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5 Key Indicators Your Nursing Home May Be Under-Insured

5 Key Indicators Your Nursing Home May Be Under-InsuredYou probably see them all the time; those car and home insurance commercials that make you question if you have enough insurance, or even if you have too much insurance. It’s important to realize though, that this doesn’t just occur when purchasing personal insurance lines, these types of issues can come up with business insurance as well, which is why it’s vital to choose the right insurance company when it comes to understanding how to Financially Protect Your Assisted Living Facility or Nursing Home.

So, what 5 key factors should you collaborate with your Nursing Home Insurance Company about to ensure your facility is not underinsured? Here’s a basic breakdown.

Number of Employees

Has your employee base grown? If so, it’s important to realize that almost every state now requires Workers’ Compensation coverage for any business that has 1 or more employees; this includes caregivers, officers, administrators, even your receptionist. Employment Practices Liability is another important coverage to be aware of.

Location

Property insurance is a key coverage that all assisted living and nursing homes need. Do you have locations in areas with inclement weather? This is something you will need to take into consideration.

Equipment Needs

Depending on the size of your facility and your equipment needs, you may be paying more for equipment than a smaller nursing home; this is especially true if you have the “latest and greatest” in health care equipment, as this will definitely require the right amount of insurance coverage.

Services

Is your nursing home primarily for rehabilitation purposes? Or does it include live-in features and/or a memory care center? Different services create unique risks; presenting liabilities for both the standard caregiver and the facility as a whole.

Business Auto

Many retirement-center-style nursing homes today provide transportation for its residents, typically with provisions for how far they will travel to drop-off and pick-up. No matter what the distance, however, accidents are always a risk you face when on the road, and even if personal vehicles are being used, your nursing home can and will be held liable for a resident’s injury if you are in an accident while using the vehicle for company purposes.

At DigniCARE, we understand the unique risks faced by those who work in Assisted Living Facilities, Nursing Homes, Continuing Care Retirement Centers, and Independent Living Facilities. We will work closely with you to ensure you have the appropriate coverage, as well as a Nursing Home Risk Management Strategy, and will not sell you something you don’t need. For more information about our products and services, please contact us today at (855) 883-6306.

 

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