Assisted Living & Nursing Homes

Assisted living facilities and nursing homes can help provide necessary housing and care for the elderly and those with various medical needs. However, despite their best intentions, facility owners and their employees may make mistakes or experience accidents, potentially leading to dire financial ramifications. This makes the right insurance package an essential investment.

What Is Assisted Living and Nursing Homes Insurance?

Most insurance companies don’t offer packages tailored to the needs of nursing homes and assisted living facilities. This means that facility owners may need to purchase several different insurance policies, combining them into a coverage portfolio that addresses their unique risks and exposures. For assisted living facilities and nursing homes specifically, here are some coverage options to consider:

• Professional liability insurance, also known as errors and omissions insurance or, in a medical setting, medical malpractice insurance, can offset financial consequences should a facility or its employees be accused of making professional mistakes or providing poor advice.

• Commercial property insurance may help pay for losses and damages involving a facility’s building, equipment, tools and other tangible assets.

• General liability insurance may help reimburse third-party losses that a facility is held liable for, such as bodily injuries, property damage, personal injuries and reputational harm.

• Business interruption insurance can help compensate a facility for costs arising from delays or disruptions in normal operations.

• Workers’ compensation insurance, which is often required by law, can help a facility’s employees manage the financial ramifications of on-the-job injuries and illnesses.

• Cyber liability insurance can help reimburse expenses that a facility incurs following a data breach or other cyber incident.

• Commercial auto insurance can help pay for losses involving any motor vehicles that a facility uses as part of its operations.

How Much Does Coverage Cost?

Premiums for assisted living and nursing home insurance may vary according to a facility’s particular circumstances, and are often influenced by the following criteria:

• Location

• Square footage of the facility

• Number of employees

• Number of residents

• Medical services offered

• Years in business

• Assets and revenue

• Claims history

• Coverage details (e.g., types of policies and their limits)

Learn More

Contact J J Insurance today to learn more.