Coverages that Make Up Nursing Home Insurance Cost

Coverages that Make Up Nursing Home Insurance Cost

nursing home insurance cost

By 2050, statistics predict that over 27 million geriatric Americans will be living in extended care facilities. This has created a positive boom in the insurance industry. To compete for clients in this marketplace, familiarize yourself with coverages that make up nursing home insurance cost.

Facility Cost

The facility itself must be insured, and your clients needs will extend beyond general liability. Because of the high risk to patients, visitors and employees in care facilities, many agents also recommend excess liability alongside additional property coverage, such as Business Interruption Insurance.

Accident and Theft Cost

Visitors mean increased risk of theft, so crime insurance is often included in the nursing home insurance cost. If your client provides transportation for residents, all vehicles must be covered. Should an unforeseen incident occur, home directors and officers need insurance to protect their personal assets.

People Cost

Employees must be covered by workers compensation insurance, and if the home offers beauty and barber service, that requires a rider as well. The patients are in need of protection most of all, and violation of residents rights with no exclusion for physical or sexual abuse should be part of any policy.

These are some of many options that make up nursing home insurance cost. An insurance wholesaler can design a policy and risk management program that gets your client covered within budget.