Nursing home insurance costs

Managing Nursing Home Risks

Nursing homes are a niche market that provides vital services to aging individuals. It comes with its own set of industry-specific risks. Nursing home insurance costs should be budgeted for if you are thinking about opening such a facility.

Coverage

Different insurance providers offer different packages. Some plans might include the following coverages

  • Professional Liability Insurance
  • General Liability Insurance
  • Property Coverage
  • Workers Compensation Insurance
  • Directors and Officers Liability Insurance
  • Violation of Resident’s Rights
  • Automobile Insurance

If an insurance company does not have a specific plan for nursing homes, it is likely to can construct one.

Risk Management

The long-term care industry has a unique set of responsibilities. Assisted living facilities provide needed care for frail and disabled elderly individuals. These services need to be available twenty-four hours a day. This leaves these facilities open to specialized risks and liabilities.

To mitigate risks, nursing homes should try to establish a structure where possible. Designate specific personnel to help enforce a risk management program. Make an effort to identify any hazards that might exist and develop a plan to reduce potential harm from these hazards. Document any safety measures, inspections and training programs that take place. Always monitor results of any implemented practices and strive to constantly evolve and improve the program.

Since nursing homes exist in a niche market, nursing home insurance cost tends to vary depending on the plans offered. Contact your insurance provider for more details.