If you’re considering taking out home care insurance for your family’s needs, it is important to know the difference between high-risk and high-benefit policies. High-risk auto insurance policies are usually considered more expensive because of the specific nature of their coverage. When it comes to insurance for caregivers, most companies will offer you a standard policy that can be purchased at whatever rate you can afford. How do you go about finding this coverage?
Some insurers require their caregivers to purchase high-risk auto insurance for their protection; others don’t. Insurance for caregivers is different, and depending on the company you decide to get the policy through, the premiums and benefits you’ll receive may not be the same. For example, if you’re a caregiver who needs to provide assistance for someone who has been in an accident, you may only be expected to carry personal bodily injury liability insurance on your vehicle, rather than professional liability insurance, which covers your job (and the property of your employer) in the event you injure a client in the course of providing personal care.
Professional liability insurance, on the other hand, protects your clients and workers in the event they get hurt at work. Personal bodily injury liability insurance only covers accidents that happen at home, while professional liability insurance covers accidents anywhere. Because medical expenses and other types of losses are expected to be the responsibility of the person that’s providing care, if you’re caring for an older parent, you have more insurance than you would if you provided care at a day care center. Plus, professional liability insurance doesn’t have a cap on the amount that you’ll have to pay in the event you get sued. This means that you can get protection for both your patients and yourself and still have enough money left over each month to cover your other expenses.
The cost of auto insurance varies greatly by company. Be sure to shop around and compare prices before purchasing a policy. Many care workers don’t have their own car, so if their employer doesn’t offer an auto insurance policy, they’ll have to look elsewhere. Some providers also offer high-risk auto insurance to their caregivers; this may be more expensive than regular auto insurance, but it provides peace of mind for the caregivers and their patients.
It’s also important to understand how your insurer measures your level of “high risk.” High-risk drivers have higher auto insurance rates because they’re considered a greater financial risk by insurers. These drivers have a history of breaking traffic laws, having accidents or wrecks, and using their vehicles irresponsibly. High-risk drivers aren’t necessarily banned from driving, but they face a higher premium because they pose a greater risk to insurers.
How to start a home care business in Maryland? When buying a policy for a caregiver, ask about high-risk auto insurance for caregivers. There should be a special rate offered specifically for this population, as many insurance companies won’t offer coverage for an individual who’s self-employed, has a bad driving record or is involved in a criminal offense. If your state doesn’t have a particular category for caregivers, check with your local Department of Insurance. They usually have a list of categories that include self-employed individuals, criminals, and other risk categories. Once you’ve determined that insurance carriers will offer you the best rates, it’s time to start shopping around.