The Truth About Skilled Nursing Facility Insurance
These days, many people opt to transfer their aging loved ones to a skilled nursing facility. Once there, they can enjoy round-the-clock attention based on their needs, have quick access to meals and medications, and meet their counterparts. But that care doesn’t come without risk faced by the facility. That’s why skilled nursing facility insurance is critically important.
Skilled nursing facilities are special institutions that are licensed to offer constant medical care and attention to injured and sick persons. Regular medical records are kept and individuals are put under the constant care of a qualified physician.
Examples of Risks that Skilled Nursing Facility Insurance Protects Businesses From
Skilled nursing facilities offer these and many other services, but in the process of doing so, they are exposed to many risks. A patient’s jewelry or belongings could be stolen, an employee could mistakenly give the wrong dosage or medicine, or someone visiting their elderly loved one could slip, fall and get injured in the facility. In order to protect their business and employees in the case of financial loss or a claim, they need skilled nursing facility insurance coverage.
A professional insurance company that has worked with players in the long-term care and elderly care facilities can assist the owners and managers of skilled nursing facilities in selecting the best insurance policy for their needs.
Types of Skilled Nursing Facility Insurance Recommended
Skilled nursing facilities should obtain Commercial General Liability Insurance coverage just in case someone is harmed or suffers financial loss due to the act or omission of an employee.
Skilled nursing facilities will also need to protect their premises by getting Building Insurance.
Commercial Auto Insurance is also necessary if vehicles are used to transport persons to and from the nearby hospitals, therapy sessions, shopping stores or other engagements.
A skilled nursing facility with four or more staff members will need Workers’ Compensation Insurance, which provides your staff with the financial compensation they need to cater for lost wages and medical bills as a result of a work-related injury or illness. It is highly recommended to get Workers’ Compensation Insurance irrespective of the statutory requirement.
Since medical records are normally maintained electronically, the managers of skilled nursing facilities should also consider purchasing Cyber Liability Insurance coverage, in the event a resident’s medical records are accidentally lost or deliberately stolen. Moreover, an independent insurance agent may recommend that you obtain coverage for businesses in case impromptu vacating of the facility is necessary or in the case of total destruction.
Business owners and directors should choose a skilled nursing facility policy that offers the exact coverage they need. That way, you can continue to offer skilled nursing services to residents even in the event of a claim. When evaluating your business needs, it is also important to review your skilled nursing facility insurance needs. Based on the coverage needs of a skilled nursing facility, and whether they need to change, add to their existing insurance policy, or purchase a new one, it is highly recommended to work with a reputable insurance agent. Policies and prices change from time to time, and a periodic review is highly recommended. The most important thing is finding the right insurance company, avoiding a gap in your skilled nursing facility insurance coverage, tailoring the policy to your exact needs and achieving all this at a reasonable price.