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Nursing Home Insurance Coverage Protects You and Your Residents

With an ever increasing elderly population, the number of people entering assisted care is rising as well. As the residents swell, so can the liabilities. Nursing home insurance can protect your care facility from costly litigation and repairs. Here’s a look at three basic types of coverage available.

  1. Professional and General Liability Insurance – This policy can cover your company should anyone be injured while at your facility, from the residents themselves to any visitors. If needed it could pay costs involved in a lawsuit, such as lawyer fees, court costs and settlements.
  2. Property Coverage – Your building and equipment are essential for providing care, but damages can occur. Fire or harsh weather conditions can quickly cause hundreds of thousands of dollars in damage. Even with security, you are at risk of theft and vandalism. Property insurance can reimburse you for lost inventory, furniture, or the building itself.
  3. Auto Insurance – While much of the aging population may need assisted living, they are also still mobile. If you provide a bus or van to take them to appointments or on shopping excursions, you need coverage. Special rates are available for transport vehicles.

While you can’t predict when an accident may occur or damage will be done, you can protect your edifice from excess expenditures. Nursing facility insurance can cover the costs associated with litigation, as well as losses due to outside harm.