Modern nursing homes are different than those of the past. As residence live longer, healthier lives, care facilities must work to keep them engaged and active. With a busier nursing home, of course, comes increase chances for injuries. To effectively manage risk, facility directors often purchase nursing home insurance.
Before purchasing nursing home insurance, administrators must fully understand everything that occurs at the facility. Generally, however, nursing homes generally require the liability coverage for the following individuals:
- Facility directors
When choosing a policy, savvy administrators often choose to combine coverage. Like other businesses, nursing homes usually need property insurance and motor vehicle insurance. They may also require an umbrella policy or other additional coverage.
How much does nursing home insurance cost? Since each facility is unique, it is difficult to determine how much a facility must pay for good coverage without specific information about the nursing home. Still, agents usually use data about the facility’s size, budget, treatment history, and other components to estimate premiums.
When trying to budget for home insurance cost, savvy administrators work with an experienced agent. With the right information, nursing homes often save money while taking advantage of comprehensive coverage.