As the owner of a nursing home facility, you are responsible for your employees’ health and safety while they are on the job. Even though your facility is designed and equipped to keep accidents to a minimum, the fact is they can still happen. And while you offer your employees health insurance to keep them healthy and happy, if they are injured on the job you are responsible for their workers compensation benefits. Here are three ways nursing home care insurance works for you.
1. Protection Against Claims
This type of insurance is what keeps you from losing your money and your business. It offers you liability protection that alleviates you of responsibility and pays out if there are any claims brought against your business.
2. Protects Against Unexpected Events
If a fire or some other situation occurs where you experience a business related loss, nursing home care insurance covers the damages and pays out in a timely manner so that you are able to get your business back up and running again.
3. Provides Peace of Mind
Offers you some reassurance against personal claims, disgruntled employees and residents, and broken contracts. Without a good policy, you could end up spending a fortune trying to defend yourself and your nursing home against these risks.
In this day and age running a successful nursing home can be challenging. That is why you have to be diligent in choosing the right nursing home care insurance.
nursing home professional liability insurance
In the current market, obtaining reliable coverage for nursing homes and assisted living facilities is more important than ever before. However, many facilities in the country remain uninsured, despite potentially significant liability claims. There are two main reasons why pursuing a nursing home professional liability insurance plan can be a necessity.
1. Increased Business
Some potential residents avoid nursing homes that are uninsured because of how certain losses could affect them directly. Individuals tend to seek stable facilities that would be able to effectively pay for claims without risking their solvency. Litigations against uninsured nursing homes can be so financially devastating that it can become impossible to maintain the desired quality of resident care, which can result in more claims. Thus, a lack of nursing home insurance alone can drive potential residents to seek alternate living facilities.
There are also legal components of nursing home operations that must be taken into account. Increasingly, certain statutes are being passed that give residents the right to sue these facilities. Additionally, some states are now considering passing laws that require nursing homes to obtain liability insurance coverage.
Seeking a strategic nursing home professional liability insurance plan is increasingly vital for the successful operation of a facility. The stability of this coverage may encourage new residents, while also protecting against severe financial burdens. Insurance providers possess helpful knowledge regarding residents’ rights statutes and liability threats.