In today’s litigious climate, nursing home malpractice insurance is a must. However, when choosing your coverage, there are a few things you will need to know:
- Know how “Claims-made” policies differ from “Occurrence” policies.
“Claims-made” policies only cover claims made while the coverage is current, whereas, under “occurrence” policies, you are covered for acts that occurred when the policy was current, even if the policy is currently cancelled.
- Understand your insurance company’s rating.
An “occurrence” policy is only effective if the insurance company has survived, so you want to choose one that is financially sound. You can find this information through internet research or at a public library.
- Make sure legal costs are included in your policy.
Not every policy does this, but if yours does not cover legal costs, you may be on the hook for a significant amount of money, even though your policy has a high limit.
- Be aware of your responsibilities should a claim occur.
Your policy will specify particular actions if you believe a claim is imminent, including but not limited to notifying the insurance company as soon as possible and following up the notification in writing. Read your policy carefully, and do not be afraid to ask questions.
- Understand the definitions of “Personal Injury” and “Personal Liability”.
“Personal Injury” refers to injuries of a non-bodily nature, such as false arrest, slander, or violation of privacy, while “Personal” liability refers to injuries to others due to your own negligence, such as failing to fix a broken sidewalk or secure a potentially hazardous area.
Nursing home malpractice suits are increasing every day, so maintaining your insurance is extremely important, but before rushing into a policy agreement, it is extremely important that you educate yourself on its contents so you are prepared when it is time to make a claim.