After the dust had cleared, panic Monday turned into a problem that was shared by the center owner and her insurance company. Here's a list of her coverages and the problems they addressed:
Liability - The child who walked away from the center represents a claim that can be made by her parents for lack of supervision. If this child was hurt physically or emotionally while wandering alone the claim will skyrocket. Liability insurance is designed to defend you against such claims when possible and to pay any amount that you are legally liable for up to the limit of the policy.
Auto Insurance -
Abuse and Molestation - The parents of the child you lifted out of the van from under the arms can make the claim that your abused their child. This coverage will defend you from such allegations and, when necessary, pay the amount you are legally liable to pay up to the limit you purchase.
Workers Compensation - Your employee with the broken arm must receive medical attention and may miss time from work. Workers Compensation will pay the workers medical bills and lost wages; it will also prevent your employee from suing you for her injuries.
Student Accident Insurance - This type of policy will pay for medical bills incurred by the injured children up to a set dollar amount (typically $5,000 or $10,000).
Property Insurance - Once you are done looking at all the lawsuits filed against you realize that your building is damaged and must be repaired. Property Insurance should take care of the repairs less whatever deductible you have chosen.
Loss of Income - After talking to the contractor you find out that you will have to close your center for three weeks while the repairs are being made. Loss of Income will replace the income during that time. Generally this coverage is written for a fixed amount of monthly income for a fixed number of months.
These descriptions are a brief overview of the intent of a variety of insurance coverages. Many factors impact the effectiveness of any given insurance policy or program. For a review of your insurance or to discuss the plans available through Block Insurance please call us at 800-225-0863.
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