Accidents and Mistakes Factor Into Nursing Home Insurance Rates

The main focus of nursing homes is to provide the highest quality of life for the residents living there. But from time to time situations arise where injuries, often unintentional, end up causing severe pain for the injured party and may require lengthy rehabilitation. The need for liability insurance for nursing homes is crucial, and preventing injuries from occurring can help to reduce nursing home insurance rates.

Attendants and nurses must be extra careful with regards to the services they perform for their residents. But when working with frail individuals, often in poor health, it can result in issues that will need to be addressed. Having this valuable coverage covers medical costs and any settlements brought against the doctors and staff. Here are a couple of the common claims normally associated with this industry that having a professional liability policy will help cover when purchased alongside other insurance policies.

Accidental injuries to residents

Many patients will require assistance getting in and of their beds or wheelchairs. Lifting a patient multiple times a day can easily result in accidents occurring, even though a patient may be receiving the utmost care. Even cautious staff members can have an occurrence where a resident winds up suffering an injury. An event of this type can spur lawsuits against a nursing home, and owners must be ready to defend the actions of their staff.

Medication errors are cause for alarm

Nurses operating within nursing homes usually have several patients that they care for daily, so there may be concerns when it comes time to dispense medication. Since each patient will more than likely require different medications, and at different dosages, nurses must be well organized. If the wrong medicine or wrong dosage is accidentally given to a patient, the results can have serious, even fatal, consequences.

These sorts of mistakes unfortunately do happen. For example, if a staff member at a nursing home mistakenly gives an Alzheimer’s patient the wrong drug for issues with their central nervous system, this could result in his or her blood pressure dropping so significantly that it results in the patient dying.

These are common risks and exposures that all medical personnel must be cognizant of, and are best handled by owners having liability insurance for nursing homes. Brokers who handle this line of business should look into ways that their clients can save on nursing home insurance rates.

Understanding the Complexities of Insurance CPP

For most small to mid-sized businesses, bundling a couple of standard property and liability policies is often a good way to go. This is commonly referred to as a business owner’s policy or BOP. But for larger or more specialized businesses, owners should seek out a company that offers a commercial package policy, or cpp insurance, which covers any combination of property, liability, crime and inland marine insurance coverages.

A CPP that includes equipment breakdown coverage will usually cover a wider range of issues that many of these companies often face, plus additional coverage is available to any and all qualified customers. Fortunately, a CPP is designed to add flexibility and customization that might not be offered in a standard business owner’s policy, or BOP. This policy also offers a great advantage to commercial clients that have a business with a higher than average risk, or for those owning the type of business that is generally considered “too unique” to fit into a standard one-size-fits all policy.

Many owners enjoy the benefits of purchasing a CPP

By packaging multiple policies into your cpp insurance, as the policyholder you will often be provided with extended coverage (and/or lower premiums) that you would otherwise not receive were you to purchase each policy individually. By taking advantage of these customized policies, you’re able to make one low payment that covers all necessary items and won’t end up paying for coverage that does not apply to your situation.

It’s equally important to know what’s excluded from your insurance cpp policy as well as knowing what’s protected. Customizable bundles don’t offer a couple of necessary items like workers compensation or directors and officers insurance. Workers Comp is required by law in most states depending on the amount of employees you have and must be purchased as a separate policy.

Directors and officers policies are necessary for non-profit organizations. Group life and disability policies are also separate items, each containing different policy choices and decisions. Think of it this way; policies that can be packaged together include items covering property and liability, as where items that cover people and HR must be purchased separately. When in doubt, ask a qualified independent agent.

Hospitality Concerns and New Mexico Insurance

There are many considerations that pertain to the hospitality services industry, and New Mexico insurance is perhaps the most important of these factors. After all, this business sector is often unique and complicated. Providing accommodations to families and individuals, whether on a business trip, taking a summer vacation to a resort or spa, or spending time on a golf course, all of these scenarios contain a number of exposures and operational concerns.

There are significant legal issues facing the operators and owners of these businesses and insurers attempt to quell their fears by helping them to understand the inherent exposures they may face. Insurance agents and brokers specialize in this industry, because it requires some specialization, otherwise agents could be more likely to sell hospitality insurance coverage with gaps, which may leave policyholders uninsured or potentially under-insured.

Many concerns for hotel owners, including safety

Most hotels have a swimming pool and this can cause some safety concerns. In addition, many people use computers while staying in hotels, and cyber crime and data breaches are now issues that hoteliers must contend with, along with theft and a slew of other issues. Other crimes involving physical injury, pollution liability, auto liability and much more are also in need of coverage.

Insurance only helps when proper coverage is purchased

One issue that exists is that hoteliers often unaware of all the risks they face may not have policies that properly insure their business cialis generique prix. Most have little knowledge of the impact of exclusions and limitations often contained in some policies. This means that their agent should thoroughly review their particular business situation, which will help to promote the type of relationship and service expected. This will help to determine the broadness of coverage desired and ensure that they are fully insured.

The hospitality industry faces a slew of new and growing risks every day. Since travel and dining continue to be popular pursuits worldwide, the expectations of consumers have continued to expand with rapidly shifting demographics that these industries must keep in line with.

These challenges include dealing with the rising costs of doing business, as well as advances in technology (and green development as well). However, owners must also continue to preserve value in a highly competitive environment. This is accomplished by motivating (and taking care of) employees and securing New Mexico Insurance for the hospitality industry in adequate amounts to provide the needed protections.


Why Your Directors Need Liability Insurance

Because directors and officers hold high positions of authority within your company, they are more likely to face negative repercussions as the result of a legal claim that a customer brings against your company. To make sure your directors are well-protected in case they become targets of a lawsuit, it is important to make sure you carry director’s liability insurance.

Benefits of Directors Liability Insurance

Directors liability insurance is worth the cost because it provides several different protective benefits for the high-ranking officers in your company, including indemnity coverage for your employees and your business. It also provides protection against legal defense costs that can quickly add up and cause significant financial damage to unprepared companies. In order to prevent your company from facing the full financial repercussions of lawsuits, it is important to talk to your insurance company about adequate liability insurance for your directors and officers.

Planning Is Important

Planning for potential litigation is important for companies of all sizes, especially in today’s difficult economy. Individuals are more likely to sue nowadays whether they have a good case or not, but a good liability insurance policy can help you meet unexpected lawsuits with greater confidence and security. It is always wise to err on the side of caution when it comes to the proper amount of directors liability insurance coverage for your company needs.


photo credit: U.S. Army Garrison – Miami cc