The funding pressures on care homes mean providers need to find ways to save money, but they should avoid the temptation to cut care insurance cover.
This is the message from Howden UK Group which has been providing specialist insurance through its Care Division for more than 25 years.
Divisional director David Taylor says care homes need competitive premiums and high levels of service to ensure they have the appropriate levels of insurance protection.
“Care insurance may seem like a tempting place to cut costs but making an insurance decision based on price could leave your business vulnerable. The policy could fail to provide the protection your care business needs,” says Taylor.
He offers the following advice to make sure care homes do not compromise on cover or service.
Ensure a policy meets your specific needs. Your broker must understand your business and provide confidence. For example, levels of care provision vary from business to business, but where nursing care is provided it is imperative your medical malpractice liability cover is wide enough to cover those activities. Some policies are very restrictive.
Level of Cover
Ask yourself if, in the worst case scenario, your insurance cover would provide you with the protection to keep your business afloat. Is the level of cover satisfactory for your unique business needs? Are you fully protected?
Relationship with your Broker
Looking after our society’s most vulnerable is complex and there are unique risk situations that can lead to delicate claims arising. A strong working relationship with your broker can be invaluable in these situations as they will understand your individual business needs and risk environment. If care providers switch brokers frequently in order to find the best price, it may mean that brokers may not be in a position to support you to their best ability because they do not fully understand your business and its needs.
For more information and advice visit: www.howdengroup.com/uk-en/care-home-and-home-care-insurance