Running a nursing home introduces various unique risks and liabilities. This makes standard insurance policies, such as commercial, property and workers’ compensation insurance, essential for these facilities. However, these basic types of insurance for nursing homes may not always be enough. Frequently, nursing homes may also require the following types of coverage to guarantee full protection.
- Equipment and Auto – At most nursing homes, day-to-day operations depend on the functionality of equipment such as electrical, heating and cooling systems. Boiler & Machinery insurance can protect against costs or complications associated with equipment breakdowns. Nursing homes that provide shuttle services or send employees on errands also should protect against vehicle damage and accident liability with business auto insurance.
- Business Interruption – Disruptions due to natural disasters, equipment failures or other issues can affect any business. Business interruption insurance can help cover revenue that is lost while operations are halted. Depending on the policy, this insurance for nursing homes may also help provide for fixed costs or expenses associated with keeping the facility running.
- Fidelity or Crime – Crime insurance does not just serve to protect a nursing home against financial loss due to crime. This coverage also can protect the property of residents. Going without this insurance may lead to significant losses, depending on the nature of the facility and the number of residents affected if a crime occurs.
Ensuring Appropriate Coverage
Due to the unique risks that nursing home operations involve, choosing insurance that guarantees full coverage can be difficult. Considering this, owners or other decision-makers can often benefit from seeking the advice of an insurance agent to ensure that each facility is adequately protected.