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.

The Importance of Risk Management in Nursing Homes

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Risk management in Nursing Homes

As the owner or administrator of a nursing home you have a great responsibility to ensure the safety and well-being of your residents as well as the proper training of staff and the oversight of the entire facility. One thing you might want to consider implementing to help protect the residents, mitigate risks and ensure the safety of not only the residents, but the caregivers as well is a risk management in nursing homes policy. It’s a good business approach to alleviate your liability and stimulate a profitable organization where clients feel secure and employees feel engaged and empowered.

What is Risk Management?

In basic terms, risk management in nursing homes is defined as minimizing harm, or the risk of harm, to the organization. Many nursing home facilities operate on a reactive mindset instead of focusing on a pre-planned and strategic course of action for risk, loss and harm. By setting a plan in place now, you will likely be a more effective and successful organization where residents want to be.

What are the Benefits of Risk Management?

There are many benefits to risk management in nursing homes, including:

  • Identify and reduce risk and loss
  • Increase resident and employee safety
  • Empower and engage caregivers
  • Mitigate your liabilities
  • Achieve more accurate QI data measures

Now is a great time to implement a risk management strategy and plan for your nursing home. With the rise in claims and increased regulations it is imperative that you put the safety and well-being of your residents and caregivers at the forefront and minimize your liabilities.