Nursing homes, as well as assisted living centers, often come under fire for not providing adequate care to the residents living in their facilities, which may not always be the case. However, if this is perceived to be the situation then these issues must be addressed. After all, the last thing you want is for your client to be scrutinized by the media as a facility facing charges of abuse or other complaints from relatives of someone living in residence.
But it is exactly these types of risks that they face, which require quite a bit of expertise and understanding of this often complex situation, and brokers can only hope to help nursing homes and assisted living centers when they need nursing home insurance coverage that is required for these, and many other exposures associated with running this type of enterprise.
Nursing homes targeted for improprieties
Due to the nature of their work and the clientele they serve, nursing homes are likely to experience claims of abuse or neglect by the patients in their care or their families. It isnt difficult to find articles or TV news broadcasts reporting on an accusation, and it may also be true that attorneys often target this class of business. While nursing homes come in various sizes to accommodate both small and large groups of residents, the types of coverage needed are fairly consistent, and it requires a high degree of expertise along with a solid commitment and extreme attention to detail.
Brokers working in this arena should be aware that education and training are essential, and therefore it is strongly suggested that anyone handling this class receive all of the training necessary to ensure their competency. The reason being is that this industry represents some unique exposures and may have some significant severity potential.
While in certain areas there may be a limited number of carriers available for this type of risk, as with many types of business, there are often carriers looking to expand and get into new segments, so therefore theyll need to show a commitment to this market and go into detailed explanations about the risks they are willing to insure, which may make their product offering of special interest.
Liability is, of course, one of the more major issues, but property losses are of a concern as well. Ensuring that property values are current is of the utmost importance. Brokers should know everything there is to know about other available lines of nursing home insurance coverage as well.