insurance for continuing care retirement communities

Westwood will work with you to ensure your continuing care retirement community clients have adequate insurance 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.

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Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance (E&O) and medical malpractice insurance, protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.

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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 insurance

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.

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HNO Insurance

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
Harassment
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

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

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

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.

continuing care retirement communities require special insurance coverage

Continuing care retirement communities face many challenges in today’s economy. One of the biggest challenges is providing affordable care for residents. continuing care retirement communities typically have two income streams: entrance fees and monthly service fees.

However, in recent years, many continuing care retirement communities have been forced to increase their prices due to rising costs. This has made it difficult for some residents to afford the care they need.

Another challenge facing continuing care retirement communities is attracting and retaining qualified staff. Many continuing care retirement communities are located in rural areas, which can make it difficult to find qualified employees. In addition, the turnover rate for continuing care retirement community employees is often high due to the demanding nature of the job. This can lead to staffing shortages and a decrease in the quality of care that residents receive.

The final challenge that continuing care retirement communities face is providing quality care for residents. As the population of continuing care retirement communities continues to grow, the demand for high-quality care will continue to increase. This can put a strain on staff and resources, and make it difficult to provide the level of care that residents need and deserve.

When it comes to insurance, continuing care retirement communities must be covered with general liability insurance and professional liability insurance. continuing care retirement communities must also have a plan in place in case of a natural disaster or other emergency.

As they are an employer, workers compensation is also a must. Continuing care retirement communities are also required to have property insurance to cover the buildings and contents in case of fire, theft or vandalism.

Cyber insurance may also be important for continuing care retirement communities, as they may have records of residents online may be susceptible to cyber attacks, particularly ransomware attacks.

As an experienced insurance agent, you must be familiar with the challenges continuing care retirement communities face so that you can help them find the right coverage for their needs. You should also be prepared to answer any questions they may have about their insurance options.

Continuing care retirement communities are an important part of the senior living industry, and they play a vital role in providing care for seniors. While they face many challenges, working with an experienced insurance agent can help them find the right coverage for their needs.