Home Healthcare Provider Insurance
Caring for our elderly and most vulnerable population is critical job, one that can be both personally fulfilling but also extremely challenging. If you own a home healthcare business, you are well aware of the challenges and risks your healthcare providers must cope with as they ensure that the individuals under their care are safe and healthy.
Just as your employees ensure the health and welfare of their patients, you must ensure the financial health of your home health care business. Small business insurance will protect you and your business from financial damage stemming from a lawsuit or an unfortunate accident.
Understanding the unique risks home healthcare businesses face can be challenging. We recommend working with an independent insurance agency who can help you develop the appropriate insurance policy to protect your business. And because an independent insurance agency like Sungate Insurance Agency works with a variety of local and national insurance companies, we can shop around on your behalf, comparing quotes to ensure that you get the right policy at the best possible price.
Types of Home Healthcare Provider Insurance Protections
The type of protections you require—and the cost of your specific policy—will depend on a number of factors relating to your home healthcare business. These factors can include:
- The specific home healthcare services your business provides
- Whether your business maintains office space, medical and computer equipment, and other property required to run your practice, as well as the location of that space
- The size of your practice in terms of annual revenue
- The size of your practice in terms of number of employees
Business Insurance Coverages
Generally speaking, a truly comprehensive insurance policy for home healthcare providers will include a mix of standard business coverages and specialized policies unique to the healthcare industry. Depending on how you operate your specific business, you may want to consider a policy with the following coverages:
- Business Owners’ Package (BOP): Some combination of general liability and commercial property insurance contained in a BOP may be required if you maintain an office. This will protect you if your business property, including office space and medical records, are damaged or destroyed by accident or fire. Most insurance agents will also recommend that you purchase additional flood insurance to protect your property in the state of Florida.
- Business Income protects from financial loss in case your business must temporarily close or you and your staff cannot treat patients due to specifically-covered property damage.
- Worker’s Compensation: If you employ four or more full-or part time employees, you are required by Florida law to carry Worker’s Comp, which will pay medical bills and lost wages to employees who development an occupational illness or are injured on the job.
- Commercial Auto Insurance: If you own or operate a vehicle for business purposes, Florida law also requires that you carry commercial auto insurance.
- Medical Malpractice Insurance (also called Professional Liability/Errors and Omissions Insurance): While Professional Liability insurance is recommended for any business providing a critical service, it is especially important for home healthcare workers. It will help protect against financial loss stemming from a lawsuit specifically relating to the advice and treatment you provide to your clients while caring for them in their homes.
- Data Breach/First-party Cyber Liability: Because your business deals with sensitive medical information about your clients, including data such as social security numbers, health insurance policies, and credit card numbers, you may want to protect yourself in case of a data breach. This coverage can include covering the costs of notifying patients and paying HIPAA fines.
Knowing the risks you face as a home healthcare professional can be challenging. Working with an independent insurance consultant like Sungate Insurance Agency can help ensure you have peace of mind with the right insurance protection at a price you can afford!
Need Help to Review Your Insurance Policies? Contact Us.
SunGate Insurance Agency Coverage
Home Insurance, Auto Insurance, Health Insurance, Group Insurance, Property Insurance, RV Insurance, Renters Insurance, Event Insurance, Insurance Bonds, Life Insurance, Business Insurance, Workers Comp, Flood Insurance, Umbrella Insurance and more!
Located in Lake Mary, Florida (serving clients Nationwide and locally in Orlando, Maitland, Heathrow, Longwood, Windermere, Kissimmee, Orange County, Seminole County and surrounding Central Florida areas.