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Providers – Understanding your insurance requirements

Hello all!

Care Hive requires every service provider on the platform to have appropriate insurance coverage for the services they are delivering to customers.

This week I’ve enlisted the assistance of our insurance broker Your Insurance Partner to provide some information on the type of insurance you may need before you can offer and deliver services via Care Hive.  The information provided below is of a general nature only and you should always seek advice from an insurer about your specific circumstances and the services you plan to deliver.

What is Public Liability insurance and why do I need it?

Even with the best precautions and intentions, accidents can happen. Public and Products Liability insurance protects your business against your legal liability to customers, clients and members of the public (i.e. third parties) for loss or damage (bodily injury or property damage) a third party suffers (or claims to have suffered) as a result of your business activities. Claims of this nature do occur and can potentially be very expensive. In addition to any damages awarded, Public and Products Liability insurance also covers the legal costs of investigating and defending you or your business against claims. These costs can match or exceed the damages payable.

What is Professional Indemnity insurance and do I need it?

Professional Indemnity Insurance covers your legal liability arising out of the professional advice or services you provide to your customers. It protects you against legal action and financial loss such as legal costs and damage claims resulting from alleged malpractice or professional misconduct, and any breach of duty in providing a professional service (e.g. confidentiality or privacy infringements). This insurance is more applicable to allied health practitioners, nurses and personal care workers.

What information do I need to disclose?

To make an informed assessment of the risk and calculate the appropriate premium, your insurer needs information about the risk you are asking it to insure. For this reason, before you enter into a contract of insurance, you have a duty under the Insurance Contracts Act 1984 to disclose to your insurer every matter that you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk and, if so, on what terms. The duty also applies when you renew, extend, vary or reinstate a contract of insurance.

How can I quickly and easily arrange insurance?

BizCover provides instant on-line quotes for insurance which will cover you for the work you do on the Care Hive platform and elsewhere. 

If you’ve got any questions on this topic, as always, feel free to contact us at  insurance@carehive.net.au or on 1300 312 510.

Therese Mulherin