📋🔍 Insurance Audits for Daycares: Are You Ready?
If you run a daycare in Canada, you’ve likely heard the term insurance audit—but do you really understand what it means for your business?
🧾 An insurance audit is a routine review conducted by your insurer to ensure your policy accurately reflects your operations. It helps confirm whether you’re paying the correct premium—or if adjustments (and possible back payments) are required. 💸
✅ What Are They Looking At?
🏠 Square footage of your facility.
👩👧👦 Number of children and staff.
🕒 Hours of operation.
🚐 Use of transportation services.
🎯 New programs or service changes (like field trips or enrichment classes).
⚠️ Why It Matters:
- Under-reporting can result in coverage gaps or claim denials.
- Over-reporting could mean you’re paying more than necessary.
- Missed updates often lead to unexpected invoices at renewal.
🛡️ How to Prepare:
📂 Maintain accurate records of operations and staffing.
📤 Report any changes in services or capacity promptly.
🤝 Communicate regularly with your insurance broker.
📆 Schedule annual policy reviews—before audit season arrives.
💬 Insurance is designed to protect you—but it only works when your coverage mirrors your actual setup.
Stay proactive, be transparent, and keep your daycare audit-ready all year long. Your peace of mind—and your budget—will thank you. 🙌
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