Adequate daycare insurance

[bright sparks]

Hi folks, just wanted to let you know that after years of having mediocre and vague insurance for my daycare, which is generally what a daycare rider is, I now have adequate coverage. I wanted to share this with you since it is a topic that comes up frequently and please feel free to private message me for the contact info of the agent who set this up.

I am in Ontario and as lots of you know, finding an insurance company with a rider that covers 5 plus your own is tricky. I am with State Farm who were bought out in Canada approx 18 mths ago so they underwrite their policies a little different now. So after many back and forth questions with the insurance company, here is the run down of my coverage and cost.

I have 5 million liability. 1 or 2 is never enough since should the worst happen and all five families sue....you are totally screwed. If anyone steps foot on my property relating to daycare, they are covered. If grandma picks up one day and trips and falls on my driveway, I am covered.

It includes $5000 in contents since for me, it is just covering the contents of the room...you can add more.

$30000 in water damage...it must match the amount covered on the personal policy, regardless of whether the daycare is in the basement or not.

$50000 if I am unable to open due to a claim to cover lost earnings and incurred costs.

If I am sued for any reason related to the daycare, all legal fees are covered, I do not need to pay a penny.

On top of my home insurance policy the above costs me an additional $362 a year. It includes a 10% discount since they also insure my car.

The agent and their office did not decide these things, it was dealt with specifically by the underwriter at the underwriting office, and they asked me an unbelievable amount of questions before quoting. It is considered a commercial add on policy aimed at home based businesses where clients are on premises. There are options available based on ages of kids and your own aswell as the amount of liability you would like.

I just thought this was worth sharing since it is much more specific than anything I have had in the past or have ever heard of on here.

Please feel free to message me for the agents contact info here in Ontario if you are interested.

Have a wonderful day 😊

[cdngirl]

Thanks for posting this.
I've been looking for insurance companies with this level of coverage.

[GrannyGwenny]

So this is not called a rider then , this is actual business insurance .?