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It goes without saying that it has been a tricky few years in the care sector but luckily there seems to be good news at least as far as care insurance goes.
Although it has yet to find its true level, the insurance market is now starting to stabilise, with premiums becoming more predictable. However, this doesn't mean that you should overlook your insurance policies. It is still just as important to review your cover to ensure that you have the right protection for your business.
As a care provider, it's essential to have adequate insurance cover in place to protect your business, employees, and residents. The pandemic caused many insurers to come out of care insurance, leading to a hard market, leading to increased premiums with cover that was often reduced. These cover limitations may still be in place but not all insurers are as restrictive so it is a good idea to compare not only premiums but cover as well.
It is vital to conduct a proper review of your insurance policies which will help you identify gaps in your coverage, ensure that your policies reflect your current business needs and identify ways to save money on your premiums.
While reviewing your insurance policies, you may find that some covers have been withdrawn, some policies offer poor abuse cover, and others have low levels of indemnity for certain things. Insurance is designed to compensate you fully after a claim but the policy can fall short if your broker has not gone through all the updates and changes in the risk.
As the largest independent care specialist in the UK, Quality Care Group can provide impartial advice to help you get the best insurance coverage for your business. We have access to insurers that non-specialist brokers don’t, and we can help you identify the most appropriate insurance policies for your business.
With the market still restricted somewhat right now it is essential that all care providers review their policies and ensure that they have the right insurance for their business needs. It's crucial to work with an insurance broker who has experience in the care sector and who can provide impartial advice to help you get the most appropriate insurance coverage. At QCG we also provide access to many additional tools that can help our clients get through the new CQC process, assist with risk management advice, provide help in obtaining the right care manager for your operation, give quality advice when setting up a new venture and, unlike many brokers, we are able to help with insurance even when you find your rating below where you want it to be.
If you would like a free review of your current insurance policies, please contact us to schedule an appointment through our website, or call us on 01273 424904 to discuss a bespoke insurance package, specifically for your business.
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