Care Home Insurance
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What is Care home insurance?
Running a care home of any sort can be a rewarding experience. Looking after vulnerable people in a care home can take many forms. Whether it is residential care for the elderly, care for people with learning difficulties, or respite care for anyone with additional needs, providing a safe and comfortable home can improve the quality of life for residents.
There are risks associated with providing care. To protect yourself and your business from the costs of any claim brought against you, a care home insurance policy is essential.
There is a range of different types of care home insurance policy available. Talk to a range of providers to find the cover most suitable for your business.
Who needs care home insurance?
If you run any of the following types of business, you could benefit from a specialist care home insurance policy:
- Children’s homes
- Residential care for the elderly
- Nursing homes
- Daycare services
- Drug rehabilitation centres
- Respite care
- Learning difficulties support centres
- Sheltered accommodation
What does care home insurance cover?
Running a care home involves looking after the health and wellbeing needs of often vulnerable people. If anything goes wrong, the effects can be very serious. Care home insurance can protect you financially against any claims brought against your business, or cover costs if your premises or equipment is damaged.
A basic care home insurance policy should include the following types of cover:
Building insurance – This protects you in case of damage to the fabric of the building. If it is damaged, repairs will need to be made quickly to keep your business up and running, which can be expensive. Having the right cover in place ensures your residents remain safe.
Contents cover – This policy will cover the costs of replacing the contents of your care home in the event of theft or accidental damage. Often, care homes will contain specialist equipment which could be very expensive to replace, so contents cover is a must.
Public liability – This is essential for any business which comes into contact with members of the public, for example, friends or family members of residents. If someone is hurt or injured on your premises, they could bring a claim against you. Public liability covers legal costs, or any compensation ordered if you are found liable.
Employer’s liability – If you use staff at your care home, an employee could bring a claim against you if they hurt themselves whilst at work. Employer’s liability coverage protects an employer in these circumstances.
There is a range of additional types of care home cover available. Choose the right level of cover for your business and circumstances, and ensure you are only paying for cover you need.
- Abuse cover
- Professional indemnity insurance
- Treatment risk cover
- Personal liability for residents
- Business interruption protection
- Cover for legal expenses
How to save money on care home insurance?
It is worth comparing quotes from a range of different providers. The needs of each type of care home business will vary. Make sure you are only paying for the cover you need.
- The higher the risk of a claim, the higher the premium costs will be.
- Anything you can do to reduce risk within your business could bring down the cost of your premium.
- Make sure all staff have adequate training and are fully qualified for the role.
- Always adhere to the best practices as laid out by industry regulators like the Care Quality Commission.