Insurance for the Aged Care Industry
Business Insurance Specialists is an insurance provider for the Aged Care industry. From an insurance and risk management viewpoint, we can be your holistic risk and insurance broker.
With the challenges and increased regulatory requirements that has arisen from the recent Royal Commission into Aged Care, the flow-on effect has meant that Aged Care businesses have an unprecedented focus and impact being placed upon your compliance levels, management and overall workforce, income models, profitability and expenses.
Residential Care due to an aging population and the difficulties that older family members have staying at home, enjoying their previous way of life, and having access to all modern-day essentials, is becoming a common option for the older persons in our society. Services such as a registered nurse on-site, qualified and caring staff plus visiting health professionals, and with arranged activities, allows the older members of our community to live a happy life with dignity in their later years.
Proactive risk management combined with a quality insurance programme can ensure that the risks involved in op coverage will help to relieve the pressure and risks of running an aged care operation.
Business Insurance Specialists can provide professional insurance and risk management advice for Retirement Village, Nursing Homes, Allied Health Care, Residential Care facilities and Aged Care homes.
Types of insurance for these businesses can include:
- Material Damage
- Business Interruption
- Professional Indemnity
- Management Liability
- Workers Compensation
- Cyber
- Crime
- Equipment Breakdown
- Liability
- Professional Indemnity
Major Aged Care providers
The major Aged Care providers in Australia are:
Industry experts are suggesting that consolidation will continue to occur throughout the industry, as regulatory and compliance burdens continue to escalate and pressure margins.
Risks within the Aged Care Industry
There are multiple areas of risks within the Aged Care sector. The level of regulation is very high, however, as a business heavily involved in dealing with people between the workforce and the residents staying at the facilities, we see this as important area to focus on.
Some of the potential exposures arising from professional advice which exemplify the risks at play include:
- Failure to adequately supervise residents in care
- Allegations of abuse - which can potentially emanate from restraining or punishing an unruly resident.
- Failure to perform appropriate employment checks
- Breach of privacy
- Food poisoning outbreaks
- Lack of infection control
- Failure to provide medicines and allow for known medical conditions
Summary
For a review of your Aged Care insurance needs, please contact Business Insurance Specialists.