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What is Care and Nursing Home Insurance?
Care home insurance is a flexible multi-section insurance policy which, at it’s simplest, can cover your Assets (Buildings, Contents and Stock), Earnings (Loss of Profits) and Liabilities (Employers, Public, Products and Medical Malpractice) under one single policy with a single premium and renewal date, reducing administration and thereby saving you money.
So what type of businesses can buy Residential Care Home insurance?
Any organisation which operates this type of business and has a CQC rating,
as it is virtually impossible to cover an unrated care home.
What does a Care and Nursing Home Insurance policy actually cover?
The basic policy will cover damage to your assets by a list of specified perils, including fire, lightning, explosion, aircraft, riot, vandalism, storm, flood, burst pipes, impact, theft and subsidence.
It can also be extended (and we would always recommend this) to include accidental damage. That way, you’d be covered if, for example, someone spills gloss paint all over your computer or accidentally broke a machine by knocking it over.
Once the core cover has been triggered, this will allow you to claim for loss of profits if you can’t trade.
The cover also includes Public Liability Insurance (in case someone enters your premises and slips on the floor), Employers Liability Insurance (as required by law, in case a staff member gets hurt in the course of their employment), Products Liability (in case something you’ve sold hurts someone or causes damage to their property) and Medical Malpractice (in case the wrong patient gets the wrong treatment).
The policy can be extended to cover damage to glass, loss of money and damage to goods in transit, as well as to cover terrorism, fidelity (cash by an employee), cyber and engineering breakdown.
How much does this type of insurance actually cost?
The cost of care and nursing home insurance depends on many factors.
The main factors considered include where you are based, what your business does, what sums need to be insured and what size the business is. We have clients paying us premiums in the range of £1,000 to £100,000 per annum.
Have a question?
Our team is
here to help!
One of our team will talk to you about your current circumstances in order to advise the best way forward. If you’d prefer to visit us at our offices in Tamworth, feel free to pop in! Just check our office hours on Google to make sure we’re open.
If you operate this type of business, you will employ staff and therefore you’ll need Employers Liability insurance. You’ll have patients on your premises so you’ll need to be insured in case they trip and hurt themselves (through your negligence, or alleged negligence) so that is Public Liabililty insurance and you’ll need to insure your assets too, especially if you’ve taken out a loan to purchase them. So yes, you do need it.
If you are the owner/operator of a nursing home and something happens which causes damage to the building (a fire or flood, for example) so you can’t trade then yes, you can be insured for lost fee income. However, this type of policy is aimed at the business owner, not the resident, so it unfortunately can’t cover the cost of the individual patients fees which they have to pay.
Claims. Simple as that. Whenever you read in the papers about a nursing home having abused a resident or given a poor standard of care you can guarantee an insurance claim will follow suit. Then there are the staff injuries often caused by lifting (or trying to lift) patients which result in time off work and an associated claim. Let alone that most of these types of businesses operate from older buildings which can be massively expensive to reinstate or repair in the event of a burst pipe claim for example.
Yes. And no. We are simply the broker, an intermediary charged with sourcing the best cover for you at the best price. However some of the niche insurers operating in this sector that we do work with do provide specialist enhancements to the cover such as care practitioner consultancy, specialist HR and HSE advice and PR crisis management. Ask us for more information.
Should you need to make a claim, make Prizm Solutions your first port of call. As your broker, we are here to help. If your call is out of hours, all insurers operate 24/7 claims lines, and we’ll inform you of these when you take out the policy.
At Prizm, we primarily deal with Lloyds underwriters for this type of risk, although the companies offering this insurance may change as the market changes.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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We’re here to assist you to put plans in place, to help provide you with some protection from those unexpected curveballs that can be a normal aspect of everyday life!
So, let us help you find the right cover for you.
01827 313 931
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