Tailored Insurance Solutions for Healthcare Members
Navigating the complexities of getting your business insured can be a daunting task for many. Recognizing this challenge, Foodbuy has partnered with Selectpath Insurance, one of the top insurers in the industry and a part of Navacord, a national insurance broker network. Selectpath shares Foodbuy’s unwavering commitment to serving the best interests of Members and offers specialised insurance programs tailored to the unique needs of those operating within the healthcare space, as well as a number of other business channels.
Established in 1999, Selectpath adopts a personalised approach to help every client identify their challenges and seize opportunities. They provide tailored insurance solutions and coverage for independent living,assisted living and retirement communities, residential care, long term care, chronic care, and hospices. Additionally they cater to both business and personal insurance needs, general & commercial insurance, construction, hotel and condo insurance, to name a few.
“We try to help operators understand what they can do to reduce their insurance rates. We educate operators on the ins and outs of the insurance industry”, explains Steve Cox, Managing Partner of Selectpath.
“Selectpath helps operators look at their total insurance package needs including who is underwriting it. Unfortunately, most operators do not know this information.”
Cox continued, “At Selectpath, we operate independently from insurance companies. This eliminates any conflict of interest, and our mandate is to act in the sole interest of operators. The commercial insurance sector can be entrenched in traditional practices, leaving operators at the mercy of insurers’ agendas.”
Protecting residents and residential living
Managing a retirement residence or long-term care facility involves navigating distinctive challenges. It’s imperative to safeguard not only the well-being of residents but also that of your staff, volunteers, and visitors. Additionally, these facilities must protect their physical assets and equipment while consistently providing clients with a high standard of care that ensures a comfortable, dignified, and enjoyable quality of life.
Says Cox, “Our association with Navacord enables us to establish agreements with numerous providers in this highly complex sector, which has become notably more demanding due to the impacts of COVID-19 and the resulting surge in class action lawsuits. I believe our distinctive strength lies in our comprehensive abuse coverage.”
The primary and growing concerns within this sector revolve around potential lawsuits initiated by the families of residents. These lawsuits may stem from seemingly inadequate elder care or incidents of abuse involving staff. “We collaborate with facilities to ensure they have the appropriate risk management measures in place in the event of such occurrences,” explains Cox. In cases where a family decides to take legal action against the facility, Selectpath is ready to provide support. Cox states, “We offer services such as appointing legal counsel, and if the facility is found liable, we want to ensure our clients policies provide coverage for any damages or settlements.”
Seeking support from Selectpath
Selectpath possesses the means to assist businesses in securing their licences and finances. However, cooperation from businesses is essential. Cox emphasises, “We require a minimum of 30 to 45 days’ notice and a willingness to work with us to complete the necessary applications. We have observed that although businesses want to save money, they are sometimes reluctant to allocate the time required to complete the applications.”
Factors driving cost for these facilities
Cox explained costs are largely dependent on the size of the property, the construction of the property; whether it’s a newer building, and if it is completely fire-resistive and fully sprinklered, etc. If the premise is safe, the other factors that drive most of the cost are from the levels of liability and the errors and omissions and malpractice. Giving an example, he says, “If we have an older facility that really has not been updated, then that property cost and premium could almost be on par with the liability cost because of the scale of life safety, which is not as broad as a newer building.”
Making the right decision
So, why choose Selectpath? According to Cox, what sets them apart is their deep understanding of the industry. “We excel in securing proper coverage for abuse, molestation, professional liability, and malpractice because we can communicate with underwriters and negotiate on behalf of our clients. It’s not just about physical assets and liability; we also provide risk management tools to administrators and staff. We address all our clients’ pain points and get the job done.”
Empowering Foodbuy Members
Through Selectpath’s expertise, transparency, and unwavering dedication, Foodbuy Members gain access to tailored insurance solutions, robust risk management support, and invaluable knowledge that can protect and propel your business to greater heights.
Selectpath is a partner within Foodbuy’s Professional Services portfolio of solution providers. These partnerships are put in place to demonstrate our commitment to providing comprehensive business solutions that cater to the diverse needs of Foodbuy members while delivering exceptional value.