Just like any other healthcare organization, a hospice can be exposed to many risks. To mitigate the financial burdens that these risks can have on hospice, there can be many types of insurance coverages available that can be packaged to meet the needs of the organization. Here are three types of insurance coverages for hospice your organization may need.
Most patient records may be stored in computer systems. These systems can be at risk of breaches that may be intentional or unintentional. Information could be hacked, or portable devices used to access patient information could be misplaced by staff or stolen.
Cyber insurance coverage can cover the cost of recovery if your organization’s information is hacked or breached. It can also cover your liability for any damages to your patients or staff because of the breach.
Since hospice services may be provided in the homes of patients, where employees can have access to valuable belongings, there can be a high risk of accusations of employee theft. Crime insurance is one of the many insurance coverages for hospice that can bear the expense of replacing those items and can also pay legal fees if a lawsuit is filed.
Some hospice organizations may own a fleet of cars used to transport patients or may have cars available for staff to drive when visiting patients. Without automobile insurance coverage for hospice, the organization could be liable for paying for any damages and injuries to the drivers, passengers and any other parties if an accident occurred.