There are many kinds of businesses operating in the care home sector. These can include homes for the elderly, children’s homes, residential and/or day centres for people with learning difficulties, hospices, supported living facilities, and so on. This means there’s no ‘one size fits all’ insurance policy for every type of care business.
Getting the best insurance cover requires careful consideration of the specific needs of the business, so here are our top tips on getting the right policy:
1. Identify your risks: a risk assessment will identify areas where you may have exposure that could lead to a claim. Knowing what these risks are will help you find an insurance policy tailored to your business that provides appropriate cover.
2. Research insurance providers: research brokers and insurers that specialise in providing cover for care homes and have a strong reputation in the industry.
3. Compare policies: once you’ve identified potential insurance brokers and providers, compare your options to find the best solution for your business.
4. Review the policy exclusions: make sure to review the policy exclusions carefully and ask questions if anything is unclear.
5. Consider additional covers: depending on the specific needs of your home, you may want to consider some of the additional cover options we’ve looked at in this article.
6. Work with an experienced insurance broker: a reputable independent insurance broker, such as Alan Boswell Group, can help you navigate the insurance market and find the best cover for your needs. They will also do the hard work for you by identifying the cover you need and searching the market for a suitable policy.