Insurance is an important issue for all parties. It ensures everyday people have the fallback they need after an accident or illness, allowing them to get back on their feet in a timely manner so they can return to their work, school and social obligations. It also makes sure nurses and doctors are able to cover the right people in the right way. Home healthcare business insurance is one such way of cementing this everyday necessity where it matters most. Do you know what home healthcare business insurance typically entails? Continue reading below to learn about home healthcare agency insurance and the purpose it serves.
Car Accidents
When someone gets into a car accident, they have one of a few issues to typically contend with. The first, and most obvious, is injury sustained in the crash. The second is injury to themselves and any family members or friends. The third is potentially property damage or injury to outside parties. Car accidents have been found to be the number one loss category in claims dollars paid, with home care agencies providing the majority of the payout.
Job Transportation
Crossing over with car accidents, job transportation is a necessary support system for workers who travel frequently for business-related purposes. Job transportation generally falls into one of three following categories — driving from one client’s home to another, driving on behalf of a client (such as picking something up) or transporting a client. This is only going to become more relevant as more and more people start their own business and see the benefits of business-related travel.
General Aging
Home healthcare business insurance needs to contend with the rapidly aging American population. Ongoing studies have estimated that, by the time 2050 arrives, the number of people in the United States over the age of 65 is actually going to double — this totals as many as 88 million. This has a significant impact on the role of home healthcare aides, home insurance and government-provided measures such as Medicare. A common risk for elderly populations is that of falls, increasing by a major percentage for every year over the age of 65. This then leads us to home injury which, contrary to popular belief, puts workers at risk just as much.
Home Injury
An important issue to contend with is that of home-related injury for home care workers. The injury rate for home healthcare workers has been found to be as much as 50% greater than that of hospital workers, thanks to data provided by the U.S. Bureau Of Labor Statistics. They’re not the only ones who have studied this epidemic, however. According to the CDC, six of the most common occupational hazards for home healthcare workers is violence, allergies and driving-related injuries. Geriatric burns have been found to account for 20% of all burns received in economically developed countries like the United States and Canada.
The Future Of Home Health Insurance
With all these factors being weighed in, it’s easy to be concerned about the future of home healthcare business insurance. A little preparation for what’s to come, however, will make a world of difference. Home care agency insurance is a necessary fallback for those that work in the home, allowing them the ability to better breathe when they’re the victim of home violence, a car accident or an injury sustained while working. The five types of insurance a home healthcare business should know about is General and Professional Liability Insurance, Automobile Liability Insurance, Commercial Crime Coverage, Content and Building Insurance and Workers Compensation. How will your home health business insurance prepare for the future?