If you need insurance for assisted living facilities, it is a good idea to find a brokerage firm that specializes in your industry. Insurance providers who know the specific needs of assisted living facilities are better equipped to design an insurance portfolio that serves those needs. Here are some examples of policies that you can expect to be included.
You want to make sure your property is protected. Because your residents are likely to have special needs, providing a safe, secure environment is of paramount importance. Property coverage is necessary, but don’t stop there. It’s also a good idea to insure vital equipment, such as your boiler, and to secure business interruption coverage for times when maintenance issues are not a quick fix.
If you transport residents or use an automobile for business purposes, you need auto coverage as part of your portfolio. You need general liability, professional liability, workers’ compensation coverage and D&O liability to cover legal costs if issues arise. It’s also a good idea to include crime insurance so that you and your residents can be made whole again if you are the target of a crime.
Insurance for assisted living facilities includes many of the same types of policies that other business packages contain. An agent who specializes in your field can fine tune your portfolio to cover specific needs.