Insurance for Aged Care Facilities
Insurance for Aged Care Facilities that will protect your business and your patients
Insurance for Aged Care Facilities
Insurance for Aged Care Facilities that will protect your business and your patients
Important Insurances an Aged Care Facility Should Consider
The right Aged Care Insurance policy ensures that you have peace of mind knowing that if you ever need to make a claim, or have a claim made against you, you won’t have to worry about how it will impact your finances, or your reputation.
Because of the operation’s potential size, scale, location,, the public liability risk is significant. Aged Care Facilities can have a constant flow of visitors to and from the premises in potentially greater numbers. There’s an added risk since the clients are generally handicapped.
Claims for actual or alleged sexual abuse, sexual harassment, intimidation, molestation, and indecent exposure are not standard and must be requested to be added to your insurance. There are just a few insurers who will provide this coverage, and it comes at an additional charge.
Claims of negligence or wrongdoing expose aged care facilities to enormous risk which can have severe reputational and financial ramifications. Inaccurate professional advice or neglect can potentially result in significant bodily harm, illness, and financial loss to your clients, and as a result, to you and your aged care business.
A tailored and specialised policy will protect you from claims of malpractice.
If an insured event were to occur, such as a fire, finding an acceptable replacement location is difficult because of the particular size requirements. It would also be very expensive.
Your Aged Care Business should have a contingency plan in place in the event that the site is seriously damaged and that other alternatives have been found to minimise income loss and the possibility of residents moving while the property is being repaired. Business Interruption can pay for the temporary accomodation, and increased costs associated that are incurred after an insured event.
Theft in an aged care faciliity can come in many different forms. From theft of medications, clients personal belongings, internal employee fraud, and theft of any cash left on site. There are multiple insurance options to protect against theft, but ultimately, having procedures and methods in place to prevent theft is recommended.
Property Insurance can cover your physical and tangible assets such as buildings, equipment, furniture against natural perils such as fire, storm, flood, vandalism, glass breakage etc.
Contact us to discuss your Insurance Program
What Does Public Liability Insurance Cover?
How Morgan Insurance Brokers can help your Aged Care Business
INSURANCE FOR AGED CARE FACILITIES
Insurance policies have different benefits and coverage. It is important to understand what each of them offers in order to find the right one for your needs.
The benefits of having comprehensive Aged Care insurance are:
– You can avoid financial problems
– You will be able to receive the money you need when you need it the most
– A professional Insurance Broker to guide you through the claims process
Morgan Insurance Brokers can aid in sourcing, negotiating and sourcing a competitive insurance package for your business.
