When Debbie left the home care office last Monday, she was looking forward to an afternoon with her favorite senior, Mrs. Smith. Instead she slipped on the kitchen floor while cleaning up after lunch and broke her arm. Fortunately, her employer had the foresight to protect both the business and herself by purchasing an insurance policy suitable for that business' needs, including employees injured on the job. By facing the risks associated with your home care business, assessing all your particular insurance needs and understanding the complete range of coverage available, you'll be assured you are purchasing a policy that will cover you if something unfortunate happens. Keep reading for some tips on purchasing insurance for your home care business:
Check Legal Requirements Locally
Even though you will not be offering medical services to the seniors you serve, there are usually safety and security issues involved in entering private residences and spending time with the elderly in their. Each state imposes its own particular requirements for business insurance coverage. All have basic minimum coverage requirements, but these minimums are different from state to state. If you have franchises in multiple states, check the requirements in each one by contacting the State Insurance Commissioner's office for this information.
Assess Your Business' Needs
Some business owners unwisely decide to save money by enrolling in the minimum amount of insurance coverage they can legally carry because it is the least expensive. This is a poor choice, as one claim that cannot be covered by your insurance has the potential to put you out of business. Instead, you should assess your business' needs accurately and realistically. Each franchise's needs differ based on many factors including the services your business will be providing, the numbers and types of employees you will hire and the various risks associated with the business' daily functions.
Shopping for Insurance
Speak with several insurance agents or brokers to gain a complete understanding of all their plan offerings to see which will best suit the needs of your senior care business. Get multiple price quotes on these plans. Don't hesitate to ask in-depth questions and shop around. Take the time you need to find the best policy for your needs.
By covering your non-medical home care franchise with a well-researched and all-inclusive insurance policy, you have financial and legal protection should any claims ever arise. With this coverage, your home care franchise can survive accidents, damage claims and other emergencies while continuing to offer excellent care to your seniors.
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