Just like any business, nursing homes and extended care facilities must be insured. But with the unique risks involved in the industry, you may be wondering what your nursing home insurance rates cover.
What is Covered
With nursing home insurance, your benefits can include:
- Property coverage for facilities
- Liability insurance
- Workers compensation
- Medical expert protection
- Coverage for vehicles
- Crime insurance
These and other coverages ensure your nursing home facility is prepared for the unique situations that may arise.
Even with excellent insurance, you want to do everything you can to avoid having to file a claim. With all the people living in an enclosed space and all the potential for medication mix-ups, you may be surprised to learn that one of the most common claims nursing homes make is for injury after a patient’s fall. Installing safety features can reduce this risk. Abuse and neglect is another common risk. Perform rigorous background checks on all healthcare providers and monitor their interactions with patients as often as possible so no negligent or harmful behavior is missed.
Nursing home insurance rates may seem high, but it is extremely important to be covered when the lives of elderly patients are in your hands. Talk to an insurance provider to find the best package for your facility.