Insurance?

This may seem like a stupid question but...In Ontario, running a home daycare should you contact your insurance company?

I'm not sure about Ontario but in Calgary it's wise to do so. You never know if and when something might happen to children in your care. Better to be safe than sorry, in my opinion.

Hi! Absolutely....not worth the risk of not having it! I am in the GTA and my insurance for having 3 kids in my daycare is $30 per year!!!! Costs next to nothing but could save you everything.

Yes. Absolutely. In fact, if you do NOT disclose you run a business from your home and let's say, your home burns down, they can void your policy and not assume any cost to rebuild or reimburse you for losses.

Yes your insurance company needs to know. Your home policy will not cover the daycare toys, equipment, supplies or any liability should one of them be hurt. You need to inform them and get at minimum a rider put on your home policy that says you have a daycare and states how many children are covered and for what - with some it is only 2 or 3 kids too. You can then add the business and get a home business policy added - a lot cheaper than a separate business policy. This will cover the 5 children in most cases. State Farm and Cooperators will cover 5 children. Allstate will only cover 3. Not sure about some of the smaller private firms but be sure to get the number of children in writing as it may not be five and also if your own children are included in the count of 5.

I am in Ontario and I got insurance a few months after I opened the daycare. Initially I never knew there was such a thing or else I probably would have done it right away.

I think I pay about $80 or $90 a year more for the insurance. It does offer piece of mind in case someone breaks an arm or leg, falls down the stairs or parents want to sue you for any injuries. You never know...right?

I called around and my current insurance company did cover me for 5 daycare children plus my own for a maximum of 7 children at any given time on premises.

I called a few others like Belair and they can only cover up to 5 INCLUDING your own children so definitely beware how many they cover.

Also...once you call the insurance company and tell them you have a home daycare they will mandatorily add the insurance. I told my insurance company I would think ab out it and discuss with my husband and they said "No...now that we know you are offering a daycare from your home you need to change the policy." So....they probably will not even let you consider not doing it once you tell them.

Also remember that the extra you pay for the "daycare business" is 100% deductable and the amount you pay for the basic house policy is put into the use of home calculation so that also helps mediate since it makes a bigger deduction at the end of the year.

Yes as you found out without the rider on your house insurance there is no point in paying for the house since in a disaster all claims would be denied anyways even though you had been paying into the plan because of not disclosing and properly covering the daycare.

I'm having trouble locating an insurer. Who are you insured with?

I have mine through state farm and they cover the 5 daycare kids plus my own. Can't remember how much per year, but nothing major...if memory serves it was about $15 a month. Well worth it!

Cooperators and State Farm are two I know that will cover 5 daycare kids in Ontario. I am with cooperators. Allstate only covers up to 3. These are the three big companies that you can find in most cities but each will have a couple smaller firms probably. Just make sure you get in writing that it is 5 plus your own.