Insurance for Care Homes Explained

Being a care home owner may be very fulfilling but also incredibly stressful. Making sure that every resident receives the proper care and attention is a very demanding role. On top of this, you must also consider the legal side of the business, such as insurance.

IC Insurance is here to help. We explain the importance of having care home insurance and what elements must be included to protect you, your staff, and your residents should the worst happen.

The Importance of Care Home Insurance

Whether you offer care for children, adults, or the elderly, having care home insurance is vital. Care homes are very complex in their needs, and many insurance brokers may leave holes in the provided cover, which could mean you’re unprotected should you ever need to claim. Standard business insurance doesn’t include essential protection against the many risks involved in running a care home and could leave everyone vulnerable to financial difficulties. No two care homes are the same, which is we ensure that you get bespoke plans designed around your specific needs.

For this reason, we are covering all the elements that could be included in your care home insurance policy for peace of mind you are fully protected in the event of damages brought against your facility.

Public and Employers’ Liability Insurance

Employers’ liability insurance is a legal requirement for any business. As an employee, you are responsible for the well-being of your staff. For example, suppose they injure themselves or fall ill due to their role at work; you need to know that you can cover any legal and compensation costs that this may incur.

Regardless of what kind of care home you own, there is a significant risk for most staff members that injury will occur. Whether it’s due to the actions of a resident or carrying out their daily roles in facilities such as the kitchen, employers’ liability insurance is essential. Having the comfort that you are covered in the occurrence of an accident can prevent financial hardship if the claim deems your facilities responsible.

You will also need public liability to cover your residents, clients, suppliers, visitors, and other members of the public that may enter your care home. Again, if an accident were to happen that resulted in injury to a member of the public, it could financially implicate you as a business. Having detailed public liability insurance will ensure that your legal fees and compensation costs can be covered without worrying about the future of your business.

Medical Malpractice Insurance

Although you may implement in-depth policies and procedures for the care of your residents, it is down to the staff members that these are followed. Residential care homes have the potential for volatile situations, and no matter how well-trained your staff are, things always don’t go to plan in quick-reaction situations. Until a crisis occurs, staff may not know how to deal with it until it is too late. Of course, the welfare of everyone involved is of the highest importance but should there be a discrepancy in how events have unfolded, residents or families of residents may wish to take legal action if they felt it was poorly handled.

Any event in which care has been incorrectly administered is covered by medical malpractice. Medical malpractice cover ensures you can protect your business when procedures may have been disregarded. Alternatively, it could provide the necessary cover should there be a mix-up in medication.

Buildings Insurance

As with most businesses, building insurance is vital to assist with the rebuilding costs of your property in the event of a disaster. It covers a range of events, from vandalism and malicious damage to natural occurrences in which your property has become damaged. We have a full spectrum of events which our buildings insurance covers, and we can discuss any niche events which may be bespoke to your building if necessary.

Computer and Portable Equipment Insurance

Computer systems and technology used in your facility will not be cheap to repair or replace should they go missing or become subject to damage. Although the equipment can be costly, the software and programmes used can also be a significant investment for your facility. Covering the equipment as an individual policy prevents expensive replacements, which could financially destabilise your business and result in cutting back on essentials for staff and residents.

As technology improves, you may use portable tech to help with the daily care of your residents, such as tablets, mobile phones and even security cameras. All this equipment goes a long way to help with the care of your residents and staff. Ensuring these are protected due to the various visitors on the premises is vital. Portable equipment cover protects situations where a mobile or tablet was to go missing; you would have the financial support to replace them as soon as possible to continue the excellent care for your residents.

General Contents Insurance

As with most homes, buildings and businesses, contents insurance is necessary to protect everything you have inside the building. In the event of a fire or flood, although your building has the required cover to help with renovation costs, you will also need to replace any damaged contents. Replacing multiple pieces of furniture can be costly, so make sure that you have the necessary cover to get you back on your feet as quickly as possible.

Our contents cover includes the likes of white goods, furniture, and equipment, so you can rest assured that there will be no significant investment needed if your commercial appliances are damaged.

Residents’ and Service Users’ Personal Effects

A care home is often a busy hive of activity. Visitors may come and go throughout all hours, and residents may wander through the building at will. This could open residents and service users up to potential theft and damage to their belongings. Being a care homeowner makes you responsible for the coming and goings of your business, so providing your residents with the peace of mind that should something happen to their valuable items, you have the facilities to cover their cost is ideal.

Tenants Improvements

Allowing your residents to feel at home is essential to the success of their care. Whatever situation has led them to need to reside in a care facility, allowing them to amend their personal space for an easy transition will help them settle into your care home quicker.

However, should these DIY improvements cause damage that requires repair, it could be costly and awkward to oversee. These are especially true if improvements were to improve the quality of life for your residents, for example, with essential lifting devices within their ensuite facilities. Having the necessary protection against these damages can offer you the peace of mind that you can cover the cost of the repairs without large expenses coming out from the business.

Management Liability

As a manager, shareholder, owner or investor, the responsibility of the care home falls firmly with you. Any wrongdoings, mistakes or accidents which take place throughout the daily running of your care home facility will leave you venerable to criticism and legal action if the injured party decides to pursue it further than your complaints procedure. To ensure that you can afford the costs, including legal and compensation, you should have management liability to prevent these costs from causing financial implications, which could result in cutbacks, job losses and worst-case scenario, bankruptcy. So, whether you have an investment in the care home or are responsible for the daily running of the facility, ensure you are covered with this kind of insurance, preventing unnecessary hardship on you or the business.

Care homes are highly vulnerable to financial difficulties because of legal action, so providing your business with the essential cover to prevent significant costs to your business is critical. As a leading insurance broker in Bolton, we collaborate with you to ensure that whatever company you own is fully protected with bespoke insurance. For more information on covering your care home with insurance, please get in touch, and one of our brokers will advise you on exactly what your business needs.

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