Risk & Business Magazine Nesbit Agencies Spring 2017 | Page 31
ASSISTED LIVING
Essential Insurance
Concerns For Assisted
Living Facilities
F
or assisted living facilities,
there are three main
considerations when it
comes to selecting insurance.
The first is a thorough
understanding of the potential
exposures which could be faced by the
facility. The second is the basic need for
not only coverage for residents of the
community but also for the business
owner. Finally, it is necessary to be
aligned with the right insurance carrier
that offers the financial strength and
unique coverages required by the facility.
Knowing which types of insurance
you need can be difficult. Aside from
your basic business insurance and
liability insurance, there are other
concerns which are more industry
specific. Further, the potential
for things such as abuse or data
breaches are higher in the elder care
industry than they are in others.
Some of the unique coverages
which could be faced include, but
are not limited to, the following:
•
•
Professional Liability – Also known
as Errors and Omissions insurance
(E&O), this protects individuals
and companies from potential
civil lawsuits or from damages
stemming from direct or indirect
harm caused by the delivery of
professional advice and services.
Physical/Sexual Abuse –
Protects against losses incurred
during lawsuits arising from
claims of physical or sexual
abuse. This includes things
such as physical contact,
molestation, and inappropriate
touching, among others.
“KEEP IN MIND,
HOWEVER, THAT
EVEN WITH
INSURANCE,
IT DOES NOT
ABSOLVE
YOUR FACILITY
OF HAVING
THE PROPER
PROCEDURES,
TRAINING,
AND STAFF IN
PLACE TO HELP
MITIGATE THE
RISKS YOU
MAY FACE.”
• Data Breach – Helps mitigate the
risk of civil litigation or penalties
incurred due to data loss or theft
• Abduction – Meant to help
mitigate the financial risks of
potential abduction situations
involving residents of the facility
• Theft of Residents’ Property
– Protects against theft or loss
of the property of residents
living in the facility
• Hired/Non-owned Auto – Meant
to cover bodily injury and/or
damage to property which has
been caused by a vehicle you
hire (this includes borrowed and
rented vehicles) or which has been
caused by vehicles not owned by
the assisted living facility (i.e.,
vehicles which are owned by others,
including your employees).
The types of insurance coverages which
could be applicable to your assisted living
facility are extensive. However, not every
facility is going to need every type of
insurance. That is why it’s important to
speak with an insurance professional to
find out where your unique liabilities lie
and what you can do to protect yourself
against them. Keep in mind, however,
that even with insurance, it does not
absolve your facility of having the proper
procedures, training, and staff in place
to help mitigate the risks you may face.
Planning is the essential first step.
If you would like a review of the
potential insurance needs for your
assisted living facility, Nesbit Agencies
is here to help. With access to over
75 carriers, Nesbit Agencies is able to
find the right carrier with the right
coverages at the right price for you.
Contact Dan Lynch at 952-746-4305
or [email protected] to
schedule a consultation today. +
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