In the next several years, significant changes will happen to our population.
1 in 5 Americans will be 65 or older by 2030. America's aging population presents a growth opportunity and a challenge for the nursing home industry. An expanding market means more opportunities to offer services but comes with more risk exposure.
How can insurance agents make sure their clients have the nursing home insurance coverage they need to be ready for this "Boomer Boom?"
You need a partner for nursing home insurance coverage that has a long history in the senior living sector, understands what drives losses, and is on top of current and future risks.
"With support of agents nationwide, Philadelphia Insurance provides niche products with superior coverage offerings. Our disciplined underwriting approach keeps PHLY a viable A++, admitted carrier for the Nursing Home sector," says Jim Ferriero, product manager, Philadelphia Insurance Companies (PHLY).
Read on for three reasons PHLY should be your first choice for securing your clients' senior living facility business insurance needs.
Three Essential Nursing Home Insurance Coverages
Protecting senior living facilities' physical business, infrastructure, and business income is vital, especially considering:
- Studies show almost half (48%) of all healthcare property fires happened in nursing homes, many caused by cooking equipment and malfunctioning electrical and heating systems.
- Crime, including opportunities for employee theft and fraud, and cybercrime are ongoing risks, especially in the healthcare sector.
- Patients who the facility transports to appointments, shopping, and events are vulnerable to vehicle accidents.
We've focused our senior living facility insurance coverages on these areas so facilities can concentrate on caring for their patients.
Insurance agents and brokers can feel confident you're playing a big role in your customers' ability to safeguard patients.
As insurance agent Ashley McClenny of Propel Insurance explains, "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 Protect Facilities from Liability Claims by Insuring:
1. 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
- Residents' 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 shares, "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. Crime and Fidelity coverage for:
- Employee dishonesty (blanket fidelity)
- Forgery or alteration
- Theft, disappearance, and destruction
- Money and Securities coverage (inside/outside)
- Money orders and counterfeit paper currency
- Cybercrime liability
These crime-related coverages can be just as important in running the business as property, equipment, and income plans.
3. Autos and Transportation with:
- Owned auto, including transportation of residents
- Non-owned/hired auto
- Hired car physical damage
- Rental reimbursement for private passenger vehicles
"This well-rounded package can make a difference to the facility's ability to provide care," Ferriero explains.
McClenny agrees: "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 and Other Risk Management
A valuable tool many PHLY customers offering transportation services appreciate is the PHLYTRAC Telematics System. Installed in company-used vehicles, PHLYTRAC tracks driver location, speed, and more.
Fleets with PHLYTRAC have seen a 19% reduction in loss frequency compared to PHLY policyholders not using the program. This can help lower the risk of driver-related accidents involving a nursing home or assisted living facility's older, more fragile residents.
A PHLY risk management specialist can also examine exposures on-site and provide a written report and recommendations for correction.
The PHLY Difference
A company that makes it easy to care for others is one that goes about insurance differently, especially when it comes to service. PHLY has an excellent customer service rating.
"The PHLY underwriting team is easy to communicate with and provides quick feedback and responses to our questions," says McClenny.
As agents like you and your assisted living and nursing home insurance coverage clients look for an insurance company to help meet the coming Boomer Boom, you can feel assured knowing we have the same commitment to helping others as you do.
Learn more about our comprehensive senior living facility insurance, or contact your PHLY Rep today.
IMPORTANT NOTICE - The information and suggestions presented by Philadelphia Indemnity Insurance Company are for your consideration in your loss prevention efforts. They are not intended to be complete or definitive in identifying all hazards associated with your business, preventing workplace accidents, or complying with any safety related, or other, laws or regulations. You are encouraged to alter them to fit the specific hazards of your business and to have your legal counsel review all of your plans and company policies.
