With the aging American population and the rising cost of nursing homes, plus most peoples’ preference to remain in the comfort of their own home, the demand for experienced home health care providers is considerable. Despite the intense labor and immense challenges involved in providing this type of care, the work can provide a decent living and be very personally fulfilling. Of course, the conditions of the services you provide are not without their risks. Your actions themselves could potentially cause your clients harm, and even if you do not do anything wrong, if something happens while they are in your care the client’s family might try to hold you responsible. The best way to protect yourself is with a comprehensive home health care provider insurance policy.

With this guide, we will give you all the information you need about home health care provider costs to help you choose the best policy for your business.

We Cover in This Guide

• How much does home health care provider insurance cost?

• What is home health care provider insurance?

• What does home health care provider insurance cover/not cover?

• Benefits and risks

• Types of insurance you may need

• Tips for buying

• FAQ

• Summary

How Much Does Home Health Care Provider Insurance Cost?

Home health care provider insurance costs range from $39 to $149 per month depending on your insurance provider, coverage, limits, size of your business, number of employees, and a variety of other factors. We have included a couple of common types of policies that cover typical risks you may encounter. See below:

- Basic coverage (meets essential potential liabilities of your business): $39 per month for general liability insurance

- Standard coverage (basic plus additional protection for your assets, property, and equipment): $49 per month for general liability insurance + commercial property insurance; can be bundled as a business owners policy (BOP)

- Professional coverage (standard plus coverage for professional mistakes and errors): $149 per month for business owners policy (BOP) + medical malpractice insurance

If your business requires specialized coverage outside of what is typically included, most providers will allow you to add additional policies to your package for an additional cost.

What is Home Health Care Provider Insurance?

Home health care provider insurance is a policy designed to protect those who work as medical aides in clients’ homes. There are countless potential liabilities you may face while performing these services. Without coverage, paying damages out of pocket and dealing with lawsuits can potentially destroy your business. Proper coverage will pay for your legal bills and the resulting damages if you are found responsible. Home health care provider insurance is essential for anyone working in this field, even if you just have one client.

What Does Home Health Care Provider Insurance Cover/Not Cover?

While each policy can be tailored to your individual needs, most policies cover common risks faced by most home health care providers. They include the general harm you can cause people and property; damage to your own assets; and the professional liabilities you can face when dealing with clients. Typical policies cover these scenarios and others that fall into the following categories:

• Third-party bodily injury

• Third-party property damage

• Personal injury

• Products/completed operations

• Business personal property damage

• Personal injury

• Lost business income

• Broken or damaged equipment, property, and other assets

• Mistakes, errors, and negligence resulting in client harm

• Related costs of medical expenses and personal injury or illness

• Legal defense fees and damages

• Covers you, your employees, and your business

Below are some examples of risks that are not covered under most policies. If they apply to your business, you will have to supplement the typical package.

• Employee injury or illness and subsequent costs and expenses

• Exposure of confidential patient information as a result of someone hacking your computer system

• Accidents while driving personal or company-owned vehicles to a client’s home

Benefits and Risks

The biggest threat to your business is a large client claim of harm as a result of your services. The costs of defending a lawsuit are considerable, and the amount of time you have to devote to it is significant. And that does not even take into account what happens if you lose and have to pay damages. Lawsuits can ruin your business and even your personal finances. Fortunately, home health care provider insurance protects you through all stages of a lawsuit. This allows you to focus on your business and clients. Additionally, your clients and employees will feel much more comfortable knowing that you have the coverage of a comprehensive insurance policy.

Types of Insurance You May Need

• General Liability Insurance: Covers third-party bodily injury and property damage claims.

• Commercial Auto Insurance: Protects your business against claims, damages, and harm related to accidents while driving for your business.

• Commercial Property Insurance: Covers damage and theft of business property, assets, and equipment from covered scenarios.

• Workers’ Compensation Insurance: Covers medical expenses and lost wages from employee work-related injuries and illnesses.

• Medical Malpractice Insurance: An errors and omissions policy designed to protect people in the healthcare industry from claims of negligence, errors, and other mistakes.

• Cyber Liability Insurance: Covers data breaches, hacks, and other cyber attacks that lead to losses or harm.

Tips For Buying

Navigating the insurance market can be challenging. When considering home health care provider insurance costs, keep the following in mind:

• Insurance providers will often provide discounts for combining certain policies. One common example is a business owners policy (BOP). This package typically includes general liability and commercial property insurance.

• You might need an expert to help with your search. An independent agent will help you avoid those insurers who are not suited for your needs.

• Premiums often vary significantly between insurance companies. Make sure to compare at least three quotes before signing a contract.

FAQ

- Do I need workers’ compensation insurance?

Workers’ compensation insurance is mandatory in most states for businesses with at least 2 employees.

- How do I protect myself against extremely large claims?

Basic home health care provider insurance may have certain limits. If you think your work puts you at risk of a high claim, consider umbrella insurance. It is a way to cover damages above the limits of typical policies.

- If I am licensed, do I need insurance?

Yes. Your professional license does not protect you from the risks of your job.

Summary

Home health care provider insurance is essential for anyone involved in the industry. The potential damages from even one claim can ruin your business or career before it even has a chance to succeed.

Now that you have a greater understanding of the home health care provider insurance cost and components, you can feel confident that whatever policy you choose will cover all your needs.