insurance for social service providers
Westwood will work with you to ensure your social service provider 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.
social service providers require special coverage
Social service providers face many challenges in today’s demanding environment. They are expected to provide services that meet the needs of an ever-changing population, while operating within tight budget constraints. In addition, they must constantly adapt their services to meet the evolving needs of the people they serve.
The challenges faced by social service providers can be divided into three main categories: financial, operational, and societal.
Financial challenges include the need to secure funding for new programs and services, as well as the costs associated with maintaining existing ones.
Operational challenges include the need to effectively manage staff and resources, and to respond quickly to changes in demand.
Societal challenges include the need to address issues such as poverty, homelessness, and substance abuse.
Each of these challenges presents its own set of difficulties, but all must be overcome if social service providers are to continue to provide the high level of care that is expected of them. With the right strategies in place, however, these challenges can be met and even turned into opportunities for growth and innovation.
As a professional insurance agent, you should ensure your social service clients have a general liability policy in place to protect them from some of the risks they face. A well-rounded policy will cover them for any malpractice claims made against them. If they are an employer, they must also have at least a workers’ compensation policy in place, which will protect their employees in the event of an injury sustained while on the job. Depending on the state they operate in and the size of the organization, there will be a number of other policies they should be protected with.
The Westwood Insurance Group will help you source the right policies for your social service provider clients, ensuring they have the protection they need to survive and thrive in today’s challenging environment.