Knowing what insurance policies to have and making sure your coverage is the highest quality is of the utmost importance for a child care business owner. Today, Kris talks with Samantha Phillips of Aleaf Insurance about the three top biggest insurance mistakes she sees in the child care field that are common or very concerning in insurance policies and how we can best address them. They also talk about what policies you should have — no matter the size of your school, case studies of actual child care owners changing their insurance to provide better coverage, and how to avoid situations that cause financial ruin and loss.   Key Takeaways: [10:38] Samantha serves around 100 preschools nationwide while pursuing her passion at Aleaf, located in Frisco, Texas. [14:08] Samantha worked her way up from receptionist and self-studied her way to become a branch manager. She was doing great at work but needed to take care of her physical health and spend more time with her family. She then got an opportunity to create a unit strictly dedicated to child care for Aleaf, and this gave her the work/life balance at a place that represented her values. [16:02] The values important to Samantha that she gets to represent at Aleaf are transparency, punctuality, fairness, integrity, and friendship. [22:26] One of the biggest mistakes that Samantha sees is folks not knowing what their business income limit for interruption is. She recommends an amount of up to 12 months of revenue plus expenses. Another mistake is owners paying parents out of pocket instead of using an accident medical policy. [30:47] The foundational policies that Samantha recommends, regardless of school size are accident medical, business auto liability and a commercial package policy. [34:29] Samantha gives an example from New Wonders Learning Center in New York where they increased certain policies and saved money overall. [43:37] Three takeaways from Samantha: 1. When it comes to insurance, quality over quantity. 2. As a child care center, if you are charging premium prices for enrollment, why wouldn’t you apply that to the business insurance you get as well? 3. If you are premium is not even, then you are most likely in surplus lines, which should really just be a backup and not your first choice.   Mentioned in This Episode: Kris Murray Child Care Marketing Solutions Child Care Success Academy Child Care Success Summit HiMama.com/benchmark Camp Gladiator Child Care Millionaire: Secrets to Building a Profitable 7 or 8 Figure Child Care Business,  by Brian Duprey Early Childhood Investigations samantha@aleaf.com Aleaf Insurance