As the owner of an assisted living facility, your responsibilities are great. With great responsibility, though, can come to many liabilities. Some states mandate general liability insurance or even things like crime insurance for assisted living facilities. In California, for example, ALFs are required to maintain at least $3,000,000 annually of liability insurance. Although types of insurance required may vary, it is wise to become familiar with the different options available to you. After all, it often ends up being more expensive to not have insurance than it is to have it.
General, Professional, and Excess Liability Insurance
Liability insurance can protect you from the costs of a wide variety of mishaps caused by guests, clients, or employees while on your premises. Good excess liability coverage can also keep expensive settlements or legal costs from overwhelming your finances.
Property, Machinery, and Automobile Insurance
Such coverage is a handy bulwark against damage caused by weather, acts of God, and misused or just aging equipment.
Other Plans or Additions
Crime insurance, cyber liability insurance, and workers’ compensation insurance are all options to investigate. You may also be able to add protections for medical personnel and residents’ rights and even coverage for on-site beauticians and barbers.
Regardless of your state’s insurance mandates, you should be protected against any possible dangers. Highly customizable insurance can give you the optimum protection for the best price, so get informed about your insurance requirements.