It’s a common play to add to the household finance for a home-bound partner to think about starting a child care business. After all, moms have a natural experience and knowledge of toddler care, especially if they already raised multiple kids of their own through the first five years. In some cases, some Austin, TX moms are teachers and miss the classroom feel, which the child care business or home preschool replaces to some extent. Either way, however, doing so changes the nature of the home as well as the risk covered by a homeowner insurance policy on the property.
Remember, consumer insurance assumes the client is acting as a private party, not a business. So, it’s necessary for the homeowner to review a home policy and change it accordingly for the new business about to be started.
Aside from making sure the coverage still applies, it’s also good protection. Many liabilities and risks associated with child care or preschool business are not covered at all by a homeowners insurance policy. And that means the homeowner is entirely exposed to liability as well as losses if sued for injury and damages associated with the business and child’s welfare.
Further, many jurisdictions have very specific requirements for child care programs and preschools, including insurance and bond requirements specific to a commercial entity. A private homeowners policy is not going to meet these requirements in any fashion.
If you’re in Austin, TX and thinking about using your home to launch a new early child care business, give the folks at StraightEdge Insurance Agency a call first. They will be more than willing to go over your current policy and explain where it won’t meet your business needs. Then they can show you what’s available and how to fit into your coverage package to protect your new venture. Email or call, StraightEdge Insurance Agency can help you get started right!