How CQC Ratings Can Impact the Cost of Care Home Insurance: A Guide for Care Home Operators

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As a care home owner, you are dedicated to providing the best possible care for your residents. But, have you ever stopped to think about how your care home’s Care Quality Commission (CQC) rating may impact the cost of your insurance? In this article, we will explore how your CQC rating can affect the cost of your care home insurance and what you can do to ensure that you are getting the best cover at the most affordable rate

So to answer the burning question “Can my CQC rating affect the cost of my insurance”

Answer: Your Care Quality Commission (CQC) rating can potentially affect the cost of your care home insurance.

Care homes that have been rated as “Outstanding” or “Good” by the CQC may be viewed as lower risk by insurance providers and as a result, may be able to secure insurance at a more favorable rate.

On the other hand, care homes that have been rated as “Requires Improvement” or “Inadequate” by the CQC may be viewed as higher risk by insurance providers and as a result, may face higher insurance premiums or have more difficulty in finding an insurer willing to provide coverage.

It’s important to note that insurance providers take into account many factors when determining the cost of insurance, and your CQC rating is just one of them. Other factors that may impact the cost of insurance include the size of the care home, the types of services provided, the location of the care home and the claims history of the care home.

It is important for care homes to work with an insurance broker that understands the specific needs of care homes and can help them find a policy that meets those needs, including for care homes that have been rated as “Requires Improvement” or “Inadequate” by the CQC.

What other factors can affect the cost of care home insurance?

There are several factors that can affect the cost of care home insurance, including:

  1. Size of the care home: Larger care homes generally have higher insurance costs due to the increased risk of property damage and liability claims.
  2. Types of services provided: Care homes that provide specialized services, such as dementia care or respite care, may face higher insurance costs due to the increased risk of liability claims.
  3. Location of the care home: Care homes located in areas with a higher risk of natural disasters, such as floods or earthquakes, may face higher insurance costs.
  4. Claims history: Care homes with a history of insurance claims may face higher insurance costs due to the increased risk of future claims.
  5. The level of security in the care home: Care homes that have a high level of security to protect residents and staff can help to lower the insurance costs
  6. The staff’s qualifications: Care homes that have staff with high qualifications and experience will be less likely to make mistakes and therefore the insurance costs will be lower
  7. The number of residents: The more residents in the care home, the higher the insurance costs will be due to the increased risk of liability claims
  8. The age of the care home building: An older care home will be more expensive to insure than a newer care home

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