As the Baby Boomer generation prepares to retire over the next decade, the aging population will increase the demand for assistive care facilities and services. For those looking to capitalize on this need, finding the right insurance is important. There are several factors affecting a facilities’ nursing home insurance cost.
1. Coverage Options
With a nursing care facility offering a wide range of services, a quality provider should include coverage for potential incidents in these areas. These could be:
- General and professional liability
- Property coverage
- Vehicle Insurance
- Equipment or machinery insurance
- Workers Compensation
- Residential rights protection
- Contractor services protection
2. Financial Scope
The size of the facility- including number of residents and employees- can affect the cost of obtaining insurance. Many insurers have minimum coverage and premiums amount, and premiums will reflect the options of coverage selected per institution.
3. Risk Management
A quality insurer will offer a business comprehensive risk assessments for areas of potential liability. They may offer resources such a policy and practices revision or keep management informed of new legislation and procedural adjustments to remain compliant.
Establishing a residence that cares for the aging population takes into account client and provider needs for safety and liability concerns. To identify the nursing home insurance cost for your business plan or existing facility, consider the options and influencing factors when talking to a provider.