Franchise daycares operate in the face of many risks. The hazards of operating a franchise daycare center range from potential liability exposure as a result of an accident or injury to a child on the premises, to an economic loss due to property damage caused by a storm, to theft of office items or equipment from the daycare facilities. To shield their company from these and other risks inherent in running their business and caring for children, franchise daycare owners should contact a trusted local independent insurance agent to learn about purchasing commercial insurance coverage they can rely on in case of the unexpected. An experienced independent insurance agent will assist them in modifying or supplementing existing business insurance coverage, or buying a policy for the first time.
Since they operate as a franchise, these daycare centers may have a variety of franchise-wide rules and policies in place. An independent insurance agent who knows about local regulations and common practices within the daycare industry will review the kinds of commercial insurance available that are suited to address a particular franchise daycare concerns and meet their business’s needs. With the help of an independent insurance agent, franchise daycare center owners can make sure that all of their franchise’s insurance requirements are met, and that they understand any exclusions or limitations include in the terms of their business insurance policy.
Depending on various factors, like the size of the daycare company, their franchise agreement, and their location, terms of commercial insurance policies for franchise daycares may vary. In addition to property insurance for their daycare center building, businesses may require personal property coverage, builders’ risk coverage, in the event they choose to add an addition, or coverage for equipment breakdown, or legal liability. An independent insurance agent will evaluate issues like whether a franchise daycare operator has previously had a license suspended or revoked, and if more than 50% of children at a franchise daycare center are infants under 18 months old, or whether a center is located in a shopping mall for the convenience of parents and caretakers to determine the right coverage for a franchise daycare center. They could ask about on and off-premise cooking and food handling. They might want to know about policies regarding the disciplining of children. The might want to review employee handbooks if they exist.
Keeping these and other factors in mind, an independent insurance agent will assess the kinds of commercial insurance coverage adequate to safeguard a particular franchise daycare business. With the guidance of an independent insurance agent, franchisees can select a commercial insurance policy to keep their daycare center, and its property and financial resources, protected.
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