Assisting some of Gold Coast’s most vulnerable members of the community requires a significant amount of risk. We are an award-winning business insurance broker with a depth of experience in helping aged care facilities fulfil their risk management and insurance needs.
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.
In a ‘hard’ insurance market, some aged care facilities may find it difficult and costly to access the right insurance policies for their needs. With increasing premiums, regulatory requirements and the challenges of an unpredictable, COVID-19 world, Gold Coast aged care and nursing home facilities need a proactive and well-managed approach to risk management.
As business insurance brokers, we do the hard work for our clients by helping them find suitable policies (including hard-to-place policies) for their particular situation. Our 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.
One major advantage we have over other Gold Coast insurance brokers 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 also have a wealth of experience in the aged care sector, meaning you will have a dedicated and experienced broker on your side.
No matter the size of your Gold Coast aged care facility, you will always face risks. It’s how you manage these risks that will determine the longevity and effectiveness of your policies.
Some risks include:
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.
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 Gold Coast 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.
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.
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.
At Crucial Insurance, treat our clients’ businesses as if they are ours. Your needs will be our priority, and we pride ourselves in our ethical and proactive approach to our advisory.
We use our extensive insurer networks to help our clients access both traditional and hard-to-place insurance policies. At the same time, we work with our clients to reduce premiums and avoid unnecessary costs. We also help negotiate claims on our clients’ behalf, so all the hard work is done for you.
One major advantage of working with us 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. We are truly passionate about insurance, and are proactive in our approach to helping our clients meet their needs.
Both national and international factors such as the Royal Commission Into Aged Care and the ongoing effects of COVID-19 have greatly impacted the way aged care related establishments operate. As volatile as it may seem, the need for proper and well managed care has never been more apparent.
According to the Gold Coast Health Network’s 2019 Needs Assessment Summary of Older People, “The Gold Coast has a higher proportion of older adults aged 65 years and over compared to the rest of the country, with several areas with higher numbers of older people (Gold Coast North, Ormeau - Oxenford and Broadbeach-Burleigh).
“The age profile of the Gold Coast population is increasingly becoming older and this is projected to continue. The Gold Coast sub-regions of Southport and Robina report high rates of older people with profound or severe disability, which is likely attributable to consumers with complex needs residing in close proximity to major public hospitals.”
According to the City of of Gold Coast, in 2019, there were approximately 103,000 senior residents aged 65 years and over. Further, the city of Gold Coast has a higher proportion of seniors compared to Queensland and the rest of Australia.
With Gold Coast’s ageing population, one can forecast a growth in the need for reliable aged care specialists. As we continue to care for our ageing population, we must be diligent in managing the risks involved with providing that care.
Other areas we service:
Aged Care Insurance (Australia)
Aside from the Gold Coast, we service aged care providers Australia-wide. Contact us to see how we can help.