Insurance Costs and the Nursing Home Industry: What to Expect
If you own a nursing home, you need insurance. Your first question may be, however, how much that will cost you. The truth is that nursing home insurance cost varies depending on the coverage you seek and the type of facility you own.
As this niche industry continues to grow, so will the coverages on offer. Right now, here are some of the most common coverages to consider:
Excess liability coverage
Professional and general liability
Directors and officers liability
Your insurance coverage will depend on the establishment that you run. How many residents do you serve? What are their medical needs? Nursing homes are high-risk medical facilities, you need to have high-risk insurance with higher limits to minimize your losses.
Discounts and Recommendations
While your costs will depend heavily on the type of facility that you own, it will also depend on the discounts that you can receive. Talk to your insurer or the potential insurer about what types of discounts might be available to you. Likewise, if someone recommends an insurance company to you, you may want to pay attention to it.
When it comes to the nursing industry, insurance is crucial. When it comes to nursing home insurance cost, however, you do want to think about the type of facility you have and how much coverage you need. This is what’s going to determine your cost.