Assisted living facilities are ideal for seniors who wish to remain independent but still need help with daily tasks. Working with the elderly, however, creates potential risks for your company.
How To Protect Your Investment
The best protection against damages and lawsuits is to invest in a comprehensive assisted living business insurance package. Since no two businesses face the same risks, your plan should be tailored to meet your unique needs. The important first step is to speak with your insurance agent about the potential problem areas that must be addressed.
Types of Coverage To Consider
The comprehensive package you choose should include protection for your property and liability coverage to protect against unwanted litigation by residents and their families. The typical insurance package includes the following:
- Property Insurance – This coverage replaces or repairs damaged property and equipment during a catastrophic event.
- General Liability – If a resident is harmed or treated unfairly, they may sue the company. Liability coverage helps to pay for legal fees and settlements.
- Workers Compensation – Your employees must be protected if they are injured on the job. This coverage pays their medical bills and a portion of their salary. The injured worker must also agree not to sue the company for damages.
Protect your workers and your assisted living facility with a comprehensive insurance plan.