We are an award-winning business insurance broker who assists aged care facilities in finding insurance coverage that meets their unique values and needs.
Having closely worked with a number aged care facilities in Brisbane and throughout Australia, we understand the complexities and challenges faced by each facility and how to insure them against their varying risks.
We also work with an extensive national and international insurer network to help facilities with more hard-to-place insurance policies. Contact us to discuss how we can be of service.
The number of Aged Care Insurance options available can be overwhelming. As business insurance brokers, we do the hard work for our clients by helping them find suitable policies for their particular situation. We also work closely with them to reduce rising insurance premiums, and negotiate claims on their behalf.
One major advantage we have over many other brokers in the market is that we are an Australian Financial Services License holder. This means we are regularly audited to ensure we provide a high level of skill with an exceptional level of integrity and service. Our team is regularly trained to provide an outstanding quality of assistance.
We understand the valuable work Aged Care providers do, and as such are passionate about helping them access comprehensive insurance at a fair price.
No matter the size of the facility, there will always be risks. Whether they be risks associated with your organisation’s vehicles, behaviour of employees, mismanagement or another issue altogether, it’s crucial that you have the right protection available should events turn for the worse.
Fire and other perils can vary depending on the extent of residential services offered. The more extensive kitchen and restaurant facilities offered at a particular location will enhance the exposure.
Product Liability is an exposure where food service is provided or medical supplies such as prescription drugs.
Public Liability is always a key risk for this industry sector. The majority of claims will relate to slips and falls however the frailty of many of the residents and visitors can lead to significant personal injuries. This risk increases when the 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 risk managed accordingly.
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 sometime to find alternative premises and receive the appropriate permits 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.
At Crucial Insurance, we pride ourselves in our proactive approach to our risk advisory. Our clients’ needs are our priority. The proof is in the pudding: we were recently awarded with Broker of the Year and a “Top Rated by Customers” Finalist award.
The Brisbane (and Queensland) aged care sector has experienced both significant growth and change since the COVID-19 pandemic. Undergoing lockdowns, volatility and unpredictability, many aged care facilities have had to alter the way they conduct their services.
Nevertheless, the demand for aged care is only increasing. According to research by the Department of Communities, Disability Services and Seniors, “the number of older Queenslanders has increased significantly over the last 45 years, reaching an estimated 800,000 persons in 2019, including 91,800 persons aged 85 years and older. Over this period, the share of Queensland’s older population aged 85 years and over almost doubled from 6.5% in 1974 to 11.5% in 2019.”
This demand brings with it a great responsibility to ensure a consistent high level of care for our ageing population. With so many moving parts in every aged care facility, it’s important that you are adequately equipped when it comes to insurance. Being under insured, or having to unnecessarily pay for the wrong insurance can lead to many disastrous consequences in the future.
Other areas we service:
Aged Care Insurance (Australia)
We service aged care providers Australia-wide. Contact us to see how we can help.
We are located in Level 9 123 Albert Street Brisbane, 4000. We service all areas of Brisbane (and all of Australia), and are only a drive, phone call or email away.