Nursing homes provide many benefits to elderly citizens. Along with nursing homes, assisted living facilities and senior living centers allow older individuals to live with dignity. They are an important resource for the country and its aging population. Offering services like healthcare, lifestyle support, food and a community exposes these businesses to liability. Lawsuits in this industry are not uncommon. Common claims allege injury, wrongful death and neglect.
This makes insurance vital. Nursing home insurance rates can vary depending on company and plan. Liability insurance can help cover legal costs including attorney’s fees, court costs, judgments and settlements. Although this is the most common insurance, there are other types that might benefit the assisted living industry.
Business Owner’s Policy
This type of insurance offers nonprofit organizations general liability insurance and property insurance as a packaged deal. It protects against third-party liability claims and also protects your facility’s assets against damage or loss. It allows you to get both types of coverage for a lower rate.
Workers Compensation Insurance
This type of insurance is mandated in most states. Your nonprofit nursing home likely employs many hardworking individuals. If one of your workers gets hurt on the job, workers compensation insurance helps cover costs. It also prevents your facility from having to pay these expenses out of pocket.
Many nursing home insurance rates include a package of coverages suited for nonprofit assisted living facilities. Talk to a local insurance provider for more information.