An Annual Review of Nursing Home Insurance Ensures Complete Coverage
The nursing home industry has changed a lot just in the last decade. Insurance for nursing homes has adapted to keep up with the different types of facilities. Its easy to just pay the premium when the insurance comes due, but you should review your insurance on an annual basis.
Consider These Things When Renewing Insurance Coverage
You are providing new services. You should make sure you know your legal liability for everything that happens in your facility.
You are using subcontractors. You may not actually employ the beautician that comes to your facility, but there are added risks.
You’ve added new equipment that may not be fully covered under your current policy. You may need to increase the amount insured on the policy to make sure you can replace costly medical equipment in case of a total loss.
You’ve made improvements to your building. This makes your building more valuable and more expensive to replace. Check to make sure you have enough insurance coverage to meet the needs of your business.
Youve employed more staff or lost staff. You may need to update your workers compensation insurance to make sure youre adequately covered. If you have less staff, then you may be overpaying.
Know Whats Included in Your Insurance Coverage
Insurance for nursing homes is often much more specialized than it once was. Review your policies to know what is covered and what is excluded. Don’t find yourself under insured.