As a business that offers in-home care and housing or accommodation for individuals with disabilities under the NDIS, it is crucial that you understand the insurance landscape for the industry and can navigate this effectively to receive the necessary cover.
Learn more about the recommended insurance for NDIS home care service providers, as well as the 6 main insurance challenges to avoid.
Why The Right Insurance Is Important
The right cover is crucial for those offering disability services, able to act as a protective shield against the various risks and liabilities that your business may be exposed to. When providing care and accommodation services as a support worker, there are particular risks such as property damage, accidents, or lawsuits that may lead to a financial loss. Appropriate insurance will ensure you are protected in these circumstances.
Due to certain obligations imposed by the National Disability Insurance Scheme on service providers, the right coverage will ensure compliance. For general client safety and wellbeing, insurance coverage also demonstrates they are protected, and offers peace of mind to both yourself and your clients. This builds your reputation as a reliable provider and strengthens professional relationships.
The 6 Recommended Policies For NDIS Providers
1. Medical Malpractice and Professional Indemnity Insurance
This policy is a form of Liability Insurance which offers financial compensation in the event of loss due to professional neglect, error or omission that impacts a client. This is especially necessary for service providers as they have a responsibility for the wellbeing of individuals in their care.
2. Public Liability Insurance
Public Liability cover provides protection in the event of claims by third parties due to injury or damage that your business is found liable for. This may include a fall on business property, or accidental damage caused by business activities.
3. Management Liability Insurance
This cover allows business directors and managers to remain protected against claims and financial loss due to management-related risks. This is essential to mitigate the personal liability of those in management positions.
4. Cyber Insurance
For specialised coverage designed to protect NDIS service providers against the financial and reputational impact of a data breach, as well as to protect client confidentiality, cyber insurance is essential.
5. Commercial Motor Insurance
A Commercial Motor Insurance policy provides cover for a range of risks associated with the use of motor vehicles when providing services to individuals under the NDIS.
6. Property Insurance
Property Insurance cover protects your organisation’s physical assets, providing financial protection should they face any damage, destruction or loss. This is essential for financial security.
6 Insurance Challenges To Avoid
When navigating the insurance landscape as an NDIS service provider, it is important to avoid:
- Insurance Providers who do not understand what cover is relevant for your specific business, or the range of cover required.
- Incorrect classification of business activities which could see claims denied or inadequate coverage provided.
- Exclusions for abuse-based cover which could be Physical, Mental and Sexual in nature.
- Exclusions for property damage to housing or accommodation, as there is a high risk of these claims.
- Exclusions for clients with a known history of issues, involving dangerous behaviour.
- Inbuilt or additional exclusions such as Care Liability for individuals under 18 years of age, for which some Insurers do not offer cover.
This is an evolving area of Insurance with many variables. The risk profile is such that each risk needs to be carefully assessed and underwritten.
A good Broker with expertise in this space will:
- Place you with the right Insurers and ensure an adequate outcome is delivered.
- Provide some risk management insights that you can institute into your operations to potentially make you more attractive from an insurance perspective.
Ensure You Can Continue Providing Necessary Care With Atlantic Insurance
At Atlantic Insurance, we are dedicated to providing a wide range of relevant cover with tailored insurance products and advice to suit your specific requirements. With over 30 years of experience offering insurance for care services, we have a strong understanding of the industry and commonly associated risks.
Ensure your business is protected so you are able to continue providing care in the face of misfortune. Contact us today to begin discussing your insurance needs and receive a quote.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.