insurance for skilled nursing facilities

Insurance for skilled nursing facilities

Please fill out the form below for a quote on liability insurance for your facility:


why do skilled nursing facilities need insurance?

As an owner or manager of a Skilled Nursing Facility (SNF), you are tasked with navigating a unique set of challenges that are crucial for the effective operation and quality care provision in your facility. Understanding these challenges is key to ensuring the safety and well-being of your residents and the overall stability of your SNF. Here are some of the primary challenges you may encounter:

  1. Regulatory Compliance: SNFs are subject to extensive regulations at both state and federal levels. These regulations cover staffing levels, patient care, facility maintenance, and more. Compliance is essential not only for legal operation but also for qualifying for government reimbursements.
  2. Patient Care Liability: Given the often frail health of residents, SNFs face high potential for patient injuries, from falls to bedsores or more severe medical complications. Managing this liability risk is crucial to protect your residents and your facility.
  3. Staffing Challenges: Ensuring consistent staffing with qualified professionals is a significant challenge. Staff negligence or malpractice can lead to serious legal issues, making staff training and management critical.
  4. Financial Strains: With many patients reliant on Medicare and Medicaid, fluctuating reimbursement rates can strain your finances. Balancing the costs of compliance, staffing, and operations against this backdrop is a continual challenge.
  5. Aging Infrastructure: Operating in older buildings can mean facing the need for expensive upgrades or risking non-compliance with current standards.
  6. Infection Control: Vigilant infection control is essential, especially since outbreaks can be particularly severe in SNFs, leading to both health and legal complications.
  7. Cybersecurity Concerns: The adoption of electronic health records and digital systems increases the risk of cyber-attacks and data breaches, necessitating robust cybersecurity measures to protect sensitive patient information.
  8. Reputational Risks: Incidents, from patient mistreatment to data breaches, can lead to severe reputational damage, affecting admissions and revenue.
  9. Emergency Preparedness: Being prepared for various emergencies, such as natural disasters or power outages, is vital to ensure the safety of residents.
  10. Evolution of Care Models: As healthcare evolves, adapting to new care models and expectations may require changes in operations, services, and infrastructure.

Effectively managing these challenges is key to the smooth operation of your SNF, ensuring you provide a safe and compliant environment for your residents while also safeguarding the financial and operational stability of your facility.

what types of insurance do skilled nursing facilities need?

General Liability Insurance

General Liability Insurance

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

Professional Liability Insurance

Professional Liability Insurance

Also known as malpractice insurance, this  protects facilities against claims related to malpractice, negligence, or injury resulting from resident care. Staff members will typically be covered by professional liability insurance.

Sexual Abuse and Molestation Insurance

Sexual Abuse and Molestation Insurance

Provides coverage for your skilled nursing facility against claims arising from alleged sexual misconduct or molestation by an employee or other representative of your organization. Essential for the senior living industry.

Commercial Property Insurance

Commercial Property Insurance

This protects your facility against damage or loss to your buildings, equipment, and other property, which can happen as the result of various risks such as fire, theft, or vandalism.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect skilled nursing facilities and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers your organization against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online systems as part of this policy package.

Contact Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for skilled nursing facilities. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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traditional insurance products

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    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.