Director & Officers Insurance for Hospice, Home Care Agencies
Running a hospice organization is very rewarding but with these rewards come exposures for directors and officers and board members, many of whom are volunteers championing the services of the facility or agency. Without proper risk management protocols and insurance programs in place, claims can arise and lead to financial trouble for an organization and its leadership. Even if the claims are meritless, the defense costs can be significant and crippling for a hospice agency.
D&O claims for hospices can stem from various sources, including allegations of wrongdoing or misconduct. Directors and officers can be sued for breach of fiduciary responsibility or gross negligence. For example, if a board member invests the nonprofit’s assets unwisely and loses it all, a creditor could sue the non-profit as well as its directors and officers. Employment-related claims are also common against director and officers for issues such as wrongful termination.
The Need for D&O Insurance
Directors and officers insurance protects a hospice and its directors, trustees, and board members for claims alleging wrongdoing up to the limits on the policy. It will cover legal fees, settlement, and some damages. The D&O insurance policy under the Care Providers Insurance Services program can be tailored to provide hospices with different coverages, depending on their needs. These include:
- Side A coverage: insures individual directors and officers to protect their personal assets
- Side B coverage: reimburses the organization for costs incurred when the organization indemnifies directors and officers in a claim
- Side C coverage: protects the organization itself when it is named as a defendant in a claim
Our professional staff will go over the type of policies available to determine what’s the best fit for your insureds.
Learn More About Our Insurance Program for the Hospice Community
We invite you to learn more about our program for hospices and how we can assist you in expanding your agency’s book of business. Contact us today for more information about our program.