How to Cut Insurance Costs for Your Childcare Program

Every director wants to buy an insurance program that fits their needs. Not more, and not less.

Here are six practical ways to ensure you’re not overpaying for your insurance program without taking on unnecessary risk for your organization.

1. Increase your deductible on buildings. Most businesses wouldn’t file a property claim if it’s less than $2,500. For some, that threshold is even higher. In this situation, carrying a property deductible that is lower than your threshold doesn’t make sense.
2. Place your auto insurance with the same company that carries your liability insurance. Insurance companies that insure vehicles for childcare operations by themselves rarely offer the most competitive pricing. It’s almost always in your best interest to place your general liability insurance with the same company that handles your auto insurance.
3. Verify you’re with one of the best childcare insurance carriers. Insurance companies specializing in a niche will feel more comfortable with what they’re insuring and, as a general rule, will offer more advantageous costs and coverages for your business.
4. Remove Comprehensive and collision coverage on older vehicles. If your car is over ten years old, go to Kelly Blue Book or Edmunds and check out the value. This will help you understand if it’s worth insuring the vehicle.
5. Review your claims experience. Ensure you’re implementing strategies to help you have fewer or smaller claims. Insurance companies review how many claims you have, as well as whether or not you have a big claim. They always want to know if you’re taking corrective action to prevent similar issues in the future.
6. Take advantage of resources offered by your insurance company, like discounted background checks and GPS units, to impress your underwriter. These resources are usually free, yet most customers don’t use them. Also, underwriters tend to believe that customers using the company’s resources are more serious about risk management and will be better partners.

Bitner Henry works with childcare and early learning programs in seven different states and DC. If you’re looking for an insurance agent who can help you find the best insurance plan for your organization, contact us today for a quote.