Coverage For Your Hospice Practice
What type of coverage do I need for my Hospice Practice Business?
Whether you are starting a new hospice practice or ensuring you have the right policies in place, it is crucial to understand the types of coverage needed to protect your business. Here are the main types of insurance coverage you should consider for your hospice practice.
What is Professional Liability (Malpractice) Insurance?
Professional Liability Insurance, also known as malpractice insurance, protects the company and its providers for the professional services they offer. In a hospice setting, this coverage can vary significantly and is often tailored to the specific needs of the business. It usually comes packaged with other types of coverage, ensuring comprehensive protection against claims of professional negligence.
Why is General Liability Important?
General Liability Insurance, often referred to as “slip and fall” coverage, protects your hospice practice from claims of bodily injury or property damage that occur on your premises. This type of insurance is typically included in the Professional Liability policy, providing an extra layer of protection against common risks.
Who Needs Hired and Non-Owned Auto Liability?
If your employees or contractors use their personal vehicles for work purposes, such as traveling to a patient’s residence or running business errands, Hired and Non-Owned Auto Liability Insurance is essential. This coverage protects your hospice practice from liability claims resulting from accidents involving personal vehicles used for business purposes. However, it does not cover the driver or the vehicle itself; additional insurance would be needed for those.
What is Sexual Abuse and Molestation Coverage?
This type of coverage is often required by states and Medicare. It protects your hospice practice from claims of sexual abuse and molestation. Depending on the insurance carrier and how the coverage is structured, it can be purchased as a standalone policy or added to your Professional Liability policy.
Where Should Property Insurance Be Applied?
Property Insurance covers business property located at your central office hub and can also cover some property in transit, if written correctly. This insurance can be customized based on the specific needs of your hospice practice, ensuring that both your physical office and any equipment or supplies used in the field are protected.
When is Workers’ Compensation Necessary?
Workers’ Compensation Insurance is required by most states if you have even one part-time employee. This coverage provides protection if an employee is injured on the job, which is especially important for hospice field workers who face various workplace hazards. It covers medical expenses and lost wages for injured employees.
How Does Management Liability Protect Your Practice?
Management Liability Insurance can include various coverages such as Employment Practices Liability, Crime, Fiduciary, and Directors & Officers Insurance. This insurance protects the management team from claims related to employment practices, financial mismanagement, and other managerial responsibilities.
Why Rely on an Experienced Insurance Agent?
The best way to ensure your hospice practice is adequately covered is to work with an experienced insurance agent who specializes in the healthcare industry. An agent can help tailor your policies to meet the specific needs of your practice and ensure comprehensive protection against all potential risks.
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Let’s review what we usually offer our clients.
Professional Liability (Malpractice) – Coverage needed to protect the company and providers for the professional services. For a hospice, there are a variety of ways medical malpractice insurance coverage can be provided – it is usually packaged with other coverage and it is not a one-size-fits-all type of coverage so it can often be tailored to the needs of your business.
General Liability – Coverage is usually referred to as “slip and fall” coverage. General liability is usually paired together and included in the Professional Liability policy.
Hired and Non-Owned Auto Liability – This protects the hospice in the event of a liability claim that is brought against the business because an employee or contractor was involved in an accident while driving their own personal vehicle for work purposes, e.g. to a patient’s residence for care, on business errands, etc. This coverage does not provide coverage for the driver or the vehicles; it is liability coverage only for the hospice. Other insurance would be needed for the driver and vehicle.
Sexual Abuse and Molestation – This coverage is required by most states and Medicare. It can be purchased on its own policy or added to the Professional Liability policy, depending on the carrier and how the coverage is structured.
Property – This will cover business property located in a central office hub and can cover some property in transport if written correctly. It can be set up based on the specific needs of the practice.
Workers Compensation – This coverage is required by most states if you have even one part-time employee. This provides coverage if an employee is injured on the job. Workplace injuries are common for hospice field workers.
Management Liability – This can provide coverage such as Employment Practices Liability, Crime, Fiduciary, Directors & Officers, and more.
The best way to ensure you are covered properly is to rely on an experienced insurance agent who specializes and focuses on the healthcare industry and the needs of their practices.
Desert Mountain Insurance Services is here to assist with your hospice insurance coverage needs. Call us today at (480) 348-2200 or toll-free at (866) 467-3627 to get started!
For more detailed guidance and to find an experienced agent, consider visiting National Association of Insurance Commissioners (NAIC) or Healthcare Business Today. These resources provide valuable information on selecting the right insurance coverage for your hospice practice.
