Protx: Insuring Home Health Care Firms
Increasingly more individuals as they age and require assistance are choosing home health care. There are a number of reasons for this including the comfort and stress-free environment that a senior is accustomed to in his or her own home. Additionally, unlike nursing homes or retirement centers, seniors who receive home healthcare are able to be involved in their own home care, which helps them feel involved and useful. It’s also a more cost-effective alternative to assisted living and nursing homes.
The growth of the home health care is underscored by the boom in employment within the industry and the growth of home health care agencies. According to the Bureau of Labor Statistics, by 2020, the ranks of home health and personal care aides will have swelled by more than 1.3 million – that’s a 70% increase from 2010. In addition, investment research firm Zacks estimates that the value of the home health care market in 2020 to be $303.6 billion. The home health care industry provides various services including skilled nursing care, personal care, homemaker and companion services, physical therapy and other support services, and in-home hospice care.
Look to Our Experience in Home Health Care Insurance
Protx Risk Management is available to provide agents and brokers with a total insurance solution for home health care agencies, franchisors and franchisees. We partner with leading insurers in this market to offer affordable coverages to protect the organization, its assets, employees, and clients. Our underwriters know the ins and out of the industry, including trends that not only improve the services home health care providers offer but also understand the potential exposures that come with these developments as the sector continues to expand to meet consumer demand.
Our insurance solutions include: General Liability and entity Professional Liability, including HIPAA Violations Coverage and Physical and Sexual Abuse; Automobile Liability and Hired & Non-Owned Auto; Cyber Liability; EPLI; Medical Billing Liability; Property coverage that can be designed to include Business Interruption and Crime coverage; and Workers’ Compensation.