Assisted living facilities provide a valuable service to their communities by allowing senior citizens who need personal care, medical care, or both to enjoy an independent lifestyle with a little bit of help. But providing seemingly simple services to this clientele is fraught with risks.
What Insurance Concerns Do Assisted Living Facilities Face?
When an assisted living facility is considering what insurance coverage it needs, they should consider these three factors to protect their business and their customers:
● A detailed assessment of the potential risks to which they may be exposed
● The need for insurance coverage for both the owner and residents of the facility
● That the facility be matched with an insurance provider that has the financial strength and coverages that the facility needs
With many different types of insurance available, it can be challenging to identify which ones you need. It’s not always as simple as taking out general business insurance and liability insurance. This is especially true where industry-specific risks exist. Specifically, industries focusing on elder care have a greater risk of abuse and data breaches than many other industries.
What Insurance Coverage Options Exist for Assisted Living Facilities?
Insurance coverage that an assisted living facility may want to consider includes the following:
● Abduction: To limit the financial risks associated with possible resident abductions.
● Abuse (physical or sexual): Protects against legal damages resulting from physical or sexual abuse allegations. This involves improper physical contact, molestation, and touching.
● Data breach: Reduces the risk of penalties or civil litigation following data loss or theft.
● Professional liability: Protection against civil lawsuits or damages from harm caused by professional advice and services.
● Theft of resident property: Protects residents’ property against theft or loss.
● Non-owned and rented vehicles: Covers personal harm and property damage caused by rented or borrowed cars as well as cars not owned by the assisted living facility belonging to employees or others.
As you can see, there is a wide range of insurance coverage types for assisted living facilities. However, it is unlikely that you will need to purchase all of them. An insurance specialist can help identify the potential risks that your assisted living facility may face and give you more information about how you can protect yourself and your business.
Nesbit Agencies understands that the care and quality of life of your residents is your primary concern. Nesbit Agencies can assess your assisted living facility’s prospective insurance requirements and locate the best deal for you. And remember, even with insurance, your facility must have sufficient processes, training, and employees in place to minimize risk.
For more information on your specific obligations and how to protect yourself, contact Wayne Nesbit at 952-746-4312 or firstname.lastname@example.org.