Assisted Living Insurance Options for Retirement Facilities

Senior living facilities have changed quite a bit over the years. Currently, they vary from casual, residential retirement communities to assisted living homes with complete, round-the-clock nursing care. 

Wide-ranging retirement facilities like these face their fair share of unique and unexpected situations. Possible mishaps could occur at any time, and involve residents, visiting family members, or employed staff. 

Managing a continuing care facility for seniors means that you must maintain a safe environment for everyone who lives, works, or visits there. Assisted living insurance provides extra protection and peace of mind whenever circumstances arise that could result in potential liability claims, lawsuits, or legal issues.

Professional & General Liability Insurance

Regardless of the type of industry, all businesses encounter possible risks that should be covered by insurance. Healthcare service industries, which often include senior living, assisted living, and residential care facilities, benefit from having sufficient general and professional liability insurance policies. 

These types of insurance policies help protect valuable assets if your facility is sued and must pay costly legal fees. The right policies will help compensate for damages, and prevent these unwanted events from hurting your facility’s finances and reputation.  

General Liability

When it comes to the basics, general liability policies are the most comprehensive and common types of insurance packages that senior living facilities should consider first. These policies cover a variety of potential risks, such as:
• Bodily injury
• Property damage 
• Medical payments
• Legal defense and judgment
• Personal and advertising injury

There are numerous situations that general liability insurance may cover for senior care and assisted living facilities. Medical expenses and court-mandated settlements resulting from a patient falling down, or a staff member administering the wrong prescription, are typically covered by general liability, but it’s always best to talk to an agent first for proper coverage advice.  

Professional Liability

Professional liability insurance provides another layer of protection for senior living facilities. Because these facilities may administer specialized healthcare services, they face significant risks, and benefit greatly from robust professional liability coverage. 

In the unfortunate event of medical malpractice, or negligence, a professional liability policy can protect your facility from serious financial losses and legal expenses. Professional coverage is also helpful in cases of error or omission, plus it can protect the officers and directors of your senior care facility, too.     

Other Insurance Protection

Assisted living facility insurance can be customized with unique policies and protections to cover unforeseen risks that could happen at any time. Does your senior care facility provide transportation for residents and patients? If so, it’s imperative to have all your vehicles covered correctly.

For example, small multi-passenger buses commonly used by elderly care communities feature specialized wheelchair-loading equipment. If a staff member or resident is injured during operation of this equipment, the right policy can offer protection depending on the circumstances of the situation.  

Large-scale senior facilities operating with an extensive number of employees and staff may also benefit from excess worker’s comp and employee theft policies.     

Commercial Umbrella Insurance

Even with a commercial policy that covers general and professional liability, your senior care facility may need broader coverage to safeguard against severe losses. For an extra blanket of protection, a commercial umbrella insurance policy is what your facility may need.

What is commercial umbrella insurance?

Here’s a general explanation. Commercial umbrella insurance complements your other liability coverages by taking over when coverage limits have been met. These types of policies provide a much-needed, additional layer of liability protection by covering unexpected costs that exceed your underlying policy’s limitations.    

So many complex variables can adversely affect your senior care and assisted living facility. A strategically planned umbrella policy can cover unanticipated expenses resulting from an extensive lawsuit or legal case.

Keep Your Senior Living Facility Safe

Williams and Case Insurance Agency helps businesses and commercial organizations find the right insurance policies for their specialized needs. If you are searching for senior living facility insurance, or residential care home insurance, talk to us today. 

We have a partnership with Aon, one of the world’s leading insurance brokers, to create customized insurance packages for senior care and assisted living communities. If your facility is a member of the LeadingAge network, you may qualify for an exclusive, industry-specific package featuring rate reductions and policy discounts. 

Are you ready to grow and protect your continuing care business? See what Williams and Case Insurance can do for you.