Money and Loss of Registration
The money covered under your policy will be defined by your insurer, and will usually include items like cash, bank notes, cheques, postal orders, postage stamps, national savings certificates, etc. Money cover is typically offered under an ‘all risks’ basis, meaning all losses—except those expressly excluded—are covered. This can include theft by employees or voluntary workers.
However, loss of money pales in comparison to the catastrophic effects of losing your care home’s registration. All care homes in the United Kingdom must register with their applicable regulator. Failure to register is illegal, and generates fines or even a prison sentence. Loss of registration cover helps regain profits lost due to your care home’s unregistered status. Policies typically only cover registration cancellation that is beyond the insured’s control.
Being responsible for the well-being of other people exposes your care home to a barrage of liabilities every day. One slip-up, as innocent as it may be, can seriously damage patients’ health. To cover this constant liability, insurers offer care homes several different liability policies, including:
- Employers’ liability is compulsory for all businesses in the United Kingdom with employees. It covers your liability for employees’ bodily injury or diseases generated by their employment. Your policy must cover you for at least £5 million and come from an authorised insurer.
- Public liability indemnifies you in the event of any third-party injury or property damage arising from the business. This cover is essential, as you will most likely have members of the public visiting their family members who are patients.
Business Success and Quality Care
You cannot tend to patients without being financially stable—administering quality care is contingent on achieving business success. Trust the experts at Inspire Insurance Services to provide you with robust insurance products and comprehensive industry guidance. Leave the success of your business in our hands—so you can continue delivering quality, life-improving care.