Leading Providers of Home Healthcare & Caregiver Professional Liability Insurance

Home healthcare professionals work under serious conditions with patients often needing life-ending care while still in the comfort of their home. It isn’t an easy profession and is one that needs a professional policy that protects them in the event that something goes wrong, or if patients or surviving family members accuse them of unprofessional behaviors leading to loss. Here’s our top providers of home healthcare and caregiver professional liability insurance.  

Introduction to Home Healthcare & Caregiver Professional Liability Insurance

A professional liability insurance policy provides coverage for healthcare professionals in the event that something they do results in injury or the premature death of a patient. Professional errors and their subsequent claims or lawsuits are paid for by the insurance company and the professional is protected with a legal team to defend them. This is extremely important for healthcare givers as something as simple as a misdosage of medication can lead to serious consequences and leave the home healthcare professional at risk.  

Leading Providers of Home Healthcare & Caregiver Professional Liability Insurance

Best Overall: Simply Business

Best for Micro Companies: Next Insurance

Best Claims Service: The Hartford

Best Hourly Coverage: Thimble

Best Customer Service: Liberty Mutual

Best Overall: Simply Business

Why we chose it: Simply Business allows you to shop for the best policy with the best rate among the top insurance carriers in the market. It does this free of charge. 

Simply Business has been helping business owners find professional liability insurance policies since 2005. Their marketplace dynamic helps business owners shop quickly and conveniently. In addition to professional liability insurance, policyholders can also obtain general liability and workers’ compensation insurance through Simply Business. Because Simply Business is a marketplace, it doesn’t get an AM Best rating – you’d rely on the rating of the underlying insurance carrier chosen by the platform. 

Best for Micro Companies: NEXT Insurance

Why we chose it: Next Insurance underwrites professional liability insurance policies for small businesses that have fewer than five employees at a price that meets their budget. 

Next Insurance was founded in 2016 in Palo Alto, California, where it’s based. It’s goal is to provide reasonably priced insurance policies to small business owners for a price that doesn’t break the budget. It offers the gamut of insurance products for business owners who are looking to protect their business with a reputable company for a reasonable price. While they handle bigger companies, their specialty lies in the little guy who might not have huge margins to pay for excessive premiums. 

Best Claims Service: The Hartford

Why we chose it: The Hartford has centuries of experience dealing with small business claims and helps business owners through the claims process so they don’t feel alone. 

The Hartford has been offering insurance since 1810 and has the reputation of being an expert in small business insurance. Their underwriting is top-notch, with industry experts helping to assess risk and properly issue policies that protect for a competitive price. Healthcare providers can get all their insurance needs handled in one place when working with The Hartford, simplifying their portfolio and ensuring that there are few to no gaps in coverage. 

Best Hourly Coverage: Thimble

Why we chose it: Thimble’s business model is designed to offer insurance on demand, allowing healthcare providers to obtain coverage while they are on the job, rather than during downtime. This helps save costs in the long run. 

Thimble is a newer insurance provider with excellent insurance ratings providing hourly policies so that small business owners can get coverage while they are on the job and not while they are off. This can substantially affect the insurance budget for some and helps mitigate costs over time. In addition to professional liability insurance, Thimble customers can also obtain general liability coverage for more comprehensive protection. 

Best Customer Service: Liberty Mutual

Why we chose it: Liberty Mutual has a history of serving clients as they need help. They have call centers ready to answer any question a small business owner may have.

Liberty Mutual is a place where small business owners can combine personal insurance with small business insurance policies for convenience and great service. When it comes to business insurance, they offer a wide variety of policies to help business owners establish their portfolio with confidence. Small business owners can get professional liability, general liability, and workers’ compensation all in one convenient place. 

Criteria for Selecting Top Providers

Policy Ape goes through an extensive review process to rank and rate insurance companies. Our process is looking at: 

• Coverage options and flexibility: Insurance companies should give consumers options for coverage and provide different policies to meet different needs. Consumers should be able to customize policies to fit their unique situations. 

• Pricing and value for money: We look for companies that offer competitive pricing for the policy in question and offer discounts when possible. 

• Reputation and financial stability: We look for companies with high AM Best ratings and that have a reputation for underwriting small business policies in a straightforward fashion. 

• Customer service and support: Companies that have a reputation for quality customer support fare better than those that don’t.

• Claims process and efficiency: Claims should be straightforward, and when possible, monitored by an app that allows business owners to follow the claim throughout the process. 

Comparison of Coverage Options

When choosing a small business insurance carrier, make sure you consider whether or not you will be getting comprehensive or limited coverage. Policies may be limited to certain work hours if you go with a provider such as Thimble, which can affect when you can work. As insurance carriers about customizing policies to tailor them to your business needs.

Cost Considerations

There are many factors that affect cost. The location of your business is one key factor in affecting cost, as is the size of your business. The bigger your company, the more risk there is and the more costly the policy will be. Also, keep in mind that if you have prior claims, you’ll pay more than if you are claim-free. 

Choosing the Right Insurance Provider

When choosing the right insurance provider for your business, keep in mind what your small business needs are. You may not need a lot of policies, but instead need to focus on specific policies that cover the primary risks of your company. Take a look at customer service and support to understand how the company handles policies and deals with customers. Choose one that you are comfortable with.