Many medical professionals are concerned about nursing home insurance costs. Although many facilities are shouldering rising premiums, there are ways to keep your costs low. Follow these three tips when it’s time to renew your policy and you just might find yourself with a policy that is both affordable and comprehensive.
Too many people don’t realize their premiums aren’t set in stone. Rather than waiting for a renewal notice, call your insurance representative and discuss how your business has changed to possibly negotiate your rate. Leverage points include improved health for your clients or having claimants that left your company.
2. Implement Risk Management
Your nursing home insurance costs can be significantly lowered if you take steps to safeguard your facility from risks. Your insurance company can assist in implementing policies and procedures to ensure a safer residence.
3. Remove Unnecessary Coverage
You might be paying for coverage you don’t need. Customizing your policy so it’s more suited for your facility can put some funds back into your account. A unique plan can be created for any type of insurance, including:
- General liability
- Workers compensation
- Property coverage
Keep Your Profits Strong
It is always unfortunate to see medical facilities lowering the quality of their service because of rising nursing home insurance costs. With determination and good sale tactics, you can get a premium that will keep your business thriving.