3 Components of a Good Risk Management Plan

Because nursing homes work with the elderly and disabled, it is vital they have a solid risk management program in place. When considering your nursing home insurance cost, ask providers if they help create solid risk management plans. A good plan will include the following.

Documentation

You should document every part of your risk management program. Your documentation should include copies of inspection and safety reports, information on how you train your employees, a list of accidents or injuries that have occurred in the past and plans detailing how you care for your residents. Showing you take meticulous care of your records will help you in court should something unfortunate occur.

Loss Prevention

Loss prevention is an important aspect when determining nursing home insurance cost. Loss prevention and mitigation means identifying possible issues and losses so you can work to prevent them before they occur. Components of loss prevention include creating maintenance and inspection procedures, procedures for dealing with emergencies or accidents and training programs for new and current employees.

Results Monitoring

Monitor your plan to see how your procedures work in real situations. Look for places where you can improve or places you may need to go back and add into the plan. Review your entire plan periodically, regardless of whether any issues have occurred.

Many insurance companies offer assistance with creating risk management programs that you can add to your nursing home insurance cost. A good plan will save you both money by avoiding unnecessary emergencies or inadequate responses to unavoidable emergencies.

Please follow and like us:

Insurance Risk Advisors