How to Get Residential Care Home Insurance And Set Up Your Home Safely
Over 11.6 million people (17.8%) in the UK are now aged 65 and over. And 1.5 million people (2.3% of the population) are aged 85 and over, a startling increase of 31% in the last 10 years.
With an aging population comes increased care needs, making setting up a residential care home a sound financial investment as well as a deeply rewarding move. But what do you need to know before you start? And what insurance products can help you minimize the risks involved?
Before you start:
1) First of all, consider whether there is enough demand in your area for a new residential home. Check out other local care homes to see if they are full and see if you can find a gap in the market – for example, is there a local need for ‘boutique’ style care home.
2) Check out the financials. That means seeing what commissioners in the area will pay for the service you are offering. Do the sums add up?
3) Are you ready for the responsibility? When you run a residential care home, other people and their families depend on you, so it’s not a decision to be entered into lightly. Decide whether you want to be an owner, with a team doing all the work, or manage the day-to-day running of the business too.
4) Make sure you’re up to date on all the regulations and are confident of meeting them. If you plan to set up your own nursing care home in England you’ll need to contact the Care Quality Commission (CQC), the independent regulator of health and social care, to see if your business needs to be registered. They are also the source of information on all the regulations you’ll need to follow.
The Care Certificate is a must for anyone working for the business and has been developed by Health Education England (HEE), Skills for Care and Skills for Health to help ensure best practice and quality standards.
Keeping everyone safe
One of the biggest worries for anyone running a residential care home is making sure that everyone in your care, your staff and any friends or family visiting, will be safe. That means being aware of risks and taking steps to avoid them.
Certain hazards pose an even greater risk in a residential care home, for example, loose carpets and trailing wires are even more likely to result in slips and trips where you have people who are maybe less steady on their feet. And don’t forget, if you prepare food, all staff will need the relevant training in hygiene and safety and keep the required reports.
Public liability insurance is designed to cover you for legal fees and damages pay-outs as a result of any injury caused to your residents and visitors by something to do with your business. That includes food poisoning and slips due to spillages.
Employer’s liability insurance is a legal essential for any business with one or more member of staff and covers any injury caused to them by something to do with your business. Without it, you can be fined, and if anything does happen, you’ll face large legal fees and compensation pay-outs.
Covering buildings and contents
You’ll need specialist commercial property insurance even if you live at the address yourself. This can be tailored to your business’ specific needs, and can include your own personal belongings if required. It can also include cover for goods in your freezer spoiling as a result of it breaking down, broken glass, and for the more serious situation of loss of electricity, gas and water. You might also want to consider additional insurance options, such as employee dishonesty and loss of money cover.
Specialist care sector insurance
Running a care home presents unique challenges to keep everyone safe and secure and needs specialist insurance for your peace of mind. Just like caring for individual people, one-size doesn’t fit all, so it’s important to talk to a provider who understands the specific needs of your business and can help make sure you’re covered, whatever happens.
Speak to Park Insurance’s expert care sector team on 0117 955 6835 today.
We can also help with other services to support your business, such as discounts on training courses and risk assessment and access to a dedicated website with industry and regulatory information to help your business to succeed.
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