Nursing Home Insurance Rates and Coverages

If you are an owner of a residential care facility for elderly individuals, you are in a growing industry. Due to the increased number of baby boomers aging in America, the need for residential care facilities, nursing homes, and home care services is expected to continue to rise. To protect you from existing and emerging risks in your industry, you need to have the appropriate policies in place to manage and prevent risks. It’s also important to find coverage with affordable nursing home insurance rates that align with your budget.

Types of Insurance Policies

To mitigate your business liability in the elder care industry, there are a variety of coverages and policies that you need, such as:

  • Automobile insurance to cover your transport vans and private passenger vehicles
  • Professional liability insurance
  • General liability insurance
  • Property coverage for your buildings and personal property
  • Business interruption insurance in case you have to close your doors for any length of time
  • Excess liability insurance with higher limits than the average policy
  • Workers’ Compensation to cover your employees

Additional Coverages

Each operation will have unique needs, so you should also talk to your insurance agent about:

  • Crime Insurance
  • Boiler and machinery insurance
  • Insurance to protect against violation of residents’ rights
  • Facility Barbers and Beauticians Coverage
  • Cyber liability insurance

Once you have determined the specific coverages you need to protect your business, your agent will be able to provide you with nursing home insurance rates.

This post was written by , posted on July 8, 2015 Wednesday at 9:45 am

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