insurance for foster care providers
Westwood will work with you to ensure all your foster care provider clients have the best insurance coverage for every threat they could possibly 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.
foster care providers have special insurance requirements
Foster care providers face many challenges in today’s demanding environment. They must be able to provide a safe and nurturing home for children who have been removed from their families due to abuse or neglect. In addition, they must be able to work with birth families and case workers to ensure that the children in their care are getting the services they need. Providers also need to be familiar with the child welfare system and how it works in order to advocate for the best interests of the children in their care.
Attracting good staff and keeping them can also be a challenge for foster care providers. In order to provide quality care, providers need to have well-trained and supported staff. But finding and retaining good employees can be difficult, especially in areas where there is a high turnover rate.
Providers also need to be able to work with other agencies and individuals involved in the child welfare system, such as judges, lawyers, and caseworkers. This can be a challenge, as each agency has its own way of doing things.
If you have foster care clients, you must ensure that they are protected with suitable insurance policies. This includes both professional liability insurance and property insurance. Many foster care providers also choose to purchase special kinds of insurance that cover the children in their care, such as health insurance and life insurance.
Professional liability insurance is important because it protects them from being sued if something goes wrong with the care you provide. For example, if a child in their care gets hurt, or if they are accused of abuse or neglect, professional liability insurance can help pay for their legal expenses. Property insurance is important because it covers the things they use to provide care, such as their home, their car, and equipment.
When you work with the Westwood Insurance Group, you will get advice and support to ensure you are providing your foster care clients with the policies that are best suited to giving them maximum protection.