Assisted Living Facilities Insurance in Newfoundland and Labrador
The home health care industry in Canada is growing every year. While the population continues to age, the need for assisted living, nursing care, and home health care services, becomes more and more urgent. As more businesses develop to meet these needs, they will require special insurance and effective risk management, if they want to prosper. This means that an insurance policy for a business may not be enough. Take the case of Audrey M for example.
After Audrey went through a terrible ordeal with her mother, she decided that better home care services were needed, so she started one of her own. With just a few employees, she provided valuable non-medical services to the local elderly. They offered help with personal hygiene, light housework, companionship services, and business was very good. In fact, Audrey felt a great deal of satisfaction from the services she was providing her community.
One day, a worker fixed lunch for a client and later left. However, she somehow forgot to turn off the burner on the stove. As a result, a small fire started in the kitchen. Fortunately, a neighbor saw the smoke and was able to remove the elderly person from the house unharmed. However, the house was virtually destroyed.
Audrey only had a small business, but sought out the expertise of an insurance broker before starting her business. She was so happy she made this important business decision. Her risk management professional provided her with a custom loss prevention package. This one decision saved her business and today she services over 40 clients in her area.
Who Needs Assisted Living Facilities Insurance?
There are so many things that can happen in the home health care industry. Your insurance will protect you against damages and possible law suits you may encounter. It can make the difference between failure and success, and covers everything from your business property such as your building and business contens, commercial vehicles, professional and General Liability Insurance.
If your company takes care of the elderly or disabled, you need a custom pollicy to protect you. These businesses need coverage:
- Home health care - even if you only run errands and do laundry for the disabled and elderly, you face a number of risks.
- Adult daycare or foster care
- Home physical therapy services
- Companion services
- Home elderly services
- Assisted living facilities
- Full-time nursing care facilities
What's in a Standard Personal Care Homes Insurance Policy?
A standard policy will depend on the kind of services you offer. You may have several coverage options available that you are unaware of, and a trained risk management expert is there to show you all the available options and explain their importance. Here are some options you may need:
- Commercial Property Insurance - Will provide cover for your business property such as your buildings, business contents, tenants improvements
- Commercial Auto Insurance - Whether you use your own car or a fleet of vehciles to get the job done, Wedgwood Insurance Limited can find the right coverage for you to protect your buisness from liability, bodiliy injury, comprehensive and collision coverage and more.
- Business interruption - covers the loss of revenue your business will suffer if you are shut down after a loss.
- Bailee's coverage - coverage on property entrusted to the insured for storage - most facilities allow residents to keep their belongings on the premises. Bailee's coverage protects these things from theft or damage.
- Flood and Sewer Backup Insurance
- Fidelity/crime insurance - this protects you against employee theft, dishonesty, or destruction of other's property.
- Abuse Liability insurance - if someone claims abuse, you could be dealing with a major lawsuit and huge legal expenses.
- Errors and Omissions Insurance - provides coverage for errors, omissions or negligent acts arising out of the professional services you provide to others
- Directors and Officers Liability Insurance - Directors and officers have a duty to excercise due diligence in overseeing the management of the organization they serve. A directors and officers liability insurance policy will protect your directors against allegations of fraud and misconduct made against them.
Getting the Best Possible Nursing Home and Assisted Living Facilities Insurance
Your business in Newfoundland and Labrador is an important part of your life and you should not trust your financial future to a single insurance policy. Wedgwood Insurance Limited offers complete risk management services with your insurance. We are here to help you select the right kind of coverage and show you how to lower your business risk factors.
We help you with important services like legal advice and counseling. We are there to make sure you understand how to fully protect your business and your future. In addition, you can be assured of the best possible Adult Foster Care Insurance coverage at affordable rates, because we are an independent agency and we do business with many top rated insurance companies. Why not give us a call today at 753-3210? If you are not in the area, call toll free 888-884-4253.