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If you’re unlucky enough as a child care provider to end up in court, your liability money from your child care insurance plan will be the best money you’ve ever spent. As accidents happen, the insurance will provide you with the protection you need to pay medical bills and other associated costs. While having a business in your home can come in handy, not having enough childcare insurance could cause you to lose your business and the family home as well. Protecting your assets starts with understanding how the policy works to help you. In this article, we will discuss the difference between a “claim made” as opposed to an “event”.
“Claims Made” vs. “Occurrence”
So what exactly is different about how the insurance company views a “Presented Claim” versus an “Event”? A “claims made” policy is limited to covering only a claim that has been reported at any given time during the term of the policy. In other words, a claim can be filed with the insurance company against a child care provider years after the incident. Even if the child no longer attends the Daycare where an incident occurred or if the Daycare is no longer in operation. However, the insurance company does not have to pay the claim if it was made after the term expired.
Having the right type of insurance for your daycare business is essential. An “event” daycare insurance policy may be the best solution for a daycare provider. It will cover a claim that was reported even after the policy expired as long as the policy was in place or up to date with premium payments at the time of the incident. Police money will be made available to process the reported claim.
Accidents happen unfortunately
As little children grow and develop, many learn to walk, run, stand, maneuver around objects, balance themselves in shoes in the company of other children in training, at daycare or at daycare. Accidents will happen. Pinched fingers, scraped knees, allergic reactions to something new, broken bones, and head trauma, to name a few, are all part of the risks of running a daycare. It makes sense to protect your assets with daycare insurance.
Child care insurance policies have been developed with accidental and liability coverage to protect your business against the unexpected. When initiating your policy, you can select coverage and limit amounts as well as choose your effective date. Getting your own daycare insurance will give you peace of mind and security.