Care England, in collaboration with Towergate Insurance, has released a comprehensive report addressing the critical aspects of insurance and risk management for the care sector. This report is a must-read for all social care providers, offering valuable insights and practical advice to navigate the complexities of insurance in the care industry.
The independent adult social care sector is the backbone of support for millions of individuals and their families, providing essential services that uphold dignity and independence. However, operating in this sector comes with a unique set of risks, many of which have been amplified by the COVID-19 pandemic. Historic rises in insurance premiums and evolving challenges around risk management have placed additional burdens on care providers, threatening their ability to deliver the high-quality care society depends upon.
Recognising these pressures, Care England commissioned Towergate Insurance to produce this report to enlighten care providers on best practices and ensure key risks are mitigated. With over 14 years of partnership and decades of experience in the sector, Towergate has proven itself uniquely equipped to navigate the complexities of care sector insurance. During the pandemic, when many insurers exited the market, Towergate remained steadfast, offering renewal terms, supporting providers, and ensuring claims were paid.
This report serves as a vital resource, addressing not only the fluctuating cost of premiums but also the dangers of underinsurance and the critical importance of having the right cover and protections in place. It provides practical insights on topics such as the impact of CQC ratings on policies, mitigating cyber risks, and understanding liability, offering care providers the knowledge needed to safeguard their operations and focus on what matters most, delivering quality care.
From 4 key themes including:
- Identifying risks and exposures
- Renewing an insurance policy
- Avoiding underinsurance
- Managing risks outside your policy
Professor Martin Green OBE, Chief Executive of Care England, stated,
“As the sector faces increasing uncertainty, this report highlights the role of insurance not just as a protective measure but as an enabler of resilience. By ensuring that organisations are properly covered, we can help secure the long-term sustainability of care services, protecting the people who rely on them and the dedicated workforce who provide care.”
The report further highlights the importance of health and protection, especially for small to medium-sized businesses as they face the most challenges when it comes to healthcare within their organisation. Ensuring you are properly insured is crucial to ensure your organisation is protected.
Carolyn Baker-Mellor, Trading Director at Towergate Insurance Direct, said:
“The care sector faces unique challenges when it comes to understanding and securing the right insurance cover. With increasing financial pressures on the sector and rising operational costs, many care providers are being forced to make difficult decisions. That’s why we’re proud to have partnered with Care England to develop this white paper, designed to demystify the complexities of insurance for care providers. From navigating CQC ratings and understanding liabilities to managing risks like cyber threats and underinsurance, the white paper breaks down key considerations in clear, practical terms.”
“Insurance isn’t just a tick-box exercise; it’s a vital safeguard ensuring care providers can operate with confidence and resilience, even in challenging times. Now, more than ever, it’s crucial that the sector understands the importance of having appropriate cover to protect their services, staff, and those they care for. This resource empowers care organisations—whether start-ups or established providers—to make informed decisions and ultimately continue delivering outstanding care and avoid the potentially devastating impact of being underinsured or unprepared when challenges arise.”
The full report, Navigating Insurance and How to Mitigate Risks, is available here
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