insurance for mental health facilities
Westwood will work with you to ensure your mental health facility clients have adequate coverage for every threat they could face.
General Liability Insurance
General Liability insurance cover medical expenses and attorney fees which result from bodily injuries and property damage that your company or organization could be legally responsible for.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance (E&O), protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.
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.
mental health facilities require special coverage
Mental health facilities face many challenges in today’s climate. dwindling budgets, staffing shortages, and an aging population are just a few of the issues they must contend with. In addition, mental health facilities must now provide care for patients with more complex needs than ever before.
Sourcing and keeping quality staff can also be a challenge. In order to attract and retain the best staff, mental health facilities need to offer competitive salaries and benefits. They also need to create a work environment that is supportive and conducive to good mental health.
Mental health facilities must also deal with the stigma that still exists around mental illness. Many people still believe that mental illness is a sign of weakness or something that can be overcome with sheer willpower. This stigma can make it difficult for people to seek help when they need it, which can ultimately lead to more serious mental health problems down the road.
Your mental health facility clients have special insurance needs. They must have the proper insurance in place to protect your business and your clients. This includes general liability insurance to protect them from lawsuits, workers’ compensation insurance to protect their employees, and property insurance to protect their buildings and equipment.
They also need to make sure that their facilities are in compliance with all state and federal regulations. This can be a challenge, as the laws governing mental health facilities are constantly changing. Keeping up with the latest changes can be a full-time job in itself.
Mental health facilities have a lot to deal with, but they are vital to the health and well-being of our society. By working together, challenges can overcome and they will be properly covered with insurance for all their risks.