Nursing Home Insurance- Philadelphia Insurance Companies

Help Your Clients with Insurance for Assisted Living Facilities

In the next ten years, significant changes will happen to our population. All baby boomers will be 65 and older by 2030, meaning 1 in 5 Americans will be 65 or older.

For the nursing home industry, this presents both a growth opportunity and a challenge. An expanding market means more opportunities to offer services, but it also comes with more risk exposure. How, as an agent, can you make sure you and your clients are ready for this "Boomer Boom?"

Finding the right partner that offers insurance for assisted living facilities, has a long history in the Senior Living sector, understands what drives losses, and is on top of these current and future risks is vital to their success. And for agents too, as more clients entering the field look for an agent with this kind of experience.

"At PHLY, we want those businesses that take care of others - and the agents who support them - to be confident we have their backs while they're providing these critical services," says Michael Palladino, underwriting manager, Philadelphia Insurance Companies (PHLY).

PHLY is a solid choice when it comes to taking care of today's and tomorrow's nursing home business needs in three important ways.

Three Essential Insurance Coverages Nursing Homes Need

Protecting their physical business, infrastructure, and business income is vital to nursing homes, especially when you consider that:

  • Recent statistics show that almost half (48%) of all healthcare property fires happened in nursing homes, many caused by cooking equipment and electrical and heating system malfunctions
  • Crime (with opportunities for employee theft and fraud) and cybercrime (a growing threat the world over) are present and ongoing risks
  • Patients being transported by the facility to appointments, shopping, and events are vulnerable to being victims in vehicle accidents

We've made it our focus to concentrate our coverages on areas like these where we can do our best for our nursing home insureds. When they know all of this is handled, then they can concentrate on their care for their patients.

Insurance agents and brokers can relax knowing that you're playing a big role in your customers' ability to safeguard their patients. As insurance agent Ashley McClenny of Alliance explained, "...Unfortunately, claims do happen even to the best operators. An experienced insurance carrier such as PHLY will be able to provide our clients with claims assistance and guidance that streamlines the defense process and allows the client to forge a long-standing relationship with their carrier."

PHLY Helps By:

1. Insuring the Property, Equipment Breakdown, and Business Income with:

  • Broad proprietary Property coverage with blanket limits and Flood and Earthquake where available
  • Includes coverage for:
    • Special causes of loss on buildings, contents, loss of income, and extra expense
    • Building foundations, underground pipes, flues, and drains
    • Backup of sewers and drains
    • Demolition and cost of construction
    • Accounts receivable and valuable papers
    • Resident's money and security coverage
    • Personal effects coverage for residents' property
    • Alarm system upgrades and emergency vacating expense

Benefits like these are critical to the business. As insurance agent Michael Randall of AssuredPartners recently shared, "Nursing homes/senior living communities are essential to our communities nationwide ...It is crucial for these communities/facilities to partner with carriers who are financially sound and are able to tailor coverages, services and loss control specific to their unique needs."

2. Insuring for Crime and Fidelity with coverage for:

  • Employee ishonesty (blanket fidelity)
  • Forgery or alteration
  • Theft, disappearance, and destruction
  • Money and Securities coverage (inside/outside)
  • Money orders and counterfeit paper currency
  • Cyber crime liability

These crime-related coverages can be just as important in the running of the business as the property, equipment, and income plans.

3. Insuring Autos and Transportation with coverage for:

  • Owned auto including transportation of residents
  • Non-owned/hired auto
  • Hired car physical damage
  • Rental reimbursement for private passenger vehicles

"By concentrating on all the parts of this well-rounded package, we can protect their business with the kind of benefits and service that will really make a difference to their ability to provide care," Palladino explains.

McClenny agrees, saying: "It is important for a carrier to take a holistic view of a client and wage any improvements they have made against any prior loss activity. PHLY has provided us with competitive property and auto options for our clients based on more than their values and build type."

Lowering Costs Through Reduced Vehicle Accidents

A valuable tool appreciated by many PHLY customers offering transportation services is the PHLYTRAC Telematics System. PHLYTRAC is installed in company-used vehicles to track driver location, speed, and more. Fleets with PHLYTRAC have seen a 19% reduction in loss frequency compared to PHLY policyholders not using the program. By installing these GPS tracking devices in their vehicles, organizations get real-time insights on driver behavior, allowing for safe corrections that lower the risk of driver-related accidents. This can help lower the risk of driver-related accidents involving a nursing home or assisted living facility's older, more fragile residents.

PHLYTRAC is just one of several risk management services available to help clients. Other services include SmarterNow Online Learning Management System, Abuse Prevention System Program, and PHLYSense Temperature/Water Monitoring Program. A PHLY risk management specialist can also examine exposures onsite and provide a written report and recommendations for correction.

The PHLY Difference

A company that cares enough to make it easy to care for others is one that goes about insurance differently.

According to McClenny, "The PHLY underwriting team is easy to communicate with and provides quick feedback and responses to our questions."

With PHLY's claims management experience, industry-specific coverage enhancements, comprehensive risk management services, and 96% customer satisfaction rating, you can trust we'll be there whenever you need us.

Insurance is one of the best ways to instill peace of mind. So as agents and their nursing home business clients look for an insurance company today to meet the coming Boomer Boom tomorrow, you can feel assured knowing we have the same commitment to helping others as you do.

Learn more about our comprehensive insurance coverage for assisted living facilities or reach out to talk to your PHLY Rep today.

Share to Facebook Share to Linkedin Share to Twitter More...
This website uses cookies to ensure you get the best experience and ensure the website functions effectively.
Please Wait...

Please Wait