Risk management plays an important role in any business, and assisted living facilities are no exception. Finding the right assisted living liability insurance coverage helps protect you against the many risks associated with this type of senior care.
Protect Your Business Against Lawsuits
Liability insurance for assisted living facilities can protect you in the event a resident slips and falls, sustaining an injury. It can also provide coverage if a staff member incorrectly administers medication. Staff members aren’t the only source of potential lawsuits; insurance can also handle claims if a visitor steals a resident’s property.
Obtain the Right Coverage Types
Automobile insurance can cover vehicle accidents if your business transports residents. Coverage for the building can include boiler and machinery insurance, protecting you in the event of a mechanical failure or boiler explosion.
Check for Exclusions
Make sure the policy you’re purchasing doesn’t exclude important coverage. While no facility wants to face allegations of physical or sexual abuse by their staff, it’s important to carry a policy that includes this type of coverage.
Assisted living facilities carry a unique set of risks due to the population they serve. Finding the right insurance requires assessing any specific needs your facility may have surrounding specialized services you offer as well as ensuring you aren’t liable for the actions of your staff.