Skilled nursing facilities and nursing homes are state-licensed operations. They care for the elderly, the chronically ill and those on the road to recovery. Being licensed by the state does not change the fact that nursing homes are businesses, and that they are responsible for their actions and any incidents that occur on their premises. That’s why skilled nursing facilities should be covered by a number of essential nursing insurance policies.
What Happens if Nursing Homes Don’t Have Insurance?
Nursing homes face the same risks as other businesses that neglect to keep up proper insurance coverage. Skilled nursing facilities could be held liable for any of these common occurrences:
- Commercial property damage
- Commercial auto damage
- Staff injuries
- Medical incidents
- Sexual misconduct
How Much Does Nursing Home Insurance Cost?
The exact cost of insurance coverage for a skilled nursing facility can vary. The price of nursing insurance may depend on location, client capacity, and other factors. While insurance isn’t free, the financial fallout and reputational risk of an incident that wasn’t covered could be far more costly.
Nursing homes are judged by their capability to increase the quality of life for patients. Maintaining nursing insurance is a basic necessity for keeping good faith with potential residents and protecting current patients and employees.