Nursing home insurance coverage is no longer limited to professional liability, general insurance and workers’ compensation insurance. Insurance companies can provide a large portfolio of products designed to protect the financial assets of these facilities. While every facility should have comprehensive insurance, a strong risk management program can help minimize risk and loss. Many of the most common problems in nursing homes can be prevented through risk management.
Best Practices for Risk Management
Nursing homes often have many risks not faced by other businesses simply due to the vulnerable population served. Following these best practices can identify potential issues before an injury or loss occurs:
- Designate personnel responsible to ensure protocol is being followed.
- Proactively identify hazards and problems. Have policies in place for facility maintenance, employee reviews and inspection procedures.
- Document everything, from safety reports, training programs and adverse events.
- Monitor results of your risk management procedures. Don’t just ask how things occurred, but ask why and what you can do to prevent it from happening again.
- Improve your risk management strategy with the help of experts in the industry.
Manage Your Risks With Comprehensive Insurance Coverage
Even the best risk management plan cannot prevent every accident or injury. Make sure to have a portfolio of nursing home insurance coverage that manages financial loss to protect your bottom line.