Home Healthcare Provider Insurance

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Being a caregiver to vulnerable people, such as those with a disability or the elderly can be a very daunting job with a lot of risks. As such, home healthcare providers are highly susceptible to various unfortunate incidents.

Without an insurance policy in place, if an accident takes place - whether to yourself or to one of the people you are taking care of - you could end up in financial and legal trouble.

For that reason and more - getting home healthcare providers insurance is a great idea as if an accident were to occur - the insurance company will take care of all the associated costs.

How Much Does Home Healthcare Provider Insurance Cost?

Nearly every healthcare provider pays a different sum for their insurance. This is because the premium of your insurance will vary depending on the people you work with, the state you’re in, and the level of cover you want to get.

General liability insurance is one of the most popular policies for home healthcare providers. It provides cover against third-party injuries and property damage. The average home healthcare provider in the U.S. pays around $30 per month or $360 annually.

If your business employs staff, you need to take out worker’s compensation insurance, which will cost you around $60 per month or $720 per year. This insurance will provide your staff with cover in case they get sick or fall ill at their place of work. The insurance company will cover any medical bills, hospital fees, and lost wages that may result from the accident.

Home healthcare providers need to protect the personal data of both their employees and patients at all times. Cyber liability insurance assures coverage for lawsuits that may come out of cybersecurity data attacks. The cost of this insurance is around $300 per month.

Allegations of negligence or even medical malpractice are not uncommon for healthcare professionals. And without insurance, you could be held liable. Professional liability insurance will provide you with the necessary financial cover in case you are held liable.

If you use a company vehicle to travel to your patient's homes, then commercial auto insurance will be necessary. You can expect to pay around $200 per month for this level of cover, which will protect your, your staff, and your company vehicle in case of a road accident.

What Types of Insurance Do Home Healthcare Providers Need?

Typically, there are several insurance policies available to home healthcare providers. Various factors such as the level of cover you want to take out, the state you operate out of, and the services your business provides will determine the insurance you need.

Please take a look below for a more detailed overview of the best insurance policies popular amongst home healthcare providers in the United States:

Why Do Home Healthcare Providers Need Insurance?

Home healthcare providers provide essential care to those who need it. From elderly people to the disabled - being a caretaker is challenging and difficult at the same time. Not only that, but if an accident were to happen, that could land you in legal and financial trouble.

For instance, if you give the wrong medication to one of the patients you’re taking care of, and that leads to a decline in their health, they can sue you for negligence and medical malpractice. And if you don’t have insurance and are found to be guilty - you will have to pay for all the costs involved out of pocket.

In other cases, if you get into a road accident while traveling to a patient's home and don’t have the right insurance in place - you’ll have to pay for all the costs involved. Were you to have the necessary insurance, the insurance company would have paid for everything to resolve the issue.

In other cases - home healthcare providers are simply not allowed to serve the public unless they have a certain level of insurance in place. In other words, they need it in order to work and conduct business legally.

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