According to the CDC, the number of nursing homes in the United States is going to nearly double in the next few decades. Although there were 15 million nursing homes nationwide in 2000, there will be more than 27 million by 2050. This is due partly to the aging of the Baby Boomer generation, who will need to rely on the specialized services offered by home health care providers, assisted living facilities, nursing homes, and alternative residential care places. This is a growing niche that is an excellent area for independent insurance agents to expand their business.
As a professional insurance agent, however, it’s important to make good connections with insurance providers, and to find quality nursing home insurance coverage plans that can protect your clients. Some of the most important types of coverage to have include liability insurance (professional, general, excess, and Directors and Officers), property and asset coverage, works compensation, business interruption insurance, automobile insurance, crime insurance, and cyber liability coverage.
In addition, it’s a good idea to find a provider that offers a strong risk management package. This helps keep your clients safe and can lower their insurance premiums. It’s best to find a provider that focuses on identifying and mitigating risk, not just making repairs.
Finally, be sure to partner with a business that has a great deal of experience in the world of nursing home insurance. Finding the right nursing home insurance coverage is a great business opportunity for insurance agents.