Are you a home health care provider? Whether you’re an individual who provides home health care services or a health care agency, you need insurance coverage. As a professional who provides home health care services, know that small business insurance will cover you both financially and legally if something unexpected was to happen while you were working.
Home health care professionals include registered nurses, nurse’s aides, occupational therapists, physical therapists, speech therapists, more!
Why do home health care professionals need insurance?
Because anyone can file a claim nowadays, and for any reason. Even the most professional home health care workers can make mistakes, which could potentially lead to a liability claim or lawsuit. Purchasing small business insurance prevents you from having to pay out of pocket, which could potentially be devastating to your home health care business.
What types of insurance are best for home health care professionals?
Professional liability for home health care professionals
Professional liability insurance is one of the two major types of insurance coverages home health care professionals need. The second is general liability. Professional liability insurance protects you from claims stating that you were either negligent or made errors when providing clients with your health care services.
Professional liability benefits include:
- Paying for bodily injury
- Paying for property damage
- Protecting your business against claims of negligence or misrepresentation
- Protecting your business against paperwork errors
Claim example: You’re at a client’s house and accidentally break something valuable. A PL insurance policy will pay to repair or replace the broken item.
Expect to pay between $50 and $100 a month.
General liability for home health care professionals
General liability insurance is a basic insurance coverage that protects you against claims that are not directly related to your professional home health care services. Instead, GL insurance covers accidents that happen during a regular work day.
General liability benefits include:
- Paying for bodily injury
- Paying for personal injury
- Paying for property damage
Claim example: A patient falls down and breaks their hip and they or their family blames you. A general liability insurance policy will pay for the patient’s medical expenses.
Expect to pay about $30 a month for general liability insurance.
Workers’ comp for home health care professionals
Workers’ comp insurance is necessary as most states require you to have workers’ compensation insurance to protect your employees. This type of small business insurance is especially important for sole proprietors, as it can help cover injury costs not covered by regular health insurance.
Workers’ comp benefits include:
- Having your employee’s medical expenses paid for
- Providing your employees with disability benefits
- Protecting you from a lawsuit when an employee is injured
Claim example: One of your employee’s trips and breaks their ankle while working. Workers’ compensation covers medical expenses, lost wages, and rehabilitation costs.
Expect to pay between $40 and $60 a month.
BOP insurance for home health care professionals
BOP insurance is a type of insurance policy that bundles two or more insurance coverages under one plan. More often than not, a business owners policy is the most cost-effective way for you to save money when purchasing small business insurance.
BOP insurance benefits include:
- Coverage for slip and fall accidents
- Coverage for client property damage
- Coverage for business property damage
- Coverage for business theft
Expect to pay around $52 a month for BOP insurance.
Business auto insurance for home health care professionals
Auto insurance is especially important when you’re a home health care professional. You likely visit many clients throughout your work day, which means you’re driving a lot. Since most states require you to purchase business auto insurance, it’s a good idea to add this insurance policy to your plan as it helps cover the cost of accidents involving your business vehicle.
Business auto insurance benefits include:
- Covering damages caused by your vehicle
- Covering medical bills due to an auto accident
- Covering vehicle theft or vandalism
Claim example: You’re involved in a fender bender while driving home from work. A business auto insurance policy protects both you and your business by paying both bodily injury and property damages. Whew!
The average cost of auto insurance is around $142 a month.
Cyber insurance for home health care professionals
Cyber insurance is becoming more important for today’s small businesses. Studies show that more than half of all small businesses have already been a victim of a cyber-attack. When you choose to sign up for cyber insurance to protect your small home health care business, you’re doing what’s necessary to secure your sensitive information.
Cyber insurance benefits include:
- Covering the cost of notifying everyone who was a victim of the cyber attack
- Paying for necessary fraud monitoring
- Protecting you against data breach lawsuits
Claim example: Someone hacked into your computer, stealing sensitive personal information. Cyber insurance covers the costs to get you back up and running asap!
Expect to pay between $90 and $130 a month.
How much will your business insurance cost?
The #1 question small business owners have is how much is my business insurance going to cost me? In order for you to get an exact cost, you must answer the following questions:
- Where is your business located?
- What’s the size of your business?
- How many employees do you have?
- Do your employees have special qualifications and/or licenses?
- What types of business insurance do you need?
- How much insurance coverage do you need?
- Do you have a history of past claims?
How much will you save on insurance?
Ready to find out how much your business insurance coverage will cost? All you need to do is fill out this form now to get a personalized quote. Once we find your best quote, we’ll contact you to let you know. So simple!