liability insurance
for assisted living facilities

Insurance for assisted living facilities

Assisted Living Facilities need comprehensive liability insurance because of the increasing costs of claims against them. According insurance carrier CNA’s latest report, the average cost to settle an assisted living facilities claim is $267,174.

The main allegations for claims were a failure to monitor residents, resulting in an increased severity of falls and pressure injuries.

There was also an increase in the severity of allegations of delays in seeking medical treatment, medication errors, resident abuse, elopements, improper care and failure to monitor.

 

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The fastest way to find the cost of liability insurance for your assisted living facilities is to enter your details in the form, for a quick quote.

Westwood Insurance Group have extensive experience with sourcing liability insurance for the senior living industry.

We work with a number of different insurance companies to ensure you have the most suitable liability coverage available at the best price.

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“I have worked with Michael and the team for the past two years and found them to be ethical, competent, attentive and to deeply value their relationships with both agents and underwriters. It is always a pleasure to deal with them.”
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“I’ve worked with Michael Richards and his team now for many years and I can unequivocally say that they are by far the best boutique insurance broker that I’ve ever used. Their attention to detail, follow up, and ability to support me is stellar.”
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why is assisted living liability insurance essential?

Assisted living facilities face a number of challenges that necessitate the need for assisted-living facilities liability insurance. They are at risk of lawsuits in the following areas:

  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.Calculating the cost of insurance for assisted living facilities
  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?

  1. Facility Size: Larger facilities with more residents usually pay more because of a higher 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. Almost all claims are filed by relatives and not residents themselves, and most result from poor communication. Learn more about avoiding malpractice claims. Read: Risk Management in Nursing Homes and Assisted Living Facilities.
  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 partners with multiple insurance carriers to find you the best coverage at the best priceGet a Quick Quote today.

You may also want to consider a Single Parent Captive, a micro captive, or a protected cell captive. These options offer an alternative to traditional insurance which can be cheaper and more flexible.

what types of insurance do assisted living facilities need?

General Liability Insurance

General Liability Insurance

General Liability insurance covers medical bills, legal fees, and compensation for injuries or property damage sustained on your premises. Your facility typically holds accountability for these expenses.

Professional Liability Insurance

Professional Liability Insurance

Malpractice insurance, also called professional liability insurance, protects assisted living facilities from claims of malpractice, negligence, or injuries that happen as a result of errors or omissions. Individual carers and medical staff need to be covered by professional liability insurance.

Sexual Abuse and Molestation Insurance

Sexual Abuse and Molestation Insurance

Covers your assisted living facility against claims arising from alleged sexual misconduct or molestation by an employee or other representative of your organization. Sexual abuse and molestation (SAM) insurance is essential for the senior living industry.

Commercial Property Insurance

Commercial Property Insurance

This protects your assisted living facility against damage or loss to your buildings, equipment, and other property. This insurance covers you for losses resulting from risks like fire, theft or vandalism.

Workers Compensation Insurance

Workers Compensation Insurance

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

Cyber Liability Insurance

Cyber Liability Insurance

Cyber liability for assisted living facilities protects 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 predatory lawyers and runaway jury verdicts

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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