When most people think about nursing home insurance, they are really thinking about long-term care insurance which is very important. However, another consideration should be the kind of coverage the actual nursing home has to protect itself and its residents. Nursing home liability insurance rates vary depending on coverage and while that coverage should be tailored to the specific residence, there are some coverage’s that must be present.
This includes both general and professional liability insurance to cover expenses related to building and personal property damage as well as business interruptions resulting from that damage. Automobiles used in transporting patients fall into this category as does employment practices liability insurance.
Patient and Employee Protection
While liability insurance provides some patient protection, you need to be sure your nursing home rates also cover resident’s rights violations, abuse (physical or sexual) and criminal activity. Employee protection in the form of worker’s compensation insurance is required by law and additional protection for medical directors is also advised.
Other items such as machinery and boiler insurance, coverage for on-site beauty and barber services and cyber liability insurance are also available. The key is to make sure that your nursing home has the proper coverage to protect both your business and your residents.