Insurance for your Childcare Centre is critical to protecting your centre over the long term. With the wellbeing of the children and your staff in your hands every day it is so important to know that costs are covered in the event of an unexpected incident.
So how much does childcare centre insurance cost? And how can you reduce the cost of your premium?
Insurance for your childcare centre
When thinking about the cost of your childcare centre insurance, it is first important to know what premiums you are likely to need to cover risk in your childcare centre.
Some typical policies to consider for your childcare centre include:
- Public liability insurance
- Property insurance
- Contents insurance
- Business interruption insurance
- Workers Compensation Insurance
- Personal accident insurance
- Professional indemnity Insurance
What factors impact the cost of my childcare centre insurance premiums?
Some of the factors that may increase or decrease your premium cost include:
- Do you offer a catered service? Food deliveries, food handling and chopping carrots all come with their own risks.
- Have you made any safety upgrades to the centre? Locking gates, fire and electrical safety measures, etc.
- Are the carers required to lift children or heavy objects?
- What is the risk profile of the play equipment you have?
- Does all of your nursery furniture and equipment pass Australian standards?
- Have your staff completed any new training? Eg. child protection or first aid courses
- How is the centre set up for adequate supervision?
- Do you take the children out of the centre for excursions?
- Are your premises secured adequately?
- What cyber security measures do you have in place?
Your unique childcare centre setup will impact the quoted cost of your childcare centre insurance premiums.
How can I reduce my childcare centre insurance premium?
There are some simple things you can do and questions you can ask to reduce the cost of your childcare centre insurance premiums. Talk through these 7 tips with your insurance broker to see what they can do for you.
- Remove unnecessary coverage: Do I need all the policies I have? Am I covered for anything I don’t need?
- Review your level of cover: Do I have the right levels of cover for my equipment value or stock on hand? Are my revenue and staff numbers accurate in my policies?
- Ask about different cost structures: Can I pay annually?
- Shop around: Are there any new policies available with better value?
- Look for a package deal: Would a business pack work for me?
- Reduce your risk: Have I done a risk assessment and can I introduce workplace safety changes?
- Just ask: How can I get a discount on my insurance?
Your insurance broker is your best ally in helping to both reduce your childcare centre insurance premiums while also ensuring the welfare and protection of the children in your care and the staff you employ.
If you are running a childcare centre Urban Insurance can help to ensure that adequate childcare centre insurance is in place to ensure your centre is covered for all of its risks.