Why do nursing homes need insurance?
From medication administration to emergency care, nursing homes and independent living communities are exposed to high risks. A lawsuit alleging injury, neglect or even wrongful death can have a major financial impact on your facility. Nursing home insurance can help keep your business afloat.
Find affordable coverage
Nursing home owners can save money on insurance by comparing quotes from top providers.
Fill out Insureon's easy online application to get free quotes and advice from a licensed insurance agent.
What types of insurance coverage do nursing homes need?
These insurance policies cover common risks of long-term care facilities.
General liability insurance
General liability insurance covers third-party liability claims, such as visitors tripping on your facility’s front steps. Bundle with property insurance for savings in a BOP.
- Slip-and-fall accidents
- Damaged client property
- Libel or slander lawsuits
Business owner’s policy
A business owner's policy, or BOP, is a cost-effective way for nursing homes to buy general liability insurance and commercial property insurance together.
- Visiting family member injuries
- Damage to client property
- Damage to nursing home property
Professional liability insurance
This policy, sometimes called medical malpractice insurance, provides liability coverage if a skilled nursing facility is sued for neglect of a resident or fails to deliver promised services.
- Alleged neglect of nursing home residents
- Failure to provide promised services
- Caregiver provides incorrect medication
Directors and officers insurance
Directors and officers insurance (D&O) covers legal expenses if board members are sued for decisions they made on behalf of your assisted living facility.
- Accusations of mismanaged funds
- Failure to meet regulatory standards
- Failure to perform official duties
Workers’ compensation insurance
Most states require workers' comp insurance for nursing homes that have employees. Also, this policy benefits sole proprietors who may have work injury costs that health insurance might deny.
- Staff members' medical expenses
- Disability benefits
- Employer's liability insurance coverage
Commercial auto insurance
Commercial auto insurance protects the policyholder from legal costs during lawsuits over property damage or injuries caused by a business-owned vehicle.
- Physical damage and collision coverage
- Injuries caused to another person
- Repairs due to vandalism or weather
How much does nursing home insurance cost?
A small nursing home will pay less for commercial insurance than a larger company.
Factors that affect the cost of small business insurance include:
- Services offered, such as types of long-term care, group outings and medical care
- Business property and equipment
- Business income
- Business operations
- Where your business is located
- Types of insurance purchased
- Policy limits and deductibles
How do I get senior center insurance coverage?
It's easy to get nursing home liability insurance policies if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your nursing home, whether you work independently or hire employees.
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