Health and social services: navigating a restrictive market
Risk and insurance management are naturally closely intertwined in the healthcare sector. In a restrictive insurance market that leaves little room for flexible solutions, hospitals, care institutions and aid organizations benefit from having a competent partner who is familiar with the specific risks of the healthcare sector and provides a comprehensive risk management strategy.
Hospitals, for example, are exposed to a large number of different risks. The core risk of hospitals and medical professions lies in professional liability. The costs of damages resulting from errors in the exercise of their profession have risen dramatically in recent years. At the same time, the demand for nursing care facilities is continuously increasing due to demographic and social developments. The wide range of tasks on the one hand and the legal requirements and controls on the other hand call for ever greater organizational and administrative effort. The increased demands placed on operators and employees, coupled with a simultaneous shortage of resources, increase the probability of errors in the performance of nursing tasks.
As one of the top insurance brokers with an international network, Funk develops tailor-made risk transfer strategies for its clients, taking into account a great knowledge of the sectors of health and social services.
Funk Hospital – a special broker for healthcare clients
Taking the increasing number of damages into account, several risk carriers have felt compelled to withdraw from the healthcare market. At the same time, insurance premiums for medical liability have risen sharply. Due to this tense market situation, hospitals are increasingly forced to accept unfavourable insurance conditions. Funk Hospital combines the expertise of a specialist healthcare broker with a professional regional support concept, which is guaranteed by our numerous offices. With decades of experience in the healthcare sector, Funk Hospital is a recognised partner throughout Germany and beyond. Through our consulting company, Funk Health Care Consulting, we also offer our clients in the healthcare sector clinical risk management. In view of the restrictive insurance market, risk reduction is of particular importance and offers the chance for better insurance conditions.
We provide advice and support for hospitals and their networks, senior citizen and rehabilitation facilities, aid organisations, social service providers, laboratories and medical device manufacturers. Our risk transfer solutions include:
- Implementation of a risk philosophy in cooperation with the client
- Coverage of risks threatening the existence of the company
- Maximum quality level of policies
- Efficiency increase
- Development of risk management strategies
- Rapid and internal claims processing by our own team of experienced lawyers and insurance experts
Industry-specific insurance solutions for nursing homes
The increasing requirements for nursing homes necessitate a constant review and adjustment of insurance cover. Based on our expertise in the protection against risks in the nursing field, Funk Hospital has developed a customized insurance strategy for nursing home operators. Funk Pro seCura is tailored to the special needs and existential risks of care facilities. The insurance solution is designed in accordance with the risk philosophy of the respective facility and includes the following components:
- Public liability insurance
- Resident’s liability insurance
- Buildings insurance
- Inventory insurance
- Electronic equipment insurance
- Business interruption insurance
- Business shutdown insurance
- Legal protection insurance
All other risks, especially financial losses and indemnity risks, can also be covered with specific concepts, if necessary. In the event of a claim, our experienced team of lawyers, industry experts and insurance professionals will reliably assist nursing homes in the negotiations.