As improvements in modern medicine increase, so does the aging population. This increase in the elderly population creates more of a demand for home health care and other types of social services. As your social service business grows, it needs to be able to protect itself with the proper insurance coverage.
What types of insurance should a home health care business have? First of all, there are some general types of insurance that all businesses will need. All companies should have a general liability policy for any accidents that happen on the premises or as a result of daily operations of running a business. An example includes slips and falls due to inadequate housekeeping.
In addition to regular business operations, there are exposures of a typical patient care business. An example of this type of exposure could include a patient having an unforeseen allergic reaction to a medication prescribed by a doctor. Furthermore, home health care has some specific exposures that not all patient care businesses have. One of the specific risks comes from risks of field operations. Working at other people’s homes, clinicians have limited equipment and limited people to work with. Also, as an employer, you run the risk of not having supervision over your employees. All of these examples are risks for which your company needs the proper coverage.
In addition to general liability insurance, you should have a professional liability policy to protect your business. This coverage will protect your organization in the event of a malpractice or negligence by your employees. In addition to professional liability coverage, you should have a workers’ compensation policy to protect employees. Employees can just as easily slip and fall and injure themselves due to inadequate housekeeping. Furthermore, as a home health care business, you do not always know the types of environments your employees are entering into by going to other people’s homes. In this situation, having workers’ compensation coverage is critical.
Lamb Financial Group can help you learn about the insurance coverage your social service business needs. Contact us or call 866-481-5262 to speak with an insurance professional.