How Can I Be Sure I’ve Gotten
A Quality Insurance Program?
Quality counts. Affordability is absolutely essential in today’s economic environment. How can you balance those two concerns in the insurance program for your school?
Quality can be measured in many different ways. In your school quality might be expressed through the cleanliness of your building, the arrangement of your playground, the curriculum you utilize, the variety of toys you offer, the food you serve, your child to teacher ratios, the longevity of your staff and your own involvement. Each school decides where it stands on each of those issues (and many more).
In the realm of insurance quality can be expressed through the coverage offered, the expertise of the insurance company in child care, the expertise of the agent in child care, the way claims are handled, the financial strength of the insurance company and the ability of the insurance company and agent to provide you with information to avoid having a claim in the first place.
When you’re shopping for insurance the premium is the most obvious point to compare. But if you want to weigh all the factors I recommend you ask a few questions:
- How long has this insurer written child care insurance? This addresses the company’s expertise
- Has this insurance company ever cancelled or non-renewed more than 5% of their national book of child care business in a single year? If the company leaves you without insurance you may find it difficult to place your insurance with another company, especially after a claim or natural catastrophe in your state
- How much experience do their claim adjusters have with child related claims? Adjusters can be afraid of claims involving kids which leads to bigger payouts, a higher loss for you and more difficulty finding insurance in the future
- With how many child care centers does this agent do business? This tells you how experienced is the agent in dealing with schools · Does this agent involve him or herself in the claims process? This tells you if you are going to be on your own at claim time
- Does this agent provide routine communication regarding real claims experiences in the child care setting and how to avoid those experiences in my school? This addresses how strong a partnership your agent will offer in managing your risk
- Are there differences in coverage, including property extensions, defense, limits of coverage and number of children being covered? This addresses whether or not you are comparing apples to apples
Does your school charge the lowest tuition in your city? If not, why not?
Perhaps it is a good idea to think of your insurance program the same way you think of your school program.