CARE HOME INSURANCE FROM FINCH PART OF ETHOS BROKING
Finch Insurance specialises in the care home sector in all its guises, from residential and nursing care homes and supported living facilities to dementia care homes and homes for young adults and children’s services together with specialist care homes for people with acquired brain injury, learning difficulties, mental health, and hospice care.
At Finch Insurance we take the time to fully understand our clients needs in order to mitigate their risks in a sector that has proved resilient in a post pandemic era. We broker insurance for new entrants to the care home sector in addition to supporting the multi-site independent and corporate care home providers.
Finch Tips for Preparing your care home for its insurance application and/or renewal
- Annually take time to review your current policy, including what it covers, any exclusions and any excess.
- Consider how your care home property and business needs may have changed since the last time your insurance was renewed. It may be that the property has been refurbished or you have had a new lift shaft or property extension. It may be that you are about to start on a new development within the grounds of your care home offering a new caring activity such as a residential day centre or retirement living units.
- Your care home may have updated its equipment or upgraded its digital services.
- Carry out an onsite property assessment to provide extra assurance around the safety of your care home for your staff and residents in addition to your visitors. These can include fire risk assessments and health and safety risk assessments.
Why should the assessment be carried out? To reduce the risk of injuries and to help demonstrate to potential new insurers how well you manage your business.
Risk assessments are carried out within a care home setting as part of the KLOEs by the care home provider or external specialist consultants. Reviewing the feedback from these assessments and evidencing this with an action plan all support the mitigation of insurance risk.
- Are your care plans and other procedures digitised with a greater overview of the care home service? Maintaining accurate records, protecting your staff, residents, and data all form part of risk mitigation and support the care provision with its insurance, whether as a new entrant or experienced provider.
- Evidencing fire and safety inspections and reporting the findings together with implemented action plan are questions raised as part of the insurance review process and are not purely a requirement of the Regulator, for example, the Care Quality Commission.
- Consider installing CCTV in public areas, ensure regular testing and maintenance of alarm systems, regularly review with external and internal experts for safety requirements.
- Ensure adequate and appropriate lighting. Care home owners continue to follow innovation in this regard as increased adoption of ESG measures grows.
- Having a dedicated safety champion ensures well documented and practised safety procedures and policies, emergency response and safe environment.
- Are your health and safety procedures up to date and action plans implemented?
- Evidencing daily staffing needs and action, with digitised care rotas the norm these days, ensures the relevant level of staff to resident ratio and mitigates risk to staff and residents.
- Provide up to date and accurate information when completing your next care home insurance renewal. Having the appropriate records to hand for data collation makes the insurance renewal process run smoothly.
Speaking to an expert care home insurance specialist at Finch at the start of the insurance process about your insurance needs can act as a guide, reviewing your current care home insurance and offer the appropriate recommendations.
The location of your care home and the type of care service offered will have a bearing on the level of your insurance cover.
Types of care home insurance covered by Finch
Public Liability Insurance
Employers‘ liability insurance
Buildings and Contents insurance
Professional Indemnity Cover
Additional insurance examples
Directors and Officers
Equipment breakdown cover for owned assets