The new NDIS Quality and Safeguarding Framework which commenced in New South Wales and South Australia in July 2018 sets a new requirement for disability sector service and care providers to obtain minimum levels of insurance. The question is: what insurance do you need to meet minimum requirements?
What risks does the sector face?
The nature of the sector includes unique elements of risk, which all need to be managed and mitigated.
These include standard risks such as protecting physical property from unforeseen events or safeguarding against negligence. Some specific areas, such as the increased risk of abuse and molestation, also need to be factored into insurance cover.
Gallagher has been named the endorsed insurance broker for NDS members, thanks to its long history in advising on disability service sector risks. Account executive Pamela Howarth says meeting the minimum insurance requirement is about matching the risk profile of the service provider with the appropriate cover.
“Today’s insurance products allow providers of all sizes to shift the very real risks they face day-to-day to the balance sheet of an insurer, giving them the peace of mind to focus on good work they do.”
What insurance covers these risks?
Howarth says that, at a minimum, organisations need
- professional indemnity
- malpractice insurance
- public and products liability insurance
- directors and officer's insurance
all with adequate upper limits. Other requirements should be assessed with the help of a professional broker.
Be smart, be protected
Insurance providers have responded to the fast-changing disability service sector risk landscape with innovative products and solutions that simplify acquiring insurance.
For example, Gallagher’s SmartProtect Care for organisations and SmartProtect Care for sole traders are purpose built for disability service providers, ensuring they are covered for most of their activities under just one policy.
As long as a provider has controls in place to prevent abuse and molestation, Gallagher’s SmartProtect Care is available to organisations up to the full policy limit, and to sole traders if they need to defend an allegation of abuse.
Safeguarding the future
Howarth says the new minimum insurance requirement exists to ensure providers and their clients have direct protection from the risks they face, so all parties are able to engage with confidence in providing and receiving care.
“Gallagher is invested in making a difference to the communities we serve. We are honoured to be working closely with NDS and its members to help build a high quality of support and life opportunities to people with disability.”
Get valuable advice
Howarth encourages providers to seek the advice of a broker. “The work we do with NDS and its members extends beyond just the placement of insurance. Having a trusted advisor makes a difference, especially for inexperienced insurance buyers and our role is to help them make an informed decision.”