An Insurance Health Checklist for NDIS Service Providers

Small business owners are busy people and NDIS service providers are no exception! With so much on your daily to-do list already, you may not have time to think about your business insurance. However, ignoring your insurance might be bad for your business.

An insurance health check could help you keep things in order. You might find that your policies need updating or that additional types of cover are necessary to address the risks you face on the job. Here’s a quick checklist for NDIS service providers to help you review your business insurance:

1. Do you have the right kind of insurance for NDIS workers?

 

Having the right type of cover is essential to getting your business back on track if something goes wrong. Many NDIS service providers and support workers consider policies such as:

• Allied Health Combined Liability combines Professional Indemnity and Public Liability cover. This helps protect against two common types of risk you may face—claims of negligence or third-party injury and property damage—with a single convenient policy. 
• Personal Accident & Illness can cover your income and provide benefits for permanent disability and even death, and if you’re unable to work due to illness or injury.

2. Have there been any big changes to your business?

 

Think about your business and how it may have changed since you first bought insurance. Does it look different? If the answer is yes, you may need to adjust the amount of cover you have or consider additional types of protection.

It may help to ask yourself these questions:

• Are you offering new services to your clients?
• Have you taken on more clients or larger contracts?
• Are you leasing an office that you run your business from?

3. Do you have enough cover to shield you against a major claim or loss?

 

Simply having insurance might not be enough. Underinsurance, or not having enough cover to protect against a major claim, is an issue for many NDIS service providers. If the amount of cover you have is too low, you may not be fully protected when you make a claim.

Changes to your business, like the ones covered above, could impact how much cover is necessary to protect yourself. You may need to adjust the amount of cover you have to better protect your business.

4. Have you compared other policies on the market?

 

“Set it and forget it” is probably not the wisest way to handle your business insurance for many reasons but sticking with the same insurer each year might be costing you money. Comparing policies could help you find insurance that protects you and your business at a better price.

Insurers use different standards for assessing risk. That’s why quotes for the same type of policy often vary from one company to the next. Comparing your current insurance cover to what other insurers have to offer may help you save money.

 

Insurance for NDIS Service Providers

MyCareSpace has partnered with BizCover to provide NDIS service providers and support workers with tailor-made insurance cover at an affordable price. It only takes a few minutes to switch and save, and get back to running your business. Compare policies online in minutes and get covered instantly! 

No more lengthy documents and questionnaires, it’s a paperless experience.

Want to speak to an agent?

Call 02 8287 65 76 to speak to a Biz Cover agent to find out what cover is right for your business.

 

MyCareSpace is a referral partner of BizCover Pty Ltd (ABN 68 127 707 975; AFSL No 501769). MyCareSpace earns a commission from BizCover when you purchase a business insurance policy through their website. BizCover provides dealing services, factual information and general financial product advice only in relation to business insurance on this and the following business insurance comparison pages. BizCover and acts as agent of the insurers in respect of the insurance products offered on the website and not as your agent. BizCover does not compare all business insurers or products in the market. Any advice provided on this and the following business insurance comparison pages is general advice only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance cover will be subject to the terms, conditions and exclusions contained in the policy wording  For more information about the above services and how BizCover and MyCareSpace are remunerated, please read BizCover’s Financial Services Guide. © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769