Bonding Insurance for Home Health Care
Caregiver insurance bonds are one of several means that a person or family requiring home health care would have, to ensure that a person providing that home care will do so in an honest and forthright manner, and will not take advantage of the opportunity to steal valuables which may be visible in the home setting. Bonding is somewhat different than either licensing or certification, since licensing is often a requirement of providing such professional services, and certification indicates a certain level of proficiency at various tasks connected with the caregiving function, for example bathing and dressing, meal preparation, ambulatory assistance, etc. Home health care bonding is not always required for caregivers, but it does provide a certain sense of assurance that the nature of home care will not be exploited by illegally removing articles of value, and that a financial guarantee is in place to support the service level and performance of the caregiver.
How do these bonds work?
A caregiver is often bonded by the company he/she works for, so that persons needing care can have confidence in their honesty and in their level of service. If either of those qualities are found to be lacking, and inadequate performance by the caregiver is charged, the home care subject can make a claim against the bond, up to the maximum value of the bond itself. The case will then be reviewed by the surety company issuing the bond, and if the claim is found to have merit, the monetary compensation will be issued to the home care victim as restitution for the claim. Bonding insurance for home health care is an important part of starting your business.
Who needs a caregiver bond?
Any individual working independently as a home care professional, or someone who works for an agency should have a caregiver insurance bond, so as to inspire confidence in potential clients. When you are bonded as a professional, there will always be more potential clients who are interested in securing your services, because there is a level of confidence imparted by having the bond, which will increase your employ-ability.
Why is it important to get a home health care bond?
The real value of having a bond is that it provides proof, or at least a high degree of confidence, to the powers which oversee the healthcare industry, that you are an individual who takes the issues of honesty and faithful execution of duties seriously, and that you will do your best to accomplish both. Having this bond is a requirement in some states when you work for a professional agency, because industry regulations stipulate that caregivers delivering services to home-bound individuals must be backed by bonding.
While this does not constitute a 100% guarantee of performance, or of total honesty, it does at least provide a mechanism whereby a home care subject can obtain restitution if the caregiver is found to have breached the terms of honesty, malice during delivery of services, or unacceptable levels of performance. Thus it is important for both the caregiver and the subject of caregiving, that a healthcare professional be properly bonded.
What happens if you don’t have one?
If you don’t have a caregiver insurance bond and you wish to provide professional services in the home, you will be unable to operate in those states which require bonding, until you do acquire the necessary bonding. As an independent, this means you would not be able to work without first securing the required bond, and if you wish to work for an agency in any of those states, you would have to go through the bonding process before you would be allowed to go out on actual home care situations for the agency.
In those states where bonding is not a legal requirement, you would probably lose out on a good deal of business, because any competitors in the local area who are bonded, would most likely be hired ahead of you. Since those individuals would carry some kind of guarantee of performance and honesty on the job, and you do not, it would more sense for people requiring home care to choose your competitors over you. Having the caregiver insurance bond will literally open up a great many more doors to you, in terms of securing clients who wish to avail themselves of your services.
How to get bonded:
No matter where you happen to reside in this country, you can apply for a caregiver bond with NFP Surety, the nation’s largest insurer and issuer of all kinds of bonds. Since the company is authorized to issue bonds in every state in the U.S., you can literally apply regardless of where you happen to be living.
The first step in the process is to visit the NFP Surety online site, and fill out all the required information, then submit your application. It will be promptly reviewed, and you would then be quoted a monthly premium amount, which will depend on your state of operation, your creditworthiness, and the face value amount of the bond you are applying for.
You would then have the option of accepting the premium quote or not, and assuming you choose to accept it, you would simply have to sign the necessary contract and return it to NFP Surety. Your caregiver bond would then be in effect from that time, and you will be able to successfully pursue caregiving opportunities in your chosen region of business. Call us today for all of your bonding insurance for home health care needs!