Budget for Nursing Home Insurance Rates

Budget for Nursing Home Insurance Rates

As a business owner running an elder care facility, you have to budget for many items, including payroll, your building and the associated costs of running it, company vehicles, and insurance to protect your assets. There are many factors that affect each area, and in order to run a tight financial ship, you have to carefully consider each line item. It is helpful to discuss your insurance needs with a professional agent who can help you find the nursing home insurance rates that will protect you from emerging and existing risks, and at a cost you can afford.

Coverages You Need

In order to figure out dollar amounts for your specific nursing home insurance rates, your agent will need to assess what types of coverage your operation needs. For example:

  • If you transport patients and residents in vans or personal vehicles, you’ll need automobile coverage.
  • If you own your building, you’ll need insurance to protect its real estate value.
  • For your employees and board members, you’ll need Workers’ Compensation coverage and liability insurance for officers and directors.
  • If you have a beauty shop or barber on your premises, you’ll need barbers and beauticians coverage.
  • You should also discuss crime insurance, excess liability, and boiler/machinery insurance to see if your facility should have these policies.

Once your agent understands the specific risks associated with your operation, he or she will be able to provide nursing home insurance rates to align with your budget.