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What type of insurance do I need when I open my group home for children? |
I am openeing a group home for kids in NC and was told that I need at least 1 million to 3 million dollars worth of insurance for the business. Is it liability insurance? Most likely you're going to need general liability AND professional liability. You're probably going to want molestation coverage - not to pay out if someone molests the kids, but to defend you if a kid brings false charges against you. If you have employees, you're going to need workers compensation. If you have a nurse on duty, you'll need nurse's medical malpractice. You'll probably need property insurance for the building, if you own it, but definately for the furniture, etc. If you're going to cart them around (to doctor apts, etc) you'll need a business auto policy. In order to get licensed, you'll need to have whatever insurance the state of NC requires - and they'll be able to tell you exactly what that is. It's a general "umbrella liability" - it covers accidents like one of the children burns their hand in your stove, or falls down the stairs - one lawsuit can be millions of dollars. Shop around, the rates vary greatly. BTW, your homeowners may no longer be valid if you're running a business out of your home - so check that out, would be terrible to have a claim denied because of your business. You need General Liability, as a sole proprietorship business. 1 million liability and 2 million aggregated. This is more than sufficient. However, you need this insurance to protect your assets in case of an accident from a third party claim. Yes you do need liability insurance, amount you decide after taking free quote from companies like these, all the best to you, "http://www.jdoqocy.com/email-1961891-104... |
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