Obtain Retirement Homes Property Insurance for Added Relief
Retirement homes, like any other business, have risks related to employees, managers, and a revolving clientele, all of whom need adequate protection in the event of a calamity resulting in damages to the building, or even property lost or stolen from a resident or one of its employees. Owners have a need to understand the unique and comprehensive insurance challenges these facilities face. Constantly changing government regulations, diverse liabilities and an increasingly competitive marketplace make it critical that they have an agent who specializes in retirement homes property insurance handle their coverage, one that can develop a comprehensive insurance program that includes:
Comprehensive Proprietary Property Coverage
Special causes of loss on building, contents, loss of income, and extra expense
Resident's Personal Property Coverage
Coverage for building foundations, underground pipes, flues, and drains
Owned Automobiles, including transportation of residents
In order to obtain the proper coverage, underwrite and place this insurance, an agent needs to understand how a nursing home business works, including the language, the regulations, the management structure, etc.
For example, if an explosion occurs in the boiler room and the building is uninhabitable for several days, risks vary depending on the relative health and ambulatory abilities of the residents. Temporary placement may become an issue, as well as an expense, much less of a concern where residents can freely move about and maintain their faculties, as opposed to a situation where patients are bedridden and cannot care for themselves.
If items come up missing, especially any items of significant value, the facility is likely to come under fire and be responsible for the replacement cost of the item (not to mention the damage to the reputation of the facility and its staff).
Proactive risk management strategies are essential to strengthen the facilities position when facing a potential lawsuit and to avoid becoming a target of frivolous legal actions. It is advised that every retirement facility have, along with Retirement Homes Property Insurance, comprehensive proactive risk management programs in place. These include risk assessments, audits, training, and recommendations for proactive improvements. Most importantly, risk management programs should foster positive and permanent culture changes within the organization.
Enlist an agent with a solid background in retirement home property insurance coverage to work with the management team to design a program that reduces claims and, ultimately, the cost of premiums. This is the best way to protect the business while reducing insurance costs.
In order to obtain the proper coverage, underwrite and place this insurance, an agent needs to understand how a nursing home business works, including the language, the regulations, the management structure, etc.
For example, if an explosion occurs in the boiler room and the building is uninhabitable for several days, risks vary depending on the relative health and ambulatory abilities of the residents. Temporary placement may become an issue, as well as an expense, much less of a concern where residents can freely move about and maintain their faculties, as opposed to a situation where patients are bedridden and cannot care for themselves.
If items come up missing, especially any items of significant value, the facility is likely to come under fire and be responsible for the replacement cost of the item (not to mention the damage to the reputation of the facility and its staff).
Proactive risk management strategies are essential to strengthen the facilities position when facing a potential lawsuit and to avoid becoming a target of frivolous legal actions. It is advised that every retirement facility have, along with Retirement Homes Property Insurance, comprehensive proactive risk management programs in place. These include risk assessments, audits, training, and recommendations for proactive improvements. Most importantly, risk management programs should foster positive and permanent culture changes within the organization.
Enlist an agent with a solid background in retirement home property insurance coverage to work with the management team to design a program that reduces claims and, ultimately, the cost of premiums. This is the best way to protect the business while reducing insurance costs.
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