Nursing homes have established themselves as a growing and lucrative industry. As people live longer, they are in greater need of long-term care. However, the long-term care business comes with a number of risks, and you want to make sure that you are covered against potential costly lawsuits. An insurance policy can help protect you, and nursing home insurance rates don’t have to be costly. In fact, coverage can help you save significant money in the long run.
What Should You Consider?
There are a lot of components in managing a nursing home, and each piece needs to be carefully considered when selecting a policy. Most importantly, long-term care facilities need extensive liability insurance in the event of patient injury or illness. Additionally, your employees need to be protected with workers compensation. In the case of a nursing home, medical professionals need to be covered against fault when acting in the scope of their duties. Once you have covered both employee and patient risks, you also want to look at coverage for the facilities.
Why Include Risk Management?
Many nursing home insurance rates also include risk management programs that can help you prevent problems. A lot of issues at these facilities result form employee negligence, which can be prevented through proper training and care. Addressing issues before they occur can help you avoid fault and additional costs. A strong insurer will help you see the whole picture.