Business insurance for assisted living facilitiesbusiness insurance for assisted living facilities

A Business Owners Policy can be a suitable insurance solution for small assisted living facilities, offering a convenient and cost-effective way to cover basic risks. However, the unique challenges and regulatory landscape of the assisted living industry often require more comprehensive and specialized coverage than what a BOP alone can provide. As facilities grow or diversify their services, the limitations of a BOP become evident, underscoring the need for tailored insurance solutions. 

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The fastest way to discover the most suitable insurance coverage for assisted living facilities is to fill out our quick quote form, so we can give you an idea of the type of insurance coverage that best suits your facility.

Westwood Insurance are experienced in providing different types of coverage for assisted living facilities, including self insurance plans like protected cell captives and micro captives.

We work with a number of different carriers to ensure you have the best possible insurance coverage available.

Understanding Business Owners Policy (BOP)

A Business Owners Policy merges three different types of insurance: general liability insurance, property insurance, and business interruption insurance. This comprehensive package is crafted to safeguard businesses from property damage, liability claims, and income loss due to operational interruptions. Given its bundled nature, a BOP simplifies the insurance process and can be cost-effective compared to purchasing separate policies. However, the standardized coverage may not cater to all the particular needs of assisted living facilities.

Coverage Scope of a BOP

  • Property Insurance: Covers damage to the facilities caused by fires, storms, and other perils.
  • General Liability Insurance: Protects against lawsuits related to bodily injuries, property damage, and advertising injuries.
  • Business Interruption Insurance: Offers financial assistance when operations are halted due to covered events, like natural disasters.

Business insurance may not cover every threat faced by assisted living facilities Limitations of BOP for Assisted Living Facilities

Assisted living facilities require more specialized coverage due to the nature of their services and the vulnerabilities of residents. Important considerations include:

  • Professional Liability: A standard BOP does not cover claims arising from professional services, which is crucial for facilities offering medical or caregiving services.
  • Regulatory Penalties and Compliance: Assisted living facilities face strict regulatory requirements, and a BOP typically does not cover fines or penalties for non-compliance.
  • Resident Property and Valuables: The personal property of residents may require additional coverage not provided in a standard BOP.
  • Specific Risks: Unique risks, such as elopement (residents leaving without notice) or specific health emergencies, require targeted policies.

other types of insurance we can help you with

Business Owners Policy 9BOP) for physicians in Florida

Professional Liability Insurance

Protects facilities against claims related to malpractice, negligence, or injury resulting from the actions of staff members who are typically covered by this  insurance.

A physician checks medical records, protected by cyber security insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other incidents. Insurers will usually help  fix vulnerabilities as part of this policy.

Commercial auto insurance

Commercial Auto Insurance

This is relevant for physicians who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Why assisted living facilities love to work with us

“Westwood Insurance Group, with Dale and Liz are a pleasure to work with in helping solve for my insured’s insurance needs. Very responsive and eager to help! They are competent and trusted!”

“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”

“Laura has been a great contact for us over at the Westwood Insurance Group. She is extremely communicative and responsive. Their quick turnaround on last minute items is appreciated as well.”

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:

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.