Long-term care facilities are one of the most heavily regulated industry in the US. The risks faced by caring for elderly or infirm patients over long periods of time comes at a price. Nursing home insurance rates have increased since the early 2000s. Knowing what affects those rates can help you save money while still providing quality care to your patients.
Implementing a risk management policy can help keep insurance rates lower. Nursing home insurance rates are based on the risks of the particular facility and based on the number of beds, the number of claims filed and amount of insurance policies needed. Larger facilities often need additional coverages.
Types of Policies
Nursing homes and other long-term care facilities need a variety of insurance policies to cover their risks. Bundling these policies together can often come with some discounts. Beyond traditional general liability and property insurance policies, speak with your agent about:
- Crime insurance
- Excess liability
- Automobile insurance
- Directors and officers liability insurance
- Boiler and machinery insurance
Working to mitigate and proactively manage risks can affect nursing home insurance rates. A lower rate can provide additional funds to be used elsewhere in the business including resident care. An agent or broker can go over the coverage options available and work with your risk management team.