insurance for assisted living facilities
Westwood will work with you to ensure your assisted living facility clients have adequate coverage for every threat they could face.
General Liability Insurance
General Liability insurance cover medical expenses and attorney fees which result from bodily injuries and property damage that your company or organization could be legally responsible for.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance (E&O), protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.
Directors and Officers Liability (D&O) insurance
D&O insurance (Directors and officers liability insurance), shields the personal assets of company directors and officers, and where necessary, their spouses, from claims which could arise as a result of the decisions they made and actions they took within the scope of their regular duties.
Cyber liability insurance covers the financial costs associated with a breach of your cyber security, such as a ransomware attack. It also covers first party costs including event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.
HNOA, (hired non-owned auto insurance) is designed for organizations who regularly hire vehicles or require employees to use their own vehicles in the course of their work. In the case of an accident where your employee was liable, it could cover physical damage to that other person’s vehicle, medical expenses, the cost of hiring an attorney to defend your business.
Workers’ Comp. Insurance
Workers’ compensation insurance covers your employees for workplace injuries or illness. It provides them with medical and wage benefits.
This coverage is mandated by each state, with the wage and medical benefits varying from state to state. Workers compensation also protects business owners from civil suits by workers who become injured on the job.
Employment Practices Liability
Employment practices liability insurance (EPL insurance or EPLI), covers employers (PDF) against claims made by employees for:
- Discrimination (based on sex, race, age or disability, for example)
- Wrongful termination
- Failure to promote and other employment-related issues
Environmental Liability insurance
Environmental Liability insurance is liability insurance specifically designed to protect environmental liabilities. This is a specialized form of general, commercial liability insurance that provides financial protection against litigation and clean-up costs resulting from claims of injury or damage caused by pollution, contamination or hazardous waste disposals.
Property Insurance covers unexpected damage or loss to property. The policy can be purchased to cover both structures and contents, which are separate policies in many cases. Property Insurance covers physical structures, not land. Medical facilities and aged care facilities need property insurance to cover the real property and all fixed items such as furniture, medical equipment, art works and tapestries.
Crime Insurance covers the insured party a reimbursement if their property is damaged due to a crime. Crime Insurance usually has a huge range of options and comes in different forms. It can be either a rider that can be attached to the existing insurance policy, or it is available as a completely separate product.
Auto insurance is a type of liability insurance coverage, usually mandated by law, for all mechanically propelled vehicles. It provides protection against losses resulting from traffic accidents and against liability that could also arise therefrom. A medical or aged care facility would typically have auto insurance on their fleet of vehicles as well as for any vehicles transporting patients to and from the facility.
Fully/Partially Funded insurance
Partially Funded insurance gives facilities the opportunity to pay a set premium for, and then in turn is partially covered for specific risks.
Fully Funded Insurance allows facilities to pay premiums to have coverage against all risks. In return, if they are unfortunate enough to incur any of the covered loss or injury, they are reimbursed their insurance policy amount.
Excess and umbrella coverage
Excess coverage provides an additional layer of protection over and above what an underlying policy provides. It applies to a single policy only.
An umbrella policy on the other hand, provides additional liability coverage over and above what is provided by a number of underlying policies.
assisted living facilities require special coverage
Assisted living facilities face many challenges in today’s environment. One of the biggest challenges is the rising cost of care. The average cost of an assisted living facility is $3,500 per month, and the average cost of a nursing home is $7,000 per month. This means that many families are struggling to pay for the care their loved ones need.
Another challenge faced by assisted living facilities is the shortage of qualified staff. There is a nationwide shortage of nurses, and this shortage is only expected to grow in the coming years. This means that many assisted living facilities are understaffed and unable to provide the level of care their residents need.
Assisted living facilities are also facing an increase in regulation. The Centers for Medicare and Medicaid Services has proposed a new set of regulations that would significantly increase the cost of compliance for assisted living facilities. These proposed regulations are currently under review, and it is unclear if or when they will be implemented.
When it comes to insurance, assisted living facilities must have a general liability policy as well as a professional liability policy. The general liability policy covers the costs of any damages that may occur to the property or residents of the assisted living facility. The professional liability policy covers the costs of any damages that may occur as a result of the negligence of the staff.
Assisted living facilities are also required to have workers’ compensation insurance. This insurance covers the costs of any injuries that may occur to the staff of the assisted living facility. Cyber insurance is also a must with records increasingly being held online.
As an experienced insurance agent, you must be familiar with the challenges faced by assisted living facilities in order to best serve your clients. Stay up to date on industry news and trends so that you can provide your clients with the coverage they need at the best possible price.