24 Sep, 2020
The care sector has been gradually facing a hardening insurance market as fewer insurance companies are prepared to provide cover. In recent months some of the main remaining insurers have withdrawn leaving the situation even more difficult. On top of this the insurance industry in general is seeing a sharp rise in premiums and a reduction in the cover they are prepared to offer. This is bad news for the care sector, already under pressure from the impact of Coronavirus.
Insurance companies are now more fussy than ever so if you want insurance for your care home to remain affordable and effective you need to make yourself attractive to the underwriters. One of the best things care businesses can do is to demonstrate a high standard of professionalism, risk management and a culture of ongoing improvement. ISO certifications are an ideal way of doing this as they are understood and respected by insurance companies.
If you run a residential or domiciliary care business being able to prove and explain to insurers that you are low risk could do more than just save you money it could make you insurable when many businesses are struggling to find cover or forced to buy cover that is not fit for purpose.