As soon as you start up in business you will need insurance cover. Proper insurance cover is a legal requirement for care homes under the National Minimum Standards. Contact an insurer in good time and explain exactly how your business will operate. They will then be able to recommend what cover you should have.
You will need a specialist policy designed specifically for a nursing home business. There are a number of companies which offer such policies. Obtain several quotes for comparison purposes.
A care home would typically need to insure against the following:
- employer's liability
- public liability
- medical malpractice
- loss of registration
- legal expenses
- bad debt cover
- employment disputes
- building and contents
- alternative accommodation
- damage to residents' belongings
- business interruption
- motor insurance for any business vehicles
Note that if residents bring their own furniture into the home it must meet current fire safety standards. Furnishings that don't comply can invalidate your insurance - you will also be breaking the law.
Premiums may be paid in a lump or they may be paid in instalments. Your insurer will be able to advise you of the amounts due - enter them in the months when you will pay them.
You can find details of insurance providers to the care home sector in the Supplier Directory on the National Care Association website.