Nursing homes and assisted living facilities play an important role in society. They are complex businesses that manage many different facets of operation—assets, employment, medical, and administrative, to name a few. As such, nursing homes and assisted living facilities need many different kinds of insurance to mitigate risk and ensure financial security. Here are some types of insurance that nursing home employers may want to consider.
Nursing home employees are often performing very physical acts. Lifting, hoisting, walking, pulling, pushing are often required in order to care for residents. Risk of injury, consequently, is higher for nursing home employees. Workers compensation is an insurance provided by employers to cover lost wages and medical expenses related to the work injury.
This type of insurance, sometimes referred to as “errors and omissions” insurance, protects nursing homes administrators and professionals from bearing the responsibility of an error, omission, or negligence claim made by a client.
Nursing homes and assisted living facilities have physical assets—buildings, vehicles, medical equipment, electronic equipment, etc—that would be well served to be protected by property coverage. Property insurance protects against the risk of theft, fire, and weather damage.
The complex nature of nursing homes and assisted living facilities lend themselves to varied insurance needs. Nursing home workers compensation, professional liability, insurance, and property coverage are some types of insurance that many nursing homes could benefit from.