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Aged care insurance blog

Understanding Aged Care Insurance: A Comprehensive Guide for Facilities

Aged care facilities can be exposed to various risks and exposures that other types of businesses are not typically encountering. Operating aged care facilities, especially those that are not-for-profit require you to undertake appropriate insurance. With so many policies available, finding timely coverage that meets your specific requirements can be challenging. While not-for-profit associations and others operate aged care facilities, others are run by large companies, aged care insurance has unique scenarios and risks that only some insurance providers understand. For over 25 years, Atlantic Aged Care Insurance focused on providing comprehensive, affordable insurance that minimises risks and manages exposures.

Essential Insurance Considerations for Aged Care Facilities

Aged care facilities can be exposed to various risks that other industries aren’t. With a duty of care to their residents, aged care facilities have a range of insurance policies that should be considered to ensure minimal business interruption while providing positive outcomes for residents, staff, and visitors.

Liability Insurance

Several policies must be considered when selecting the appropriate cover for your aged care business.

1. Medical Malpractice Insurance

A range of services are provided by aged care providers; inherent in this is the risk of medical malpractice. In the event of an alleged act of negligence related to dispensing medication or providing medical services, having malpractice Insurance coverage can alleviate stress.

2. General Lialibility Insurance

This insurance policy covers you against allegations of personal injury or property damage that could arise from your negligence. With the range of visitors to facilities extending to include contractors, family members, residents or any other members of the public, there is a significant risk of personal injury from slips, trips, falls or accidents in any areas or in connection with the provision of aged care services.

3. Professional Indemnity Insurance

This risk is high alongside medication management and a wide range of other patient care services provided within Aged Care. This insurance protects against claims of professional indemnity, negligent instruction, recommendations, or errors in advice.

4. Management Liability Insurance

Directors, Officers, Board Members, key people, and employees benefit from this type of insurance. A policy response may be triggered about claims of a negligent act, allegations, or substandard levels of care. It can even cover harassment claims by employees against others within your organisation.

Other Policies

Workers Compensation Insurance

All employees within aged care facilities benefit from Worker’s Compensation insurance as it provides coverage if anyone experiences an accident, injury, or illness while at work.

If your workers experience an event that leaves them injured or ill, this cover will compensate for any medical expenses or rehabilitation needs. This policy will also ensure that any wages will be covered if or while the worker cannot continue working for some time. Head to WorkSafe Victoria to learn more about registering for WorkCover Insurance for Victorian businesses.

Voluntary Workers Insurance

Most Aged care facilities benefit from many volunteers performing unpaid work and various other services on their behalf. This cover will assist in the case of accident or injury of these people should anything occur while they work for the facility. This is an essential consideration as aged care providers often rely heavily on volunteers, and this policy will ensure that you can look after them should anything happen to them.

Why you should use an insurance broker for aged care insurance

The aged care industry has unique Insurance needs and facilities, their boards and key personnel do benefit from bespoke advice provided by Insurance Brokers that have experience specific to this industry segment. By conducting an in-depth analysis of your facility, the Brokers at Atlantic Aged Care Insurance can provide a thorough risk assessment to ensure necessary exposure coverage and offer a personalised Insurance Program. Working with the right Insurance Broker is the safest way to guard your aged care business. These Brokers understand the impact a claim can have on your Business, your staff, your employees and ultimately your residents.

Reliable Aged Care Insurance with Atlantic Insurance

Atlantic Insurance Brokers offers high-quality insurance care, having supplied reliable, customised insurance solutions to Aged Care businesses since 1995. Our reliable Claim Handlers and Assessors work to expedite your claim and return you to your pre-loss position as soon as possible. We make an effort to better understand the best course of action to develop a tailored Insurance Plan by meeting you physically rather than speaking over the phone.

With relevant background and experience working with Aged Care providers, Atlantic Insurance understand the uniqueness of each facility. Atlantic understands the importance of efficiency in claim handling to minimise the impact on the facility, its staff, and residents. Contact us at (03) 9059 1910 to receive an insurance quote today.

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.

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