It can be beneficial to know exactly what you are buying when you purchase insurance. Nursing home insurance cost may occasionally seem high, but when you understand what you are protected against, you can better realize why it is worth the investment.
Insurance for Physical Property
Aside from general and professional liability insurance which is fairly standard, policies protecting your physical property can cover assets such as:
- Personal property
- Boilers and machinery
All of these things can be extremely expensive to repair or replace if you don’t have the right insurance.
Insurance for Your Staff
You can help your employees feel more comfortable by having insurance in these areas involving the staff:
- Workers compensation insurance
- Director and officers liability
- Protection for medical directors
- Facility barbers and beauticians insurance
With the increased commonality of lawsuits, it can be especially crucial to make sure your employees are properly insured.
Insurance for Residents
Because the residents of your nursing home have needs that are required to be met, they necessitate specific coverage. Nursing home insurance cost pays for things like:
- Violation of resident’s rights
- Physical and sexual abuse
- Crime insurance
Regardless of the professionalism of your staff, being prepared for any eventuality can save you money when unexpected situations arise.
Nursing homes present a broad range of risks and can require a significant amount of coverage. Understanding nursing home insurance cost may help you be better prepared and protected for unforeseen circumstances.