What insurance do I need?
A big question for many of our potential franchisees when starting the discovery process is “what kind of senior care business insurance will I need?” This is a great question. The answer can sometimes seem a bit confusing. Finding the right senior care business insurance for any and all scenarios can seem like an incredibly daunting task. Fortunately, our process makes the whole ordeal super easy and straightforward. We help you every step of the way and will ensure that your new business is fully covered for every situation. We even have a licensed business insurance agent who specializes in senior care business insurance. Our consultant will provide one-on-one guidance for you as you weigh your options.
So let’s talk insurance. Two main forms of insurance policies are included in the cost to own a franchise: general liability and worker’s compensation. A general liability insurance policy will cover the most common claims that could be levied towards your business. This includes things like customer/client injuries and damaged property. This coverage is an important part of senior home care business insurance because of the very human component of providing hands on care.
Examples
For example, a caregiver gets into a car accident on the way to their shift and while a replacement caregiver is being sent, the client falls and breaks their hip coming down the stairs. Your general liability insurance will cover the claim made by the client, if they choose to pursue one. This type of insurance policy also has a theft provision with a minimum of $100,000 coverage. It’s an ugly topic, we know, but as mentioned above, caregivers are human and sometimes make poor decisions. It’s important to note and for you to accept that emergencies happen. For example, children get sick, cars break down and caregivers will miss or be late to shifts. It will happen and this type of insurance covers the things that a business owner cannot control. Also, take comfort knowing that if you follow our hiring process and truly implement 2nd Family’s Grandma Guarantee, these types of occurrences will be ultra-rare (almost non-existent).
Worker’s compensation insurance will likely be the most expensive policy you will have. Worker’s compensation insurance will cover any injury that occurs during a caregiver’s shift that requires medical attention to treat. For example, a caregiver is helping a heavy client out of bed and into a wheelchair and strains their back causing intense pain and limited mobility. Or in a more unusual scenario, the client’s dog bites a caregiver or a client battling dementia forgets why the caregiver is in their house and becomes combative. If the caregiver seeks medical treatment, your worker’s compensation insurance will come into play. The key to worker’s compensation is the medical treatment. These claims are also very rare but are usually straightforward when they are submitted.
A Rare Thing to Use
As is the case with most insurance, you will very rarely ever need to use your senior care business insurance. Have more questions about what types of insurance a 2nd Family franchise will require? Click the link below and schedule some time on our calendar to chat. Also be sure to check out our website for some great videos to help you learn more about the ins and outs of starting and successfully running a senior home care business.