Property insurance generally protects the building and contents at the site where business is transacted. However, in the field of home healthcare, services are performed in many different locations. Home health insurance requires specialized property coverage, not only for the structure that is the base of activity, but for equipment that is constantly on the move.
Contents and Inland Marine Coverage
When your healthcare company purchases structure and contents coverage, be sure to take into account the high cost of your medical equipment. The devices healthcare workers take with them on the job can be placed under inland marine insurance, which protects property in transit or in locations not owned or leased by the company.
All medical equipment should be insured for replacement cost rather than actual cash value. With the rising prices and changing nature of machinery and home health aids, you want to be able to purchase the latest, most efficient products to meet your clients’ needs.
Contents protection under a general property policy covers damage from outside forces such as fire or storm. Because continuous service is critical in home healthcare, some provision should be included for mechanical failure. Breakdown insurance can help with expensive repairs.
By realizing the specialized needs of home health insurance coverage for property, devastating loss can be avoided and your company can continue to offer caring services to clients and their loved ones.