Preschools are meant to be a safe and nurturing environment for small children. As such, it is important for preschool operators and owners to ensure the safety and protection of their pupils, staff, and facilities. One way to achieve this is through preschool insurance.
Who Needs Preschool Insurance?
Any preschool operator or owner should consider having preschool insurance. This includes both public and private preschools, as well as home-based preschools. Preschool insurance provides essential coverage for the risks and exposures that come with running such a business.
Types of Insurance Needed by Preschools
There are several types of insurance coverage that preschools should consider having. These include:
1. General Liability Insurance – This covers third-party bodily injury and property damage claims caused by the preschool’s operations. For example, if a pupil falls and gets injured on the preschool’s playground or if a classroom fire damages a neighboring property, general liability insurance will provide coverage.
2. Workers’ Compensation Insurance – This provides coverage for workplace injuries and illnesses sustained by preschool employees. If a teacher or other staff member is injured while working at your preschool, workers’ compensation insurance will cover their medical expenses, rehabilitation costs, lost wages, and other related expenses.
3. Property Insurance – This protects the preschool’s physical assets, including buildings, equipment, furnishings, and other contents, from damage or loss caused by theft, fire, vandalism, and other perils.
4. Auto Insurance – If the preschool has any vehicles, such as a school bus or a van used for field trips, auto insurance is necessary to cover accidents and other related claims.
5. Umbrella Insurance – This provides additional liability coverage above and beyond the limits of the other types of insurance.
How Much Does Preschool Insurance Cost?
The cost of preschool insurance varies depending on several factors, such as the size of the preschool, the number of employees, its location, its history of claims, and the types and limits of coverage needed.
With the help of a professional agent, you will be able to pick the best insurance for your business, adjusted to its needs and budget. You can easily get such support from EKinsurance at reasonable rates.
Preschool Risks and Exposures
Preschools face multiple risks and exposures that can result in insurance claims or lawsuits. Some of the most common risks and exposures include:
- Slip and fall injuries – These types of injuries can occur on wet or slippery floors, stairs, or playground surfaces.
- Physical abuse or sexual misconduct – Preschools have a responsibility to protect their students from harm, including from any form of physical abuse or sexual misconduct. Unfortunately, such incidents can and do occur and can result in costly legal claims.
- Property damage – Property damage can occur from fires, natural disasters, or other unexpected events.
- Transportation accidents – If the preschool provides transportation services for field trips or other activities, it faces potential transportation-related risks such as accidents, liability, and property damage.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8351 Child Day Care Services
- NAICS CODE: 624410 Child Day Care Services
- Suggested Workers Compensation Code(s): 8869 Child Care Center – All Employees Including Clerical, Salespersons & Drivers
Preschool Insurance – The Bottom Line
Preschool insurance is an essential part of risk management for any preschool operator or owner. Without proper insurance coverage, a preschool may face financial problems in the event of a claim or lawsuit. Therefore, it is important to work with a knowledgeable insurance agent to determine the types and amounts of insurance coverage that best suit the preschool’s needs.
With the help of EKinsurance, you will have access to the best offers for your business, and you will have the chance to discuss them with a qualified agent. Reach out to us today!