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The Care sector has faced troubling times over the last 18 months across pretty much every facet of its operation, with the knock-on effects of both COVID and Brexit.
One of these many consequences has been a turbulent or ‘hard’ insurance market that is unlikely to improve for the foreseeable. Such a market has displaying the following characteristics:
Essentially, Care providers with a low risk portfolio will obtain the most favourable premiums. One of the key indicators of risk in care is your CQC inspection result, and as such:
But insurers are not the only stakeholders you need to satisfy; your current or potential future CQC rating is crucial to every stakeholder (and therefore the outcomes for your business) including financers, existing and potential staff, your service users and their loved ones. Ultimately, anything less than a ‘Good’ CQC rating will create problems for Care providers when it comes to insurance.
In the current climate, obtaining the best insurance premium starts with proactively demonstrating risk mitigation from the outset to enhance and futureproof the key pillars of your operation – your people, your processes, your finances and your reputation. Doing so is likely more cost effective in the long run than taking short term actions to fix any problems that could arise, and will go a long way in ensuring you either maintain or improve your CQC rating, because risk management, insurance and CQC ratings are symbiotic.
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