Of course, you’re going to be careful to ensure your preschool students’ safety, but you’ll also want preschool liability insurance to protect you! Learn why you really should consider getting insurance and exactly how to get it.
What Is A Liability Insurance Policy?
Liability insurance is a policy that covers you and your preschool, should a child or parent be injured while attending or participating in a class or activity associated with your preschool. As careful as we may be, children still fall and get hurt. Usually the injury can be alleviated with a Band-Aid and a hug, but not always. If a child or their parent were to trip over your doorstep and fall and break their arm, who would be responsible for the damage?
Your homeowner’s insurance policy wouldn’t cover this expense because it would have happened during the course of doing business. If your business is registered as an LLC, the parent could sue your business and get the money for the expenses that way, or if you are a sole proprietor the parent could sue you and your business! If your business did not have enough assets to cover the expenses, then the court would recover the remainder out of your own personal belongings, including your house, your car, and your bank accounts.
A liability insurance policy would prevent the need for any lawsuits as it would pay for any medical expenses incurred by anyone who was injured while doing business with your preschool.
Should You Get A Liability Insurance Policy For Your Home Preschool?
If you are operating your preschool business out of your own home, ultimately it is up to you whether or not to purchase a liability policy. In your own home, your preschool students will be in a small space and you should be able to minimize most of the risk that could occur; however, there is still the possibility of an accident happening.
You can purchase a rider on your homeowner’s insurance policy that will cover your business for any accident or injury that may occur because of your preschool classes. It is possible that the parents of an injured child could understand that you were doing the best you could and not blame you or hold you liable for any expenses due to their child being injured while in your class, but on the other hand, the parent could blow up and sue you or your preschool. For this reason, it is highly recommended that you purchase a liability insurance policy for your home preschool.
What About A Preschool In A Commercial Space?
If you have purchased a commercial space it is still your choice as to purchase a liability policy or not, but the same scenario as above still applies. If you are leasing a commercial property, or renting a space at a church, you will be required to have a liability insurance policy that covers not just you and your preschool, but also the owner of the space you are renting.
Where Do You Purchase A Liability Insurance Policy For Your Preschool?
Contact a company called Farm Bureau. They will have you fill out a form and then shop your policy out to many different companies who will study your situation and decide whether or not to issue you an insurance policy and, if so, the rate they would charge you for this policy. When you get a few offers back, compare the policies and the rates, and choose the best one for your needs and your budget.