisers agree that waivers will not hold up in court.
Let Armor Assurance Group determine your child care facility needs today! |
