Navigating top home care risks: Protecting your business

Like any business, home care agencies face unique challenges. These risks can significantly impact your business, particularly if they are not properly managed.

Here are the top three risks facing home care businesses and ways to manage them to ensure your success.

Finding and keeping staff

There is an ongoing talent shortage in the home care industry. In one 2023 survey, home health care providers reported turning away over 25% of referred patients due to staffing shortages¹. As the number of Baby Boomers requiring care grows, competition for qualified home care professionals could become even more fierce.

Home care businesses may need to create more attractive job packages to manage this risk. These may include:

• Free certification training to help applicants meet federal and state requirements for home care workers
• Competitive salaries and bonuses
• Retirement packages
• Ongoing training and advancement opportunities

Managing liability claims

Home care providers work closely with patients every day. Liability claims are common in the industry, and home care businesses may manage this risk through training, education, and insurance.

Ongoing staff training and education can help ensure your home care workers follow industry standards and federal or state regulations. Many home care businesses create compliance procedures and do periodic checks to assess that staff are following them.

You may also consider liability insurance to help you manage common claims. These policies may include:

• Professional Liability – Protects professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.
• General Liability – Protects businesses against the risk of customer injury and property damage.

Avoiding cyberattacks

Cybersecurity is a huge concern for the healthcare industry. In 2023, 33 million health records were exposed, stolen, or otherwise impermissibly disclosed, a 39% increase from the previous year². With cybercriminals now using AI to craft convincing scams and health providers relying on more internet-connected devices, this number will likely continue to increase.

Home care providers may need to take steps to increase their cybersecurity, such as:

• Training staff in web safety and cyber best practices
• Using multi-factor authentication, password managers, firewalls, anti-virus software, and other methods to secure your systems
• Installing system and security updates as soon as possible

Insurance for your home care business

Home care insurance can be an essential part of your risk management plan. Your policies could help you manage everyday risks and safeguard your business’ cash flow.

BizInsure makes it easy for home care providers to protect their businesses in minutes. Compare quotes and buy online in about 10 minutes today.