Insurance for aged care and nursing home facilities can be a complicated matter. As award-winning business insurance brokers, we have experience working with aged care services throughout Australia to fulfil their risk management and insurance needs.
Contact us to discuss how we can be of service.
Crucial Insurance is a multi-award winning Aged Care Insurance specialist
Why we are passionate about Adelaide Aged Care Insurance
Aged care and nursing home facilities in Adelaide need a proactive and well-managed approach to risk management.
As dedicated brokers, we do the hard work for our clients by helping them find suitable policies for their particular situation - this includes hard-to-find policies that may not be commonly available in the market. Our wealth of experience within the aged care industry also enables us to understand the risk management processes needed to be set in place to obtain the most favourable insurance outcomes.
Types of insurance that may be available for your aged care facility
This is not an extensive list. Contact us to discuss your particular situation.
Risks: Aged & Community Care Sector, Adelaide
Every Adelaide aged care service provider is unique, and therefore will have its own set of risks. Some risks could include:
Public Liability is always a key risk for this industry sector. The majority of claims may relate to slips and falls; however, the frailty of many of the residents and visitors can lead to significant personal injuries. This risk may then increase if your facility has swimming, gymnasium and other associated activities. The major risk faced by this sector is large scale loss of life due to fire therefore this exposure must be managed accordingly.
Fire and other perils such as flood and theft can vary depending on the extent of residential services offered. Product Liability is an exposure where food service is provided or medical supplies such as prescription drugs.
The Business Interruption risk for this sector is quite high and appropriate indemnity periods need to be properly assessed. A large-scale residential home will take some time to find alternative premises and receive the appropriate permits to rebuild. This can lead to a blow out in expenses related to temporary relocation of residents or permanent loss of revenue or bonds.
Professional Liability risk is considered to be high due to various services provided including medication management and patient care.
Cyber Risk is now an ever present risk of all industry sectors. Due to the sensitive nature of personal health information that may be stored, this area of risk needs to be managed very carefully.
Why aged care specialists choose Crucial Insurance
One major advantage we have over other Adelaide business insurance brokers is that we are an Australian Financial Services Licence holder. This means we are regularly audited to ensure we provide a high level of skill with an exceptional level of integrity and service.
As AFS licence holders, our team is regularly trained to provide an outstanding quality of assistance. We also have a wealth of experience in the aged care sector, meaning you will have a dedicated and experienced team of brokers working on your behalf.
The Adelaide aged care sector
According to the Royal Commission into Aged Care, it is projected that the number of Australians aged 85 years and over will increase from 515,700 in 2018–19 (2.0% of the Australian population) to more than 1.5 million by 2058 (3.7% of the population).
Data from the Department of Health (2020) shows that during 2019-2020, over one million people received support from aged care services in Australia.
According to a report by the University of Adelaide:
- South Australia’s population is urban-centric, and this means older people in rural and remote areas have fewer aged care options available
- People 80 years and over are more likely to require aged care services and of these, there are greater numbers of women than men accessing services
The report also states that in 2016-17 in South Australia, the number of aged care clients across each program was:
- - 82,776 Commonwealth Home Support Programme (CHSP) clients
- - 8,052 Home Care clients
- - 21,153 Permanent Residential Care clients and 6,760 Respite Residential Care clients
- - 2,368 Transition Care clients
Adelaide continues to show strong growth despite the challenges. As the major economic capital of South Australia, Adelaide also offers the famous The Adelaide Park Lands and City Layout, which was inducted into the National Heritage List in 2008, the nation’s highest heritage honour. Adelaide is also the first, and only, designated UNESCO City of Music in Australia.
Other locations we service
- Aged Care Insurance (Gold Coast)
- Aged Care Insurance (Brisbane)