Insurance For In-Home Healthcare Agencies
Insurance for in-home healthcare agencies protects the company by offering comprehensive coverage on a variety of claims, such as workers’ compensation, general liability, and professional liability, as well as criminal liability for things such as sexual abuse, theft, fraud, and identity theft.
We may not like to admit it, but we all think about it. We worry about what our lives will be like in our senior years. We worry if we will be able to both physically and financially maintain a home of our own. But when we worry about anything in life, we create a demand for someone to ease those worries. And where there is demand, there is a market.
One of the more promising concepts directly addresses one of the key concerns just mentioned, which is being able to physically and financially maintain a home, rather than going to a nursing home. Wanting to be able to stay in one’s home gave rise to the creation of in-home healthcare agencies to provide care to those wanting to stay in their own home.
Home health care agencies provide a valuable service to address any physical limitations of maintaining a home. This can be regular care, including general physical assistance with around-the-house homemaking, maintaining proper hygiene, health reminders for things like prescription medications, or even extra care needed for those suffering the effects of Alzheimer’s or dementia. These agencies can be especially valuable after a hospital visit by providing assistance for things like caring for wounds or sores.
Once again, though, where there is a need, there is always a market. And a significant need of the home healthcare agency market is protection. The fact is that it would be a financial impossibility for an agency to be able to provide a registered or certified nurse to every home, so those caring for seniors in their home are often people who have gone through non-standardized practice and testing in order to be able to do the job. This can create a compliance nightmare, especially amidst the constantly changing regulations in the healthcare market.
Additionally, the physical challenges of performing such a service opens the industry to workers’ compensation claims, and liability claims, while misunderstandings may hold the agency responsible for fraud and theft claims. Without protection, it can be difficult for a home healthcare agency to be able to afford providing great service at a reasonable price, leading to either subpar service or unaffordable prices.
For this reason, there is business insurance available for these agencies. The home healthcare agency can operate at the best of its ability without the worry of a frivolous claim putting them out of business, and patients can enjoy the best service at the best price.
It is important to be aware, though, that not all business insurance for in-home healthcare agencies is made the same. There are some key coverage gaps that these insurance companies need to be aware of in order to be fully protected. For example, worker’s compensation, general liability, and professional liability are fairly standard offerings, but they will not help you if an employee claims discrimination or wrongful termination. For this, you also need employment practices liability insurance. That’s just one of several examples of coverage gaps that exist if you don’t do your homework before purchasing insurance.
Because of this, rather than grabbing the first insurance for in-home healthcare agencies you can find, it may be advisable to contact an insurance agent directly to discuss the best rates available that will still cover these gaps and protect your investment in the agency.
Compare Insurance For In-Home Healthcare Agencies Rates and Coverage with WM Schwartz