insurance for continuing care retirement communities

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Westwood will work with you to ensure your continuing care retirement community clients have adequate insurance coverage for every threat they could face.

assessing their needs

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.

what specific insurance do they need?

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.

Advice for commercial agents wanting to approach continuing care retirement communities

When commercial agents approach continuing care retirement communities (CCRCs), they need to understand the unique needs, concerns, and challenges faced by these organizations. Here are some tips to help you make a successful pitch:

  1. Research and understand the industry: Familiarize yourself with the senior living industry, including trends, challenges, and regulations. Understand the specific services offered by the CCRC you’re targeting, such as independent living, assisted living, memory care, and skilled nursing.
  2. Know the unique needs and challenges: CCRCs face various challenges, including meeting the diverse needs of residents, managing healthcare costs, and maintaining occupancy rates. Show empathy for these challenges and demonstrate how your product or service can help address them.
  3. Highlight your expertise: Emphasize your knowledge and experience in the senior living industry. If possible, provide examples of past successes working with similar providers or organizations.
  4. Understand regulatory compliance: CCRCs must adhere to strict regulations related to resident care, facility operations, and financial management. Demonstrate your understanding of these regulations and how your product or service can help ensure compliance.
  5. Provide tailored solutions: Offer specific solutions that cater to the unique needs of CCRCs. Showcase how your product or service can help improve resident care, streamline processes, or enhance the community’s overall appeal.

If you are unsure about your ability to negotiate the best cover for a medical personnel services provider, contact the Westwood Insurance Group.

    Contact Michael Richards now

    Michael specializes in insurance for this particular group. You can call him on the number below or fill out the form and he will get your message directly:

    Michael Richards

    continuing care retirement communities require special insurance coverage


    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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    Telemedicine Malpractice Insurance

    telemedicine malpractice insurance—also known as digital health insurance or eHealth insurance—has become increasingly vital for healthcare providers. to  protect them against claims of negligence, malpractice, errors, and omissions which may be the result of the limitations of webcam quality or the inability of a patient to properly photograph a condition. It can also cover cyber liability, such as remote controlled medical devices being hacked.

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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.

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    Cyber liability 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.

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    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
    Sexual Abuse & Molestation (SAM)

    Sexual Abuse and Molestation Insurance provides coverage for organizations against claims arising from alleged sexual misconduct or molestation by an employee or other representative of the organization. 

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    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. 

    Commercial Property Insurance

    Commercial property insurance is a fundamental component of risk management for healthcare and senior living providers. It is designed to protect the organization’s physical assets, such as buildings, medical equipment, furniture, and supplies, from financial losses due to damage or theft.

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    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.

    Commercial Auto Insurance

    Commercial auto insurance is a crucial aspect of risk management for healthcare and senior living providers. It offers vital financial protection against vehicle-related incidents and is often required by law.

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    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.

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    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.

    please feel free to contact us 24/7


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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.

    insurance for physicians

    The different types of insurance for physicians includes medical malpractice insurance, professional liability insurance, errors and omissions insurance, an umbrella policy, and professional indemnity. As a physician, you should have access to all of these types of insurance.

    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.