Managing a childcare organization with multiple centers introduces additional layers of risk. Each location may differ in building ownership, staffing, programming, and lease obligations – yet consistency across the insurance program is critical.
Multi-location operators should ensure their insurance addresses:
- Consistent liability limits across all centres
- Property and contents coverage that reflects each location’s exposure. Making sure your limits of coverage are adequate is essential. If you own the building where your centre is located, consider obtaining a replacement cost appraisal as reconstruction costs are different than market value. If you are renting, check your lease!
- Clear reporting structures for incidents and claims. Reporting serious occurrences to the appropriate channels as they occur are vital. This may include your regulatory body, CAS, and should always include your insurance provider.
- Flexibility for future expansions or acquisitions. Expansion opportunities are on the rise – keeping your insurance provider in the loop helps to alleviate last minute or urgent requests for coverage.
A well-structured program simplifies administration while maintaining adequate protection across the entire organization.
