Insurance can be a tricky subject to navigate, especially if you’re busy running a domiciliary care business. Sometimes it’s easy to end up basing your expectations of what your insurance should cover based on things you’ve heard rather than your policy documents.
At Everywhen, we want to clear up any misinformation, so you know the facts of your policy. Here, we look at some of the most common myths and truths that have cropped up in domiciliary care insurance.
REALITY: The truth is, insurers can’t quote for domiciliary insurance using policy schedules, as they don’t have up-to-date information or any of your claim details. That’s why insurers need you to get in touch with your details – the more information they’re given, the more accurate and relevant your policy will be.
REALITY: It’s important to understand that insurance policies are largely based on risk. Depending on your business’s activities, you may face more risks than another domiciliary provider – for example, if you carry out nursing activities or if you look after service users with more complex needs. So, insurers need to know what kind of activities your business undertakes and how often, in order to provide a relevant policy.
REALITY: If you have a new director heading up your organisation, you actually do need a new policy. This is because the new director is considered a new insurance risk, and insurers need to understand any possible changes the new owners are looking to implement – these changes might be to make the business grow or run more effectively.
REALITY: If you are just getting off the ground, insurers will need to see your supporting documentation. They need to understand and to accept that the business will be a success, and that it has a solid foundation to grow. That’s because, in the past, people have started a domiciliary care business and stopped trading within a few months, which means the insurer loses out financially, too.
This information contained in this article is for general information purposes only. It does not constitute legal or other professional advice and cannot be relied upon as such. Should you have any queries, we recommend that you consult the appropriate professional adviser. The links provided in this document are for reference only. Please note that we are not responsible for the content of any linked site.
