Insurance for Care Homes – What You Need To Know!

Insurance for Care Homes

Care homes cannot afford disruption to their business and neither can your patients and residents. As the owner or manager of a care home, you are responsible for ensuring your business remains open so it can continue to offer quality care to those who need it.

Your care home’s viability can be seriously threatened by rising costs, shrinking occupancy levels and a constrained staffing environment. With these hazards hampering your profitability, one disaster could unfortunately close your care home’s doors for good.

Protect Your Business

Purchasing insurance for care homes should protect your business against insurable hazards, and keep your doors open in the face of a worst case scenario. We work with our clients to craft the perfect bespoke package for their business.

Please be aware there are minimum insurance requirements set out by the Care Quality Commission (CQC), the Care and Social Services Inspectorate in Wales, the Care Inspectorate in Scotland.

Care Home Cover

Property and Contents

Property damage cover typically includes a wide range of protection for buildings and contents. All care homes should consider insuring the full replacement value of buildings and equipment to make sure they are adequately insured.

Business Interruption

It is essential for care homes to possess business interruption (BI) insurance, which should cover the loss of profits resulting from an insurable peril. BI policies recoup lost profits so your care home can be back up and running and not financially impacted. Your BI policy will probably correspond to the perils insured under your property or material damage policy.

You need to be sure to choose an appropriate maximum indemnity period for your BI policy—your maximum indemnity period is the time you expect it will take to bring your care home back to full operation. Care home operators tend to underestimate the time they will need, so choose carefully. Insurers generally offer 12, 24 and 36 month indemnity periods.

Liabilities

Being responsible for the well-being of your patients, guests and employees exposes your care home to a barrage of liabilities every day. One little slip-up, as innocent as it may be, can lead to a large claim. To cover this constant exposure, insurers offer care homes several different liability policies, including: Employers’ liability, Public liability, Products liability and Malpractice liability.

Contact Edison Ives Insurance Solutions today or call on 0113 3904646 for more information.

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Quick Guide

Care Home Insurance: Liabilities Guide

Being responsible for the well-being of your patients, guests and employees exposes your care home to a barrage of liabilities every day. One little slip-up, as innocent as it may be, can lead to a large claim. To cover this constant exposure, insurers offer care homes several different liability policies, including:

  • Employers’ liability is compulsory for all businesses in the United Kingdom with employees. It covers your liability for employees’ bodily injury or diseases generated by their employment.
  • Public liability protects you in the event of any third-party injury or property damage arising from the business. This cover is essential, as you will most likely have members of the public visiting their family members who are patients.
  • Products liability covers you for damages, claimants’ costs and your own costs for accidental injury or damage caused by supplying products. This could encompass food or medical products.
  • Malpractice liability is available as a separate policy. It covers your legal liability for accidental injury or illness caused by errors or omissions when providing professional medical services.

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