According to the Centers for Disease Control, over 4 million elderlies are admitted into permanent care facilities annually. This number is projected to rise, as improved health care sustains longer life for retiring Baby Boomers. Insurance agents are finding an increase in policy demand from care facilities, and although optimal coverage should be the primary concern, directors are also looking for ways to reduce their nursing home insurance rates.
Insurance Needs and Nursing Care
Risk in nursing homes can be greater than in other businesses. Naturally, the facilities need to carry all the standard liability coverages, but excess liability insurance is also recommended. Other unique riders that are necessary but can increase nursing home insurance rates include
- Personal property coverage
- Auto insurance
- No exclusion clauses for physical or sexual abuse
- Protections for medical directors while on duty
How do directors minimize expense while mitigating risk? Their insurance agents work with wholesalers that offer risk management solutions tailored to their exact needs.
Seek a Risk Management Solution Provider
As an agent for your client, you should look for a company that can keep nursing home insurance rates under control with solutions that provide an objective risk assessment, including ADA requirements and employee management. These wholesalers help you find the perfect nursing home policy and design a plan to keep it at reasonable rates, which makes everyone happy.