Insurance Considerations

Reviewing your insurance is an important task for a growing business. Here we take a quick look at a few areas that nursery groups may want to consider when assessing their insurance needs.

Avoiding underinsurance

Times can change quickly in the childcare sector, especially for a growing business. New acquisitions, funding entitlements, regulations and economic issues such as inflation can all add up to your business looking different from a financial perspective in quite a short time frame.

Periodic check-ins are a good idea to ensure you are still insured for the right amounts. Underestimating turnover, or the cost of rebuilding a premises, resulting in a nursery being underinsured, is a trap no one wants to fall into. It can be avoided by keeping your insurance provider up to date with your requirements.

Cyber insurance

We have lived in the digital world for decades, but cyber threats are becoming more serious. If you keep digital records about your staff, customers or the children you look after, these are targets for cybercriminals. If you rely on computer systems for the day-to-day administration of your settings, these, too, can be vulnerable to attack.

Cyber insurance is available to protect you in the event of a digital catastrophe. Depending on the level of cover, it can help pay for restoring systems, recovering critical information and handling data protection breaches.

Even if you have not taken out cyber insurance before, it is something to keep on your radar as a growing business.

Support for staff

Your staff make your business, and you have likely fought hard to recruit and retain exceptional people across your settings. With fierce competition between nurseries, it is critical to demonstrate how much they are valued.

Although insurance might not be your first thought when it comes to staffing challenges, it may include a business support package with elements to support recruitment and retention. Morton Michel offers access to free online training from flick Learning, an employee discount portal, BenefitHub, and a free counselling helpline from ARAG that staff and their families can access to support their mental health (subject to fair and reasonable use).

These are just some areas to consider when deciding what you need from your insurance. If you want to find out more, please do get in touch.

flick learning and the employee benefits hub are provided as an extra benefit, do not form part of our FCA-regulated products and may be changed or withdrawn at any time.

Morton Michel Ltd is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 527300. Registered in England and Wales under Registration Number 5120835. Registered Office: Rossington’s Business Park, West Carr Road, Retford, Nottinghamshire, DN22 7SW. Morton Michel Ltd is part of the PIB Group.