As an institution providing end-of-life care for your clients, your risk picture is complex and unique. Protecting your assets, employees and professional reputation is a must. To choose hospice business insurance programs that are custom-tailored to meet your needs, it’s vital to understand what these options offer.
Essentials for a Hospice Insurance Policy
For your institution, risk management is a complex affair. You have a great deal of potential avenues for liability, and you need coverage that shields you from major financial losses, including fines and legal costs. Ideally, your indemnity package should incorporate protection for the following scenarios:
- Liability claims resulting from mistakes, omissions or negligence in your health care services
- Claims arising from acts by your staff, independent contractors, and volunteers
- Injuries and damages resulting from slips and falls incidents on your property
- Wrongful termination, discrimination, harassment, accident and injury lawsuits brought by present or former staff
- Employee and volunteer use of personal vehicles on work-related business
- Allegations of breach of fiduciary responsibility, negligence, and billing abuse
With technology and the modern regulatory environment, your policy should also deal with financial losses that result from data breaches. These typically include fines for HIPAA violations, investigation costs and litigation expenses.
One Size Does Not Fit All
Not every organization that offers end-of-life or palliative care is alike. You’ll require hospice business insurance programs precisely tooled for your distinct risk picture. From standard liability claims to issues arising from breach of duty allegations, your indemnity coverage should offer robust protection to safeguard your organization’s future.