insurance for assisted living facilities

Insurance for assisted living facilities

Please fill out the form below for a quote on liability insurance for assisted living facilities

why do assisted living facilities need liability insurance?

As an owner or manager of an assisted living facility, you face a number of challenges, including:

  1. Regulatory Compliance: Navigating the maze of federal, state, and local regulations is crucial and compliance is an ongoing effort.
  2. Staffing Challenges: Competition in the healthcare sector and a shortage of trained professionals make recruiting and retaining qualified staff increasingly difficult.
  3. Financial Constraints: The significant expenses associated with malpractice claims can put financial strain on your budget.
  4. Liability Risks: Assisted living facilities are prone to various liabilities, such as slips and falls, medical errors, and incidents of abuse and neglect.
  5. Technology Integration: Implementing new technologies for record-keeping and medical monitoring, though costly, is essential.
  6. Resident Mental Health: The growing number of residents with mental health conditions like dementia and Alzheimer’s requires specialized care and increased safety measures.
  7. Rising Insurance Claims: Recent studies, such as CNA’s  recent ‘Aging Services Claim Report,’ highlight a worrying trend in insurance claims. Assisted living facilities are facing higher payouts per claim compared to skilled nursing facilities, with the gap averaging almost $9,000 more per claim. This trend is driven by factors like higher-acuity residents and greater expectations from residents and their families.

How much does insurance for assisted living facilities cost?

The cost of general and professional liability insurance for assisted living facilities is often around $400/ bed/ per year. It is influenced by several factors, including:

  1. Calculating the cost of insurance for assisted living facilitiesFacility Size: Larger facilities with more residents typically pay more due to increased risk exposure.
  2. Location: Insurance costs can vary by region, influenced by local regulations and claim rates.
  3. Services Offered: The range and nature of services provided can affect risk levels and insurance costs.
  4. Claims History: A history of insurance claims can lead to higher premiums.
  5. Coverage Limits and Deductibles: Higher coverage limits and lower deductibles typically increase insurance costs.
  6. Safety and Risk Management Practices: Facilities with robust safety protocols may qualify for lower premiums.

Westwood insurance group work with a number of different insurance carriers to ensure you get the most suitable insurance coverage at the best priceGet a Quick Quote today. You may also be interested in looking at alternative structures like a Single Parent Captive, a micro captive, or a protected cell captive.

what types of insurance do assisted living facilities need?

General Liability Insurance

General Liability Insurance

General Liability covers medical expenses and attorney fees which result from bodily injuries and property damage that your facility or organization could be legally responsible for.

Professional Liability Insurance

Professional Liability Insurance

Also known as malpractice insurance, this  protects facilities against claims related to malpractice, negligence, or injury resulting from resident care. Staff members will typically be covered by professional liability insurance.

Sexual Abuse and Molestation Insurance

Sexual Abuse and Molestation Insurance

Provides coverage for your assisted living organization against claims arising from alleged sexual misconduct or molestation by an employee or other representative of your organization. Essential for the senior living industry.

Commercial Property Insurance

Commercial Property Insurance

This protects your facility against damage or loss to your buildings, equipment, and other property, which can happen as the result of various risks such as fire, theft, or vandalism.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect assisted living facilities and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers your organization against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online systems as part of this policy package.

Contact Michael Richards now

Michael Richards, President of Westwood Insurance Group

Michael specializes in insurance for Assisted Living Facilities. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.