insurance for independent living facilities

A couple relax at an independent living facility

Please fill out the form below for a quote on liability insurance for independent living facilities


why do independent living facilities need insurance?

Even though your residents have a reasonably autonomous lifestyle, you still face various risk exposures. Liability claims can arise from injuries due to slips and falls; or other accidents in common areas, walkways, and amenities within the facility’s premises. You also need protection against damage to property, operational risks, compliance risks and cybersecurity threats.

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

children visit a grandparent in Independent living facilitiesIt’s important to understand that insurance policies for the senior living industry are not a one-size-fits-all solution. Insurance companies are constantly changing their policy forms to suit the risk exposure they want to maintain. Carriers will sometimes leave markets completely, or increase prices because they don’t want to maintain a risk exposure in that particular market.

This is why it’s beneficial to partner with an insurance broker like Westwood Insurance Group! We work closely with a number of different carriers and make it our business to keep up-to-date with their offerings, so we can always find the most suitable product for you at the best price: Ensuring you have the best possible protection available!

How much does insurance for independent living facilities cost?

The cost of general and professional liability insurance for independent living facilities is usually around $200/ bed per year. It is influenced by several factors, including:

  1. The size of your facility: Larger facilities with more residents typically pay more due to 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.

what types of insurance do independent living facilities need?

General Liability Insurance

General Liability Insurance

General Liability covers medical expenses and attorney fees which result from bodily injuries and property damage that your facility or organization could be legally responsible for.

Professional Liability Insurance

Professional Liability Insurance

Also known as malpractice insurance, this  protects facilities against claims related to malpractice, negligence, or injury resulting from resident care. Staff members will typically 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 other 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 various risks such as fire, theft, or vandalism.

Workers Compensation Insurance

Workers Compensation Insurance

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

Cyber Liability Insurance

Cyber Liability Insurance

Covers your organization 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 increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

contact westwood now 

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216.539.0841
855.351.7487

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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.

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.