Types of Insurance for Nursing Homes
There are a number of different problems that assisted living facilities face, but fortunately insurance policies can be created that protect the facility, workers, and residents. There are a number of different types of insurance for nursing homes, and all of them can be highly useful.
One of the most important kinds of insurance is liability insurance, which protects a nursing home from being sued by upset residents or their relatives. General, professional, and excess liability coverage can help to pay for legal fees and settlements in the event that an employee of the nursing home makes a mistake—or even if a groundless claim is brought.
The property of the nursing home should be protected too. Property coverage can protect personal property, buildings, and other items owned by the facility, and it can also help reimburse the home for business interruption. Automobile insurance can help to insure any vehicles owned by the facility, such as private passenger or transport vans.
There are many other kinds of insurance that should be covered in a comprehensive policy, such as crime insurance or coverage for facility barbers and beauticians. Worker’s compensation is also important, to protect the employees, and directors and officers should be insured too.
The assisted living industry faces a number of challengers, facing from the general threat of accidents or crime to the specific threat of being sued for providing inadequate care. Fortunately, insurance for nursing homes can guard against these problems and assist in recovery.