Why You Need to Keep Insurance For Caregivers
Posted: Jun 25, 2021
There are various forms of insurance for caregivers. If you are looking to start an online business or are already running a home care agency, you may need to consider purchasing policies for your employees, including yourself, as caregivers. Depending on where you live and your agency's rules and regulations, some forms of coverage may be easier than others for you to purchase. Some states allow for no medical exam for a caregiver while others require a licensed nurse to administer certain medications. Regardless of the type of policy you choose, if you run an agency, insurance for caregivers is an important expense to budget for.
In addition to start a home care business in Florida or medical insurance, your caregiver should also have liability and auto insurance rates established prior to beginning work for you. Liability covers accidents that occur while your caregiver is working for you or someone else. When you take out insurance for a caregiver, the insurer will pay all medical bills for an injured or sick individual if they are injured in an accident while working for you. Your insurer will also cover funeral expenses, which can run into thousands of dollars, depending on the circumstances.
Auto insurance rates for home health care workers vary according to how much time you want to allocate to pay for these policies. There is a limit of two years per policy, but if you plan to use your caregiver for longer than two years, you may want to purchase a multi-year policy. This is especially true if you are going to hire caregivers for your entire family or for your older adult family members, as these policies are usually more expensive. It is recommended that if you are going to implement both forms of coverage for caregivers, you also buy liability insurance, too, in case a potentially injured or sick person takes an inappropriate step while at your home.
One thing to consider when buying auto insurance for caregivers is whether or not you need a special endorsement for home care workers. In most states, including Michigan, there are actually two different sets of rules, depending on whether the caregiver is an individual or a business. If you work in a state with no specific law concerning professionals providing personal care services, then a professional liability insurance policy will likely do the trick.
There are some high-risk auto insurance policies that only cover employers, but most states have laws that prevent insurance companies from denying coverage to employees for a medical condition that could potentially harm the employee (such as Alzheimer's disease). If you don't already own high-risk auto insurance, then it is strongly recommended that you look into it. Many times, the difference between a policy that a caregiver opts out of and one that the insurer purchases for himself may be an insurmountable difference in the price of premiums. High-risk policies often have extremely high deductibles, so it is imperative that you pay extra before the policy kicks in to protect you against catastrophic injury.
Another important aspect of caregiver insurance is whether you will be paying higher rates than those who choose not to carry health insurance. In many cases, transporting clients yourself saves money. However, if you have to hire a driver or pay for a professional delivery service, you will be subjected to more insurance premiums. For example, Michigan requires drivers to have at least PIP insurance, which helps the state's hospitals pay for vehicle damages. Therefore, if you are in fact engaging in the transporting profession, and you are faced with high auto insurance rates, it may be a good idea to find additional coverage to protect both you and your client.
Fareed is a graduate of computer science engineering, a writer and marketing consultant. he continues to study on Nano technology and its resulting benefits to achieving almost there.