Adult daycare centers are becoming increasingly popular as more families seek assistance in caring for their elderly or disabled loved ones. However, running an adult daycare center comes with a lot of risks. Accidents can happen, and employees can make mistakes. That’s why it’s important to have adult daycare insurance.
Adult daycare insurance is a type of insurance that protects adult daycare centers from financial loss due to accidents, injuries, or other liabilities.
Who Needs Daycare Insurance?
Any adult daycare center should have insurance. Even if you are a small business owner, accidents can happen, and a lawsuit can be filed against you. Having insurance will help you cover the costs of legal fees, medical expenses, and other damages that may result from an accident or injury.
Types of Adult Daycare Insurance
There are several types of insurance policies available to adult daycare centers. These include:
General Liability Insurance
General liability insurance covers your business for accidents that occur on your premises or as a result of your operations. This may include slip and fall accidents, property damage, or injuries caused by your employees.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance, covers your business for mistakes or negligence made by your employees. This may include misdiagnosis, incorrect medication administration, or other errors that may result in harm to your clients.
Workers’ Compensation Insurance
Workers’ compensation insurance covers your employees for injuries or illnesses that occur while they are on the job. This may include medical expenses, lost wages, and rehabilitation costs.
Property insurance provides protection to your business property, including your building, equipment, and supplies. This may include damage caused by fire, theft, or natural disasters.
How Much Does Adult Daycare Insurance Cost?
The cost of adult daycare insurance will depend on several factors, including the size of your business, the number of employees you have, and the type of coverage you need.
Generally, you can expect to pay anywhere from $500 to $3,000 per year for coverage.
It’s important to note that the cost of insurance should not be the only factor you consider when choosing a policy. You should also think about the coverage limits, deductibles, and exclusions of each policy to ensure that you are adequately protected.
Adult Daycare Insurance Requirements
The requirements for adult daycare insurance will vary depending on your state and local regulations. However, most states require adult daycare centers to have liability insurance and workers’ compensation insurance.
In addition to insurance requirements, you may also need to obtain a license or permit to operate an adult daycare center in your state. This may include complying with background checks, training requirements, and other regulations.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8322 Individual and Family Social Services
- NAICS CODE: 624120 Services for the Elderly and Persons with Disabilities
- Suggested Workers Compensation Code(s): 8829 Nursing or Convalescent Home – All Employees, 8824 Retirement Living Centers – Health Care Employees, 8826 Retirement Living Centers – All Other Employees & Salespersons, Drivers
Adult Daycare Insurance – The Bottom Line
Running an adult daycare center comes with a lot of risks. That’s why it’s important to have adult daycare insurance. It can help you protect your business from financial loss and provide peace of mind knowing that you are covered in the event of an accident or injury.
To get the best insurance policy for your daycare business, compare quotes from leading insurance companies on the market. Get in touch with us if you need assistance or have more questions regarding your insurance options.