While no two Home Health Care Agencies are identical, there are some insurance coverages that are common to an insurance program for this industry. Some of the most common are listed here:
GENERAL LIABILITY: This coverage provides various limits of liability (standard limits are $1MM occurrence/$3MM aggregate) for the business , and its employees while acting in the scope of their authority.
Coverage includes bodily injury and property damage, personal and advertising injury, as may also include medical payments to others.
PROFESSIONAL LIABILITY: This coverage affords protection against claims for injuries arising out of the insured’s acts or omissions of a professional nature including negligent acts, error or omission, actual or alleged, which arises out of the rendering of or failure to render a healthcare related professional service, within the scope of your business. Usual limits are $1MM occurrence/$3MM aggregate but other limits are available. Usually a ‘sub limit’ is provided for Abuse and Molestation. Professional Liability is usually on a Claims Made basis.
Employment Practices Liability: This coverage form addresses losses such as : Discrimination, Harassment, Wrongful Termination and Gender Bias.
Workers Comp: In New Jersey this coverage is mandatory and will address injury to employees that arises out of employment. This coverage includes payment for medical bills and lost wages. The limits are defined by NJ Statute.
HIRED & NON-OWNED AUTO: Liability coverage provided for suits brought against you by a third party for claims regarding autos you hire or do not own that are used in connection with your business.
PROPERTY & BUSINESS INTERRUPTION: Provides coverage for direct physical loss or damage to your office contents. Building coverage is available if needed. In addition, coverage for loss of Business Income arising from a covered peril at a covered premises. Also, various coverage extensions are usually included such as: electronic data, glass, property in transit, business personal property of others, property off premises, accounts receivable, valuable papers, and extra expense.
CRIME-EMPLOYEE DISHONESTY/THIRD PARTY THEFT BONDS: Employee Dishonesty is a first party coverage which protects employers from loss due to theft by their employees. Third Party Theft pays for loss or damage to money and other property that is owned by the client with whom you are under written contract to perform services on the client’s premises, and which results directly from theft by an employee
Excess Liability: High limit excess liability address catastrophe claims that exceed primary insurance scheduled in the policy. Typically, Auto Liability & General Liability.