What Types of Coverage Do Nursing Homes Need?

Assisted living facilities have multiple factors and situations to consider when selecting insurance policies and coverage. Unfortunately, they also incur more risk than most businesses, which can make the cost of nursing home insurance too expensive for most insurance companies. However, there are insurance companies that specialize in offering high-risk companies like assisted living facilities coverage that they normally wouldn’t be able to get.

Available Coverage Options

The more common coverage options for nursing homes include:

  • General and professional liability – protects assisted living facilities from lawsuits and similar claims
  • Workers’ compensation – pays employees’ medical bills and income in the event of work-related injury or illness
  • Automobile – covers private passenger and transport vans
  • Directors and officers – pays for the losses or advancements of defense costs that the directors and officers incur as the result of a legal action that alleges wrongdoing on their part
  • Crime – covers nursing homes in the event of crimes such as theft or fraud committed by employees

Many nursing homes include these coverage options in their insurance policies. However, before they make a final decision, assisted living facilities often partner with an insurance company accustomed to dealing with high-risk businesses to ensure that they receive the best coverage for their situation. With all the options available, the cost of nursing home insurance can skyrocket quickly, especially if facilities look to traditional insurance markets for coverage.

 

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This post was written by , posted on February 10, 2015 Tuesday at 2:00 pm

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