Types of Insurance for Aged, Disability and Community Carers

Carers play a huge role in our community whether they are a paid professional, a volunteer, or simply a family relative of the person in need of assistance. Without them, people including the elderly or those living with disabilities and their families may find daily life more challenging.

Also known as Aged Care, Disability Care, Home or Community Carers services, these providers offer a range of services necessary to support the needs of the person in care.

Responsibilities of Carers

Some of the responsibilities of carers include but are not limited to the following:

• Helping the person with their basic routine, which may include maintaining general hygiene, grooming, dressing up and eating
• Assisting in meal preparation if necessary
• Supporting in housework, including cleaning, organising, and gardening
• Helping in running necessary errands such as grocery shopping and banking
• Ensuring the proper administration of medication
• Communicating with the person and their family about their progress and health condition
• Organising appointments and transporting them to these appointments
• Overseeing the person’s health and overall wellbeing
• Monitoring the person’s safety
• Providing emotional support to the person

Whether a carer is paid or unpaid for their care services, they are exposed to the same risks. Accidents can happen anytime, making it necessary for them to protect themselves by taking out the right types of insurance that are suitable to their nature of work.

Types of Insurance for Carers

Below are the most vital types of insurance that individuals or businesses providing care services should have:

• Public and Products Liability Insurance provides protection from the costs of litigation if there is an allegation of negligence that involves a company’s business activities, staff, or products that led to an injury or damage to third-party property.
• Professional Indemnity Insurance provides cover for alleged acts, errors or omissions arising from professional negligence or breach of duty that results in property damage, personal injury, and/or financial loss to the person cared for or a third party.
• Worker’s Compensation Insurance protects employees from work-related injuries and illnesses. If an employee is injured at work, this insurance covers their loss of earnings, medical expenses, and rehabilitation. It is compulsory for business owners in all states and territories in Australia to cover all their employees.
• Personal Accident Insurance provides cover for Individuals in the event they are unable to go to work due to an illness or injury. It is commonly purchased by individuals that are not eligible for Worker’s Compensation Insurance such as sole traders or working directors in states such as Queensland where they are not covered.

Businesses in this industry should also consider the following types of insurance:

• Cyber Liability & Privacy Protection Insurance provides protection from the financial impact of a cyber-attack, privacy breach or confidential data loss. With businesses relying on the internet for their processes and records, the risk for cyber exposure is real. It is important to consider cover for possible cyber-attacks.
• Motor Vehicle Insurance Provides financial protection against loss, damage or theft, property damage, towing costs, redelivery and theft recovery costs and many other liabilities related to motor vehicles. Carers who use vehicles in their care service will benefit from having this cover.
• Corporate Travel Insurance allows individuals to save on costs for purchasing policies individually. Compared to credit card travel insurance, this type almost always has broader coverage because it also includes cover for the personal travel of company managers and directors, including their spouse and children. This insurance is a cost-effective option since it covers all your travel insurance under one policy.
• Business Insurance provides cover for risks and eventualities such as fire and other perils, theft/burglary, machinery/electronic equipment breakdown, accidental damage of goods/stocks/property, and other events that may cause damage, loss in profit or business interruption.
• Management Liability Insurance is designed specifically for private companies and their directors and officers. Corporate governance and regulatory surveillance places immense accountability and pressure on business and company directors and officers to perform their duties thoroughly. This policy provides protection for allegations of company mismanagement and the exposure to potential claims and legal action.

About Optimum Insurance

Optimum Insurance Services are insurance advisers dedicated to providing expert and tailored opinions, risk/need analysis, comprehensive insurance options, and top-notch service for all kinds of businesses from quote to claim.

If you are interested in learning more about what we can do for you, let’s get in touch.