NEMT Experts Podcast Episode 22: Emotional Grit in NEMT with Marina Lofley of the NEMT Network
Bambi CEO Nirav Chheda talks with Marc Crawford, Director of Transportation at Swan Insurance, about everything new NEMT businesses need to know about getting insurance.
See the full interview on YouTube.
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Podcast Show Notes:
Learn about the essentials of NEMT insurance, including compliance, finding specialists, and the importance of safety. Discover the growth potential of the NEMT market.
Key Points
- Insurance is critical: Insurance is a significant expense for NEMT businesses.
- Compliance: To be compliant, NEMT businesses need three types of insurance: commercial auto, general liability, and professional liability (sexual abuse and molestation). Swan Insurance helps streamline this process by bundling policies.
- Partnering with specialists: NEMT businesses should work with insurance brokers and other service providers who specialize in NEMT to avoid costly mistakes and ensure smooth operations.
- Planning and preparedness: Operators need to plan for their insurance needs well in advance to avoid delays. Proper planning also involves understanding your state and contractual requirements regarding coverage limits. Have drivers in place before getting a vehicle.
- Importance of certification: The Certified Transportation Specialist (CTS) demonstrates knowledge and proficiency in safely transporting seniors and those with disabilities.
- Growth potential: The NEMT market is projected to grow significantly, creating ample opportunities for new operators.
Key Points
- Seek expert advice: NEMT-specific insurance and compliance can be complex, so partnering with NEMT specialists is crucial.
- Plan ahead: Getting insurance is not an afterthought. Do it in tandem with getting vehicles and hiring drivers.
- Prioritize safety: CTS training ensures that drivers understand how to transport seniors and people with disabilities safely and with dignity.
- Understand costs: Insurance is a major expense. Factor this into your business plan along with other fixed and variable costs.
Interesting Quotes
- Marc: "We want you to sleep well at night. We'll cover your insurance." (Illustrates Swan's commitment to providing peace of mind for NEMT operators.)
- Marc: "You're handling a very precious cargo, probably the most precious cargo." (Highlights the responsibility of NEMT businesses).
- Marc: "There's a huge opportunity, we project about a 63% growth in this market in the next five years." (Demonstrates the potential for success in the NEMT industry).
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