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.