Great coverage for those who serve our greatest generation.
Senior care facility insurance provided by Harris Insurance Agency, Inc.
As our population continues to age, there will continue to be increased demand for services and facilities for seniors. The eldercare industry comes with its own unique risks, which can be addressed with senior care facility insurance. The broad nature of businesses that fit this category means there isn’t a one-size-fits-all model. However, there are some coverages that any organization serving seniors will want to consider.
We can find you the right senior care facility insurance.
Seniors of all ages require different levels of care based on their health. Skilled nursing and subacute facilities don’t necessarily have the same insurance risks as ancillary support services such as home healthcare and hospice. Assisted living facilities provide resources for a very different population than Alzheimer’s and memory loss facilities, and possibly require different insurance concerns. In addition, pharmacies and providers of durable and home medical equipment have other needs as well. We understand the unique risks of the different businesses in this industry and can recommend the best insurance for every need.
Senior care facilities have specialized liability insurance needs.
Medical director’s liability coverage is a must for senior care facilities. While the medical director may not treat patients directly, their supervisory duties still carry a possibility for claims of negligence or errors. In addition to medical malpractice insurance, physicians and other medical providers should consider administrative defense coverage. This covers the legal costs of defending against actions taken by state licensing boards, peer review and credentialing, and other regulatory matters.
Communal living necessitates specific insurance.
While you hope it never happens, a senior care facility may need to evacuate residents on an emergency basis. This can be quite costly. Emergency evacuation expense insurance can provide reimbursement for these expenses. Emergency event management expense insurance provides valuable protection to businesses that are adversely impacted by a violent event or outbreak of illness at their insured locations. Senior care facilities may opt to extend coverage for business income loss for times when they must close.
Caring for vulnerable populations carries other risks, too.
Businesses that provide such personal care to vulnerable populations can be faced with claims of abuse and molestation. These claims must be defended, and usually comes with a hefty price tag. Abuse and molestation insurance can help pay for defense costs, as well as damages that may be awarded by the court. For employees who may be sued or must defend against criminal charges, there is optional innocent party insurance as well.
Senior care facilities must also preserve their reputation.
Word of mouth and a good reputation is essential for senior care facilities. Claims of wrongdoing can create a very negative situation. This includes everything from abuse to malpractice or negligence, improper maintenance of the facilities, or other reputational claims. Public relations expense insurance can provide reimbursement for expenses associated with a criminal investigation, administrative proceeding, or claim that results from alleged violations of various federal, state, or local laws.
Senior care facilities are businesses and must be insured properly.
In addition to the specialized senior care facility insurance your business needs, you should also maintain coverages common to most businesses. General liability, commercial liability, business auto, and employment practices liability insurance are all suggested. In this age of data breaches and cyber hacks, cyber liability insurance should also be on everyone’s radar. Workers’ compensation insurance is essential to cover injuries employees may sustain while on the job. If your facility uses expensive medical equipment, it’s also important to make sure proper coverage limits are in place for this valuable property.
To learn more about how specialized senior care facility insurance can safeguard your business, contact us today.
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