insurance for nursing care centers

Westwood give you the best advice to ensure that your nursing care center clients have the best possible insurance coverage for every threat they could face.

General Liability Insurance

General Liability insurance cover medical expenses and attorney fees which result from bodily injuries and property damage that your company or organization could be legally responsible for.

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Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance (E&O) and medical malpractice insurance, protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.

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Directors and Officers Liability (D&O) insurance

D&O insurance (Directors and officers liability insurance), shields the personal assets of company directors and officers, and where necessary, their spouses, from claims which could arise as a result of the decisions they made and actions they took within the scope of their regular duties.

Cyber insurance

Cyber liability insurance covers the financial costs associated with a breach of your cyber security, such as a ransomware attack. It also covers first party costs including event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.

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HNO Insurance

HNOA, (hired non-owned auto insurance) is designed for organizations who regularly hire vehicles or require employees to use their own vehicles in the course of their work. In the case of an accident where your employee was liable, it could cover physical damage to that other person’s vehicle, medical expenses, the cost of hiring an attorney to defend your business.

Workers’ Comp. Insurance

Workers’ compensation insurance covers your employees for workplace injuries or illness. It provides them with medical and wage benefits.

This coverage is mandated by each state, with the wage and medical benefits varying from state to state. Workers compensation also protects business owners from civil suits by workers who become injured on the job.

Employment Practices Liability

Employment practices liability insurance (EPL insurance or EPLI), covers employers (PDF) against claims made by employees for:

Discrimination (based on sex, race, age or disability, for example)
Wrongful termination
Harassment
Failure to promote and other employment-related issues

Environmental Liability insurance

Environmental Liability insurance is liability insurance specifically designed to protect environmental liabilities. This is a specialized form of general, commercial liability insurance that provides financial protection against litigation and clean-up costs resulting from claims of injury or damage caused by pollution, contamination or hazardous waste disposals.

Property Insurance

Property Insurance covers unexpected damage or loss to property. The policy can be purchased to cover both structures and contents, which are separate policies in many cases. Property Insurance covers physical structures, not land. Medical facilities and aged care facilities need property insurance to cover the real property and all fixed items such as furniture, medical equipment, art works and tapestries.

Crime Insurance

Crime Insurance covers the insured party a reimbursement if their property is damaged due to a crime. Crime Insurance usually has a huge range of options and comes in different forms. It can be either a rider that can be attached to the existing insurance policy, or it is available as a completely separate product.

Auto Insurance

Auto insurance is a type of liability insurance coverage, usually mandated by law, for all mechanically propelled vehicles. It provides protection against losses resulting from traffic accidents and against liability that could also arise therefrom. A medical or aged care facility would typically have auto insurance on their fleet of vehicles as well as for any vehicles transporting patients to and from the facility.

Fully/Partially Funded insurance

Partially Funded insurance gives facilities the opportunity to pay a set premium for, and then in turn is partially covered for specific risks.

Fully Funded Insurance allows facilities to pay premiums to have coverage against all risks. In return, if they are unfortunate enough to incur any of the covered loss or injury, they are reimbursed their insurance policy amount.

Excess and umbrella coverage

Excess coverage provides an additional layer of protection over and above what an underlying policy provides. It applies to a single policy only.

An umbrella policy on the other hand, provides additional liability coverage over and above what is provided by a number of underlying policies.

nursing care centers have special insurance requirements

It is essential for Nursing care centers to get the best insurance advice in today’s challenging environment. The industry is plagued by nursing shortages, as nursing care centers struggle to find enough qualified nursing staff to meet the needs of their patients. The increasing cost of healthcare is shaping up to be another major challenge, as nursing care centers across the country must continue to provide quality care while also trying to control ever rising costs.

Additionally, nursing care centers must deal with the increasing complexity of medical conditions and the needs of an aging population. These challenges require nursing care centers to be creative and innovative in their approaches to care. The big danger is that as staff become stretched to their limits due to the shortages, they are more prone to make mistakes. Mistakes that could lead to costly claims against the center and professional staff.

As an experienced insurance agent, your nursing care center clients have special requirements. You should consider the following:

General liability insurance for nursing care centers must cover common risks such as slips and falls, patient accidents, and medical malpractice.
Your nursing care center clients also need property insurance to protect their buildings and contents in the event of a fire, theft, or other disaster.
As employers, nursing care centers must carry workers compensation insurance to protect their employees in the event of a work-related injury or illness.
Nursing care centers must also have employment practices liability insurance to protect against claims of discrimination, harassment, and other employment-related problems.

You can help your nursing care center clients meet these challenges by properly assessing their needs and, through Westwood, sourcing the right insurance coverage at the right price.