Home health care businesses provide many types health care services including speech therapy, nursing services, physical therapy and other services. Patients range from elderly to children and adults recovering from an illness or injury. Due to your type of business, home health care includes a wide range of risks, many associated with the health and safety of your patients. Any mistakes made while providing health care services could lead to a lawsuit. Other risks include accidental damage to the patient’s property while assisting them, getting into a vehicle accident while driving to or from the patient’s home and even liabilities with your business property. Home health care business insurance helps protect your home health care business from these and other risks.
Types of Home Health Care Business Insurance
There are a variety of types of insurance policies for home health care businesses. When choosing insurance, consider all your risks including probable and the more uncommon risks. Here are the most important insurance types for home health care:
General liability is a very important insurance policy to have for your home health care business. It will cover premises liability and completed operations. Premises liability is protection against any accidents or damage caused on your business premises. Thus, if a patient visits your home health care office and slips and falls, the resulting medical or legal costs are covered by general liability. Completed operations will help cover any liabilities relating to the services you provide that are not covered under professional liability insurance.
Professional liability insurance is one of the most important policies for home health care businesses. It will cover any professional and liabilities, such as being the cause of an injury. According to your professional liability policy terms, mistakes made while caring for the patient may be covered under professional liability. An accident while transferring the patient from their bed to a wheelchair or malfunctioning medical equipment are examples of things you can be liable for. With professional liability insurance, you won’t be financially responsible.
Home health care requires driving your own vehicle to the patient’s home each day, and you may be visiting multiple clients every day. This puts you at risk of collision, theft and vandalism. Business auto insurance includes coverage for vehicle damage, bodily injury, theft and vandalism if you choose to add this type of coverage. For instance, if you get into a vehicular collision on the way to a patient’s home, any damage to your vehicle or others involved are covered by business auto. Theft coverage is a good idea because you might be storing expensive medical equipment in your car or van and if it is stolen, it can make a big dent in your business income.
You also need to protect your business property and contents from damage caused by unexpected events. These events are often unpredictable, such as a flood, fire or natural disaster. The damage caused could be protected, as business property insurance helps you make necessary repairs and replace anything that was damaged.
If you have employees working for your home health care company, they should be covered by workers’ compensation insurance, which is another important home health care business insurance to have. Employees in the home health care business are at risk of work-related injuries, such as back or shoulder injuries, and need this coverage. If a work-related injury or illness occurs, workers’ comp step in and helps cover medical costs and recovery as well as lost income. If an employee is taking care of a patient and they hurt their back while moving the patient, their medical bills are covered by workers’ compensation.
Home Health Care Crime Insurance
All businesses are at risk of crimes, including home health care organizations. You are at risk of theft of money or supplies, getting medical equipment stolen, or vandalism of your business property and contents. Protect your business from such crimes with crime insurance.
Do your research and learn everything there is to know about home health care business insurance and your expected risks. By protecting your home health care business, you can avoid financial struggle if an unexpected event occurs.