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Skilled Nursing Facility Insurance

Skilled Nursing Facilities Insurance 

Skilled nursing facilities (SNFs) provide critical medical and rehabilitative care to patients with complex health needs, offering services such as round-the-clock nursing care, therapy, and medication management.

However, the high level of care provided also comes with significant risks. These facilities face potential claims of negligence, medical malpractice, or inadequate supervision, as well as incidents like patient injuries, medication errors, or allegations of abuse. Additionally, SNFs must safeguard sensitive patient information and maintain compliance with stringent regulatory standards.

Insurance is a vital safeguard for skilled nursing facilities, offering financial protection and legal support to address these challenges. With comprehensive coverage in place, SNFs can focus on delivering high-quality care to their patients while mitigating financial and operational risks.

Get a Free Quote Now

The fastest way to find the most suitable insurance coverage for your skilled nursing facility is to fill out our quick quote form, so we can give you an idea of the type of insurance coverage that best suits you.

Westwood Insurance works with a number of different carriers to ensure you have the most suitable insurance coverage at the best price.

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Insurance for Skilled Nursing Facilities can include:

  • Bodily Injury Coverage
  • Property Damage Coverage
  • Premises Liability including slips, trips, and falls
  • Completed Operations Coverage
  • Personal and Advertising Injury including Defamation (slander or libel)
  • Medical Payments Coverage
  • Legal Defense Costs
  • Legal defense expenses covered in addition to liability limits
  • Abuse and Molestation (SAM) Coverage (limited coverage)
  • Evacuation Expense Endorsement to relocate residents in a natural disaster or emergency

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.

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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.
 
 
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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. It protects skilled nursing facilities and employees in case of work-related injuries or illnesses.
 
 
Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.
 
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five-starsWestwood Insurance Group, with Dale and Liz are a pleasure to work with in helping solve for my insured’s insurance needs...

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30 June, 2023

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Kathy Natale

Kathy Natale
25 Sept, 2024

Speak with an Insurance Professional

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Michael Richards

Michael specializes in sourcing the most suitable insurance for Skilled Nursing Facilities at the best price. You can call him or fill out the form and he will get your message directly.

Call 216-502-4967 or
Fill Out the Form