Like any other business, your care home will come with its own unique features that makes it susceptible to damage and liability. As a business that operates in the health sector, it will present its own unique challenges in terms of what must be insured.
Taking out comprehensive care home insurance is the best way to make sure every potential eventuality is covered.
So what does care home insurance cover? Unlike many other industries, the care sector has been developed to provide for people based on their circumstances. As such, there are multiple forms of insurance products available. Elderly homes, residential adults, domiciliary care and residential homes all need different insurance packages.
Despite this, each insurance package will cover several basics that are universally used across care home policies. You will be covered against any potential liability and malpractice suit. Due to the nature of this work, it is natural for employees to come across situations where they face threats to their well-being, or are physically hurt. As their employer, you can be held accountable.
Cover for liability and malpractice will help you meet the demands of claims, including associated legal fees.
Your insurance policy can cover the property of yourself, employees who work for you, as well as any residents who live in the home. What is covered varies between policies, but typically includes damage and theft.
Insurance Policies for Care Homes
There may come a time when you face a loss of earnings due to circumstances beyond your control. If care home policies change and your license to operate is suspended until you meet set changes, you will need to be covered for the time you are unable to operate. Similarly, events like flooding and fire will also need protecting against. Other financial liabilities include not receiving payments. By preparing for these instances, you can protect your business’ financial interests.
Finally, any care home owner is ultimately responsible for the residents that live in their property. There may come a time when a legal claim is made, and when this happens it helps to have access to advice instantly. We can advise you on the best policies to suit your needs, whilst taking care of any complications along the way.
So who needs to insure their care home? Ideally everyone. As an industry that can easily become high risk due to the actions of individuals and circumstances that cannot be controlled, anybody who runs a care home should consider taking out specialist insurance.
Such policies are finely tuned to the risks associated with running a home, and by choosing one that focuses specifically on the requirements of the residents being cared for, it is possible to make sure you are protecting yourself against eventualities that are relevant to your business.