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What Is Care Home Insurance?

According to recent reports from March 2021, there are over 17,600 care homes in the UK. Around 70% of these are residential settings, while nursing homes make up 30% of the total number of care homes across the country. 

For any establishment across the UK that is responsible for the pastoral needs of patients, it’s important to take out the relevant care insurance.

If you’re unsure of exactly what insurance policies are available to you and which ones will provide you with the maximum cover at a price you can afford, we’ve put together some helpful information to help you make the right choices when taking out insurance policies for your care home.

What does care home insurance cover? 

One of the main types of cover which your care home will need is Public Liability insurance. This essentially covers financial claims that may be made against your business by members of the public. Particularly in care homes, it’s important to consider any injuries or accidents that may occur. If a member of the public is injured in connection with your business, they could be entitled to claim a lot of money.

Another important type of cover for care homes is Medical Malpractice Liability. An act of medical malpractice can occur from a medical professional’s failure to diagnose a patient correctly, administering incorrect treatment or treating the patient without the patient’s consent. As care home practitioners often have to monitor medication taken, this is a vital insurance policy to take out.

Is care home insurance necessary? 

Absolutely. Whenever you have the care of patients or staff members in your hands, having the relevant insurance is paramount. If an unexpected legal claim suddenly comes your way, the correct insurance can protect you from hefty payouts, which could be detrimental to the smooth running of your practice.

 

What is the cost of care home insurance?

There is no one-size-fits-all answer for this question because every insurance policy differs from the next, just as every establishment has different considerations. The cost is also largely dependent upon the number of residents or patients you are housing and whether buildings and contents cover is included in your chosen policy. 

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