million dollar liability insurance
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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.
What is the general liability insurance?
You have to be careful, though, as your monthly payment on your insurance is likely to increase, When you have completed a successful claim against you. Normal general liability insurance covers: personal injury, property damage, personal injury and advertising Person injury. Another big advantage is that this type of insurance that even if a claim against you is wrong and you still have to go to court, be They covered by your policy.
If you run a business it is crucial that you have some form of general liability insurance. A commercial you are so against claims by customers or others made in contact with your business to protect. For example, say you own a fence company and a big fence built on a golf course. If you have many open holes left in the ground and someone walked by one day, stumbled on that hole and broke his leg, is her a chance that they sue you. Well, if you have Coomercial General Liability coverage, there is a good chance that you would be covered and any damage you because of this injury then it may be paid by the insurance company pay.
The owner is a company with this type of insurance a Fact of life, there is not always around him. The last thing you want is to have an employee injured in a construction site injury and then have to to pay millions of dollars in a settlement that could take down your business, so it is wise to carry some form of general liability insurance.