insurance for independent living facilities

Insurance is essential for independent living facilities

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why is independent living facility insurance essential?

Even though residents in these facilities have a reasonably autonomous lifestyle, they still face various risk exposures. Liability claims can arise from:

  1. Neglecting Facility Maintenance: These facilities must ensure that all living spaces and common areas are safe and well-maintained. Slip and fall accidents caused by things like loose carpeting, wet floors, or inadequate lighting; can result in significant injuries and lawsuits.
  2. Inadequate Security Measures: Facilities are responsible for the security and safety of their residents. Inadequate security that leads to theft, injury, or unauthorized entry can result in claims against the facility.
  3. Failure to Meet Health and Safety Standards: Independent living facilities must adhere to health and safety regulations. Failure to comply, resulting in hazards or health risks, can lead to regulatory fines and lawsuits.
  4. Breach of Contract: Residents and their families have expectations based on contracts with the facility. If the facility fails to meet the terms of these contracts, such as not providing promised services or amenities, it could face legal actions for breach of contract.
  5. Food Safety and Nutrition Issues: Providing meals is a common service in such facilities. Foodborne illnesses or failure to adhere to dietary restrictions can lead to health problems and potential lawsuits.
  6. Emergency Response Failures: Facilities must have effective emergency response plans in place. Failure to adequately respond to medical or other emergencies can result in claims of negligence, especially if resident suffer harm as a result of this lack of response.
  7. Violations of Residents’ Rights: This can include the right to privacy, autonomy, and dignity. Violations can lead to lawsuits, especially if they result in emotional distress or physical harm to the residents.

Adequate insurance is key to financial stability — and peace of mind!

Insurance for independent living facilities

Insurance policies for the senior living facilities vary widely from one insurance company to another. Insurance companies are constantly changing their policy forms to suit the risk exposure they want to maintain. Insurance companies will sometimes leave markets completely, refusing to insure facilities, or increase prices because they no longer want a risk exposure in that particular market.

This is why it’s beneficial to partner with an specialty broker like Westwood for your independent living insurance. We work closely with different insurance companies to keep up-to-date with their offerings. That way, we can always find the most suitable insurance cover for you at the best price.

How much does independent living liability insurance cost?

The cost of general and professional liability insurance for independent living facilities is usually around $200/ bed per year. Several factors influence this, including:

  1. The size of your facility: Larger facilities with more residents will typically pay more due to an increased risk exposure.
  2. Your location: Insurance costs can vary by region, influenced by local regulations and claim rates.
  3. The services you offer: The range and nature of services provided can affect risk levels.
  4. Your claims history: A history of insurance claims can result in higher premiums.
  5. The coverage limits and deductibles you need: Higher coverage limits and lower deductibles will typically increase insurance costs.
  6. Your safety and risk management practices: If you have implemented robust safety protocols, you may qualify for lower premiums.

Healthcare Industry Professionals love working with Westwood (From Google reviews)

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“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!”
Greg Cullom
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“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.”
Hayley Shryock
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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.”
Michael Barker

Five star review
“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.”
Joe Roth

what types of insurance do independent living facilities need?

General Liability Insurance

General Liability Insurance

General Liability for independent living facilities covers medical expenses, legal fees and compensation claims, resulting from bodily injuries and property damage that your facility could be legally responsible for.

Professional Liability Insurance

Professional Liability Insurance

Also known as malpractice insurance, this protects facilities against claims related to malpractice, or negligence resulting from resident care. Staff members need to be covered by professional liability insurance.

Sexual Abuse and Molestation Insurance

Sexual Abuse and Molestation Insurance

Provides coverage for your independent living organization against claims arising from alleged sexual misconduct or molestation by an employee or representative of your organization. Essential for the senior living industry.

Commercial Property Insurance

Commercial Property Insurance

This protects your facility against damage or loss to your buildings, equipment, and other property, which can happen as the result of risks like fire, theft, or vandalism.

Workers Compensation Insurance

Workers Compensation Insurance

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

Cyber Liability Insurance

Cyber Liability Insurance

Covers independent living facilities 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, Westwood Insurance Group

Michael specializes in insurance for independent 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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