insurance for physical/development disability facilities
Westwood will work with you to ensure your physical/development disability facility clients have adequate insurance coverage for every threat they could face.
General Liability Insurance
Professional Liability Insurance
Directors and Officers Liability (D&O) insurance
D&O insurance (Directors and officers liability insurance), shields the personal assets of company directors and officers, and where necessary, their spouses, from claims which could arise as a result of the decisions they made and actions they took within the scope of their regular duties.
Cyber liability insurance covers the financial costs associated with a breach of your cyber security, such as a ransomware attack. It also covers first party costs including event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.
HNOA, (hired non-owned auto insurance) is designed for organizations who regularly hire vehicles or require employees to use their own vehicles in the course of their work. In the case of an accident where your employee was liable, it could cover physical damage to that other person’s vehicle, medical expenses, the cost of hiring an attorney to defend your business.
Workers’ Comp. Insurance
Workers’ compensation insurance covers your employees for workplace injuries or illness. It provides them with medical and wage benefits.
This coverage is mandated by each state, with the wage and medical benefits varying from state to state. Workers compensation also protects business owners from civil suits by workers who become injured on the job.
Employment Practices Liability
Employment practices liability insurance (EPL insurance or EPLI), covers employers (PDF) against claims made by employees for:
- Discrimination (based on sex, race, age or disability, for example)
- Wrongful termination
- Failure to promote and other employment-related issues
Environmental Liability insurance
Environmental Liability insurance is liability insurance specifically designed to protect environmental liabilities. This is a specialized form of general, commercial liability insurance that provides financial protection against litigation and clean-up costs resulting from claims of injury or damage caused by pollution, contamination or hazardous waste disposals.
Property Insurance covers unexpected damage or loss to property. The policy can be purchased to cover both structures and contents, which are separate policies in many cases. Property Insurance covers physical structures, not land. Medical facilities and aged care facilities need property insurance to cover the real property and all fixed items such as furniture, medical equipment, art works and tapestries.
Crime Insurance covers the insured party a reimbursement if their property is damaged due to a crime. Crime Insurance usually has a huge range of options and comes in different forms. It can be either a rider that can be attached to the existing insurance policy, or it is available as a completely separate product.
Auto insurance is a type of liability insurance coverage, usually mandated by law, for all mechanically propelled vehicles. It provides protection against losses resulting from traffic accidents and against liability that could also arise therefrom. A medical or aged care facility would typically have auto insurance on their fleet of vehicles as well as for any vehicles transporting patients to and from the facility.
Fully/Partially Funded insurance
Partially Funded insurance gives facilities the opportunity to pay a set premium for, and then in turn is partially covered for specific risks.
Fully Funded Insurance allows facilities to pay premiums to have coverage against all risks. In return, if they are unfortunate enough to incur any of the covered loss or injury, they are reimbursed their insurance policy amount.
Excess and umbrella coverage
Excess coverage provides an additional layer of protection over and above what an underlying policy provides. It applies to a single policy only.
An umbrella policy on the other hand, provides additional liability coverage over and above what is provided by a number of underlying policies.
physical/ development disability facilities require special coverage
Development disability facilities face many challenges in today’s demanding environment. One of the biggest challenges is meeting the needs of the people they serve. This can be a difficult task because each person has different needs.
Another challenge is finding qualified staff to work in these facilities. This can be difficult because there are not many people who have the training and experience to work with developmentally disabled individuals.
Another challenge that these facilities face is funding. This can be a problem because most of these facilities are not-for-profit organizations and rely heavily on donations and government funding.
When it comes to insurance, development disability facilities must be covered with general liability insurance, workers’ compensation insurance, and property insurance. This can be a challenge because it can be expensive to insure these facilities.
All medical professionals working at the facility should be covered with professional liability insurance. This is important because it protects the facility from lawsuits if something goes wrong.
If the facility keeps patient records online, cyber insurance is a must to protect them from security breaches and from ransomware attacks. These are on the increase so it is important to be prepared.
In addition to the challenges already mentioned, development disability facilities also have to deal with regulations and compliance. This can be a challenge because there are many rules and regulations that these facilities must follow. Failure to comply with these regulations can result in fines or even the loss of their license.
Despite all of these challenges, development disability facilities play an important role in the lives of the people they serve. These facilities provide a safe and nurturing environment for those with developmental disabilities. They also offer programs and services that can help these individuals develop skills and reach their full potential.
The Westwood Insurance Group will help you source the most suitable insurance policies for your development disability facility clients.