Although the aged care sector is vital to the community, assisting some of Sydney’s most vulnerable comes with numerous risks. 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.
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 Sydney Aged Care Insurance
With increasing premiums, regulatory requirements and the challenges of an unpredictable, COVID-19 world, aged care and nursing home facilities in Sydney 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 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 Sydney business 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.
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: Sydney Aged & Community Care Sector
Whatever the size of your aged care facility in Sydney, you will always face risks. It’s how you manage these risks that will determine the longevity and effectiveness of your policies.
Every Sydney aged care service provider is unique, and therefore will have its own set of risks. Some risks could include:
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.
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 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.
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.
Aged Care Insurance Sydney: who we help
Crucial Insurance broker advantage
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.
The Sydney 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).
As the capital city of New South Wales and the largest city in Australia, Sydney is a vibrant city known around the world for its iconic landmarks such as Sydney Harbour Bridge, the Sydney Opera House and Bondi Beach.
In recent years, Sydney has faced numerous challenges, especially in regards to the COVID-19 pandemic. The residents of New South Wales have experienced numerous hardships including lockdowns, job losses, business closures and losses of life. A report by GEN Aged Care Data states that approximately two-thirds of COVID-19-related deaths in Australia have occurred in people living in residential aged care facilities.
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 in Sydney. As volatile as it may seem, the need for proper and well managed care has never been more apparent.
We work with aged care providers all throughout Australia. No matter where your aged care communities are located, we’re more than happy to help. Contact us for more information.
Other locations we service
- Aged Care Insurance (Gold Coast)