Why do foster care centers need insurance?
Foster care centers provide vital services to vulnerable youth. Between offering temporary housing and complying with regulations, you are exposed to risks that may trigger lawsuits from families and guardians. Commercial insurance can reduce the likelihood that the financial hit from a lawsuit will hinder your mission.
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Insureon helps foster care centers compare small business insurance quotes from top U.S. carriers online.
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What types of insurance do foster care centers need?
These insurance policies cover the most common risks of foster care centers.
General liability insurance
A general liability policy covers basic third-party risks, such as a foster parent slipping on a wet floor at your agency. Bundle it with property insurance for savings in a business owner’s policy.
- Slip-and-fall accidents
- Damaged client property
- Libel and slander lawsuits
Business owner’s policy
A business owner's policy, or BOP, is a cost-effective way for foster care and child welfare organizations to buy general liability coverage and commercial property insurance together.
- Client and visitor bodily injuries
- Damage to clients’ property
- Damage to business property
Professional liability insurance
This policy can cover expenses if your foster care center is sued for negligence, such as placing a child in unsuitable housing. It's also called errors and omissions insurance (E&O).
- Accusations of negligence
- Failure to properly place children
- Failure to disclose details of a child's past
Directors and officers insurance
Directors and officers insurance (D&O) protects board members against legal expenses if they are sued for a decision made on behalf of your foster care center that led to financial loss.
- Accusations of mismanaged funds
- Failure to meet regulatory standards
- Failure to perform official duties
Workers’ compensation insurance
Most states require workers' comp for foster care centers that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
- Employee medical expenses
- Disability benefits
- Lawsuits from employee injuries
Commercial auto insurance
Commercial auto insurance can pay for property damage and medical bills in an accident. Each state has its own requirements for car insurance.
- Property damage caused by your vehicle
- Medical bills from an auto accident
- Vehicle vandalism and theft
How much does insurance cost for human and social services?
A small foster care center will pay less for insurance than a larger business.
Factors that affect human and social services insurance costs include:
- Services offered, such as adoption and crisis resolution
- Business property and equipment, such as an indoor playground
- Business income
- Where your business is located
- Types of insurance purchased
- Policy limits and deductibles
How do I get foster care center insurance?
It's easy to get foster care center insurance if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your foster care center, whether you work independently or hire employees.
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