Whether you are starting a new hospice practice or just looking to ensure you have the right policies already in place, some of the main types of coverage you should have are described below.
Professional Liability (Malpractice) – Coverage needed to protect the company and providers for the professional services. For a hospice, there are a variety of ways medical malpractice insurance coverage can be provided – it is usually packaged with other coverage and it is not a one-size-fits-all type of coverage so it can often be tailored to the needs of your business.
General Liability – Coverage is usually referred to as “slip and fall” coverage. General liability is usually paired together and included on the Professional Liability policy.
Hired and Non-Owned Auto Liability – This protects the hospice in the event of a liability claim that is brought against the business because an employee or contractor was involved in an accident while driving their own personal vehicle for work purposes, e.g. to a patient’s residence for care, on business errands, etc. This coverage does not provide coverage for the driver or the vehicles; it is a liability coverage only for the hospice. Other insurance would be needed for the driver and vehicle.
Sexual Abuse and Molestation – This coverage is required by most states and Medicare. It can be purchased on its own policy or added to the Professional Liability policy, depending on the carrier and how the coverage is structured.
Property – This will cover business property located in a central office hub, and can cover some property in transport if written correctly. It can be set up based on the specific needs of the practice.
Workers Compensation – This coverage is required by most states if you have even one part-time employee. This provides coverage if an employee is injured on the job. Workplace injuries are common for hospice field workers.
Management Liability – This can provide coverage such as Employment Practices Liability, Crime, Fiduciary, Directors & Officers and more.
The best way to ensure you are covered properly is to rely on an experienced insurance agent who specializes and focuses on the healthcare industry and the needs of their practices.