Because nursing homes provide daily care to residents, many of whom have difficulty caring for themselves, they require, much like any other business, coverage to protect them from liability issues stemming from this important line of work. These facilities obviously understand that they face a unique and often-challenging set of circumstances, as just one claim of impropriety or neglect could have a significant impact on their ability to maintain their bed census.
With constantly changing government regulations, coupled with an increasingly competitive marketplace, it’s critical for owners to find an broker that can secure reasonable nursing home insurance rates, and specializes in this complex area of coverage, while helping them to develop a comprehensive insurance program to fit their needs.
A list of essential coverages
Every nursing home has a definite need for a number of policies, including any and all of the following:
- General liability coverage
- Professional liability (malpractice) coverage
- Property insurance, including facilities, grounds and equipment
- Workers’ compensation, and
- Coverage for directors and officers
Any broker that understands the industry as a whole, as well as the inner workings of nursing home facilities, realizes that the management structure must be considered. For example, two of the major concerns in retirement facilities are workers compensation and risk management, and the risks may vary, depending on the relative health and ambulatory abilities of the residents.
In terms of physical and mental stability, some residents can move more freely about the facility without constant care, maintaining their faculties at all times, while others are more prone to slips and falls, resulting in injury, and some may even fall victim to physical abuse and sexual assault. On the other hand, workers face the possibility of back and neck strains as they lift patients in and out of bed.
Risk management programs help to foster a positive and permanent change within the culture of the organization, often reducing the odds of claims that can help to lower premiums. As an insurance specialist that knows about nursing home insurance rates, you can help to reduce your clients’ insurance costs.