Things to Know about Insuring a Nursing Home

nursing home insurance rates

Nursing homes and related services are expected to continue to grow. The baby boomer generation is retiring in droves. The increased number of retirees requires a growing need for additional care as they age. While your business operates on compassion and care, it is essential to protect the company’s exposures. A variety of factors influence nursing home insurance rates, but insurance is a vital part of the company.

Coverage Options

No one policy covers all the exposures a nursing home takes on. Caring for the elderly and infirm comes with unique challenges and greater risks than other types of businesses. To fully cover your business, consider covering it with some or all of the following policies:

  • Excess Liability Insurance
  • Boiler & Machinery Insurance
  • Automobile Insurance
  • General and Professional Liability Insurance
  • Directors & Officers Liability Insurance
  • Crime Insurance
  • Property Insurance
  • Cyber Liability Insurance
  • Workers’ Compensation Insurance

Risk Management

Minimizing losses through effective risk management can save the business money and time. The lower your risks the less of a chance a lawsuit is brought against the company. Less claims means lower costs for insurance.

Nursing home insurance rates depend on the size, location, risks and number of policies included. Evaluate your budget and speak to an insurance professional to make sure your slice of a booming economic sector continues to grow strong.