Running an in-home daycare business requires a lot from you. From creating curriculum, offering tours, hiring teachers and making your space a safe and cozy one, you’re on your feet dawn till dusk. One thing’s for sure: you can’t afford to ignore potential savings and profits.
The good news? By getting great in-home daycare coverage, you can avoid doing so. Here are ten ways insurance will make your business not only safer, but more profitable.
1. Insurance Helps You Avoid Fines
Failing to remain in compliance with state and federal standards can lead to hefty fines. Getting the right in-home daycare coverage will help ensure that doesn’t happen to you.
2. The Right Insurance Addresses YOUR Needs
Some insurance companies will sell you anything they can. Others will tailor your insurance to your needs expressly, ensuring that you’re covered without eating into your profits.
3. Insurance Makes Parents More Comfortable
We all want to know that the companies we work with are insured. That way, if anything happens, we’re covered. The same is true of parents, who are more likely to work with you if they have confidence in your financial and medical coverage.
4. More Parents = More Kids = More Profits
This might seem obvious, but with in-home daycare, it’s especially true. Daycares need to hit around 80 percent capacity before they start really making money.
5. Full Capacity Enables Rate Increases
When your daycare reaches capacity, you can start raising the rates. That’s always good for business!
6. Full Capacity Enables Reinvestment
You can also start taking that money and putting it back into your daycare, purchasing necessary supplies, upgrading appliances or rugs, buying furniture, and generally making your setting more appealing to parents. In which case, expansion becomes easier. Who knew insurance could do all that?
7. Your Insurance Will Expand with You
Thinking of adding on a room or two to your home? Ready to expand your in-home daycare to a commercial building? Wondering if you can partner with another organization? These are all ways in-home daycare businesses can grow, and by getting the right coverage upfront, you can ensure it will expand with you, saving you time and money and preserving those profits.
8. Bundling Protects Your Bottom Line
Everyone knows about bundling. (There’s a Gecko on TV that’s been telling us about it for years, after all.) The same is true for in-home daycare insurance. From general and professional liability to protection against corporal punishment and molestation claims, your insurance can protect you in the event of lawsuits that could sap all your profits or even ruin your business.
9. The Right Insurance Is Flexible
Your needs change, and if your insurance doesn’t change along with them, you’ll find yourself paying expenses you don’t need to. That in turn eats into your profits, making it harder for you to grow, reinvest in your business and increase your own take-home pay.
10. The Right Insurance Is Easy to Get!
Of course, knowing the benefits of insurance and actually getting the best and most affordable offering are two different prospects. That’s why InHomeDaycareCoverage.com is here to help. We know how difficult it can be to sort through the options and find the one that works best for your business, which is why we’ve built a uniquely effective process for finding what works for you.
Want to learn more? Simply fill out our form and get started today.