What Should I Look for in a Broker?
Someone who is dedicated to the long term care industry and has strong market connections. A background in underwriting allows brokers to strongly negotiate on your behalf while experience in finance helps a client decide the best risk transfer option. Resources to help guide the claim process and risk management support are also desirable.
What’s Different at ProtectNursingHomes.com?
As former underwriters we understand how to drive the best deal for our clients. Our analytical approach is unequaled in the industry and allows our clients to proactively manage their risk.
Which insurance companies do you work with?
We can secure quotes from almost every financially strong insurance company. As a matter of principal we do not believe purchasing insurance from a company with a weak balance sheet is a good investment and our proprietary financial modeling gives our clients piece of mind. With the market hardening most companies are moving from working with any generalist agents to only doing business with specialist brokers like us.
Do you offer claims made and occurrence coverage?
Yes, both are currently available in the market – although buyers pay a premium for occurrence.
For a basic description of how claims made insurance works see this video:
Which other lines of insurance should we be concerned about?
Elder care operators have traditionally been concerned with their liability insurance premiums and terms. However, changes in the regulatory environment have brought issues in other lines
• Directors and Officers Insurance (D&O) – with lawsuits from investors increasing and regulatory actions skyrocketing, D&O lines have come under increasing scrutiny
• Employment Practices Liability (EPL) – Actions over lost lunch breaks and unpaid overtime have moved the focus from traditional discrimination allegations
• Workers Compensation – One of the most highly regulated lines of insurance can become a huge issue if a facility finds itself with claims trending up
Please contact us to discuss whether these insurance products might be right for your firm.
Can you offer payment options for premiums?
Smaller faculties can often receive free financing from most insurance carriers. For larger accounts we can provide premium financing options with incredibly low APRs.