Babysitting surrounded by rental home and Liability Insurance?
I am interested in watching a few children while at home for extra income during the day and am not running a licensed hours of daylight care center or anything close to it but would still like to catch liability insurance just to be safe. I hear I can win it from my homeowner insurance but I am renting my home. Is there anywhere else I can go to carry this type of coverage?
Answers:
Most homeowners insurance companies will NOT give you day comfort liability on your policy. If you find a homeowners company that will, they'll give it on a renters insurance policy as well.
Having said that, if you're running an unofficial operation there, by not being registered when you're supposed to be, it could jeapordize coverage.
Additionally, it's not CHEAP. Accident coverage for the kids, if they receive hurt, starts at $750. Abuse/molestation defense coverage, starts at $2500. General liability, excluding molestation/abuse, starts at $1500. and for a new business, no one will provide you payments.
The insurance will not fall beneath a personal home insurance policy and so you will need an insurance from the specialty market since this would also not trickle under commercial insurances.
I have done underwrite for the specialty market and have underwritten a program for the Wee-watch child safekeeping providers- through AIG. You can try a specialty company like AIG, Chubb.
The premium would be higher than the personal lines for covering commercial common liability and also error and omission. Source(s): Underwriter over 25 years
You would purchase a Renters Insurance Policy and ask them to include the endorsement to cover your babysitting. Since you are not licensed, the coverage will probably only be for one or two children. An independent insurance agent will probably be your best source for this. Make sure that you win at least $500,000 in liability coverage & do not go amiss to tell the agent about the babysitting.
Depending upon the amount of personal property you own, if you own valuable items and a few other factors, this type of policy near the added babysitting endorsement should cost between $150 to $250 per year.
***I have written this agreement many times on both homeowners and renters policies--for people who cart care of less children than the required amount for a daycare license--there is nil illegal about the operation! If you are above the threshold and are required to own a license then as long as you obtain it, you would want to purchase a separate Commercial General Liability Policy or Commercial Package Policy which should include Sexual Molestation Coverage. I just sold one of these policies for a Daycare that will be taking care of 12 to 16 children for $963 per year (on an installment plan). The policy covers $1,000,000 incident, $2,000,000 aggregate liability, $100,000 for Sexual Molestation, Business Personal Property Coverage of $15,000, etc. The policy was written for a brand new business and the owner have several years experience. I do write in several states and the range for a stand alone policy depending on the number of children, staff experience & ratio to children, etc. is between $900 to $2,000 for smaller operation.
I hope this helps. Good Luck! Source(s): Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.
Related Questions:
Answers:
Most homeowners insurance companies will NOT give you day comfort liability on your policy. If you find a homeowners company that will, they'll give it on a renters insurance policy as well.
Having said that, if you're running an unofficial operation there, by not being registered when you're supposed to be, it could jeapordize coverage.
Additionally, it's not CHEAP. Accident coverage for the kids, if they receive hurt, starts at $750. Abuse/molestation defense coverage, starts at $2500. General liability, excluding molestation/abuse, starts at $1500. and for a new business, no one will provide you payments.
The insurance will not fall beneath a personal home insurance policy and so you will need an insurance from the specialty market since this would also not trickle under commercial insurances.
I have done underwrite for the specialty market and have underwritten a program for the Wee-watch child safekeeping providers- through AIG. You can try a specialty company like AIG, Chubb.
The premium would be higher than the personal lines for covering commercial common liability and also error and omission. Source(s): Underwriter over 25 years
You would purchase a Renters Insurance Policy and ask them to include the endorsement to cover your babysitting. Since you are not licensed, the coverage will probably only be for one or two children. An independent insurance agent will probably be your best source for this. Make sure that you win at least $500,000 in liability coverage & do not go amiss to tell the agent about the babysitting.
Depending upon the amount of personal property you own, if you own valuable items and a few other factors, this type of policy near the added babysitting endorsement should cost between $150 to $250 per year.
***I have written this agreement many times on both homeowners and renters policies--for people who cart care of less children than the required amount for a daycare license--there is nil illegal about the operation! If you are above the threshold and are required to own a license then as long as you obtain it, you would want to purchase a separate Commercial General Liability Policy or Commercial Package Policy which should include Sexual Molestation Coverage. I just sold one of these policies for a Daycare that will be taking care of 12 to 16 children for $963 per year (on an installment plan). The policy covers $1,000,000 incident, $2,000,000 aggregate liability, $100,000 for Sexual Molestation, Business Personal Property Coverage of $15,000, etc. The policy was written for a brand new business and the owner have several years experience. I do write in several states and the range for a stand alone policy depending on the number of children, staff experience & ratio to children, etc. is between $900 to $2,000 for smaller operation.
I hope this helps. Good Luck! Source(s): Certified Insurance Counselor, Licensed Insurance Agent & Broker for over 29 years.
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