The nation’s elderly population receives more advanced health care than ever before. Thanks to advances in technology and medicine, care homes can provide higher-quality services than in previous decades. Still, there are potential risks to their wellbeing, and care home residents insurance is necessary to cover these risks and reduce the facility’s loss.
An insurance plan for elderly care may offer professional liability. Also known as errors and omissions, this type of coverage specifically addresses claims made against a facility of improper or negligent care. Professional liability covers the company’s legal defense and settlement fees, protecting it from financial issues.
Technology today allows residential care facilities to store substantial amounts of confidential patient information electronically. However, breaches, viruses, and other cyber-attacks can compromise this information. A care home residents insurance’s cyber liability coverage protects the facility from any damages resulting from such security failures.
This type of care home residents insurance has a much broader coverage of bodily injuries, property damage and other types of damages that are not related to the health care provider’s services. This plan is ideal in preparing for any type of unforeseen incident or scenario.
Even with the modern day’s advanced care home practices, elderly patients are still vulnerable to various hazards. Healthcare providers can protect them and their business with the appropriate insurance plan.