Maryland Assisted Living Facilities Insurance Policy Information
Maryland Assisted Living Facilities Insurance. Did you know that millions of Americans live in senior homes? This is according to the National Center for Assisted Living. Consider the following numbers if you own or operate a senior care facility:
- 8,000 baby boomers a day will turn 65 over the next 15 years
- When this spike levels out, over 20% of the U.S. population will be 65 years or older
- The total number of seniors is expected to double in the period between 2012 (43 million) and 2050 according to World Report.
For the residents and families that rely on these services, senior care centers provide relief from the many worries associated with elderly care including personal injury. For the owners of these institutions, Maryland assisted living facilities insurance provides coverage in situations where residents suffer injury (such as slips and falls) while in the care of the facility.
Maryland assisted living facilities insurance protects your facility from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
What Coverages Does Assisted Living Facilities Insurance Provide?
The risk of falls, abuse from caregivers, negligence, and erroneous dispensing of medication cannot be ignored especially in a larger institution where there's high traffic. To protect your facility from a lawsuit learn more about how you can benefit from Maryland assisted living facilities insurance.
Your insurer will offer several types of policies. These include:
General Liability Insurance: From an insurance standpoint, a number of evolving aspects have to be addressed. For instance, today's assisted living care facility treats residents who are 10 or more years older than previous generations of residents. And also, ageing baby boomers are not making the same decisions their parents made, and staff at these facilities are constantly presented with residents who are sicker and older.
While these recent changes have brought new risks to the industry, facilities are not all properly staffed and equipped to handle new demands placed on them. By purchasing general liability, you can shield your MD facility from claims related to the following:
- Bodily Injury claims
- Property Damage
- Medical expenses
- Advertising injury
- Low quality of service, etc.
Malpractice Insurance: This will cover the costs arising from a lawsuit in case you are sued for your services. If a resident is harmed in any way from a service or advice that you provided, you will be held legally liable. The main reason for purchasing malpractice insurance is that a typical general liability insurance policy usually only applies to cases of personal injury, property damage, bodily injury, and advertising injury. Keep in mind that some professional services and products can give rise to legal claims even without causing any specific harm covered by such Maryland assisted living facilities insurance policies.
The types of claims covered by your malpractice policy may include:
- Fair dealing
- Violation of good faith
- Inaccurate advice
- Failure to meet industry standards
MD Commercial Property Insurance: All businesses need coverage for expensive equipment, office space, supplies, etc., in case it is damaged by a fire or natural disaster, stolen, or vandalized. Office furniture, medical equipment, and other contents may be included in the Maryland assisted living facilities insurance policy.
Bear in mind that Property Insurance is a "first-party" coverage, meaning it provides for losses related to the policyholder's own person or property. On the other hand, casualty / liability insurance is a third party coverage, meaning it offers protection for the policy holder against claims made by others.
Cyber Liability Insurance: Because a lot of your facility data is saved on computers and cloud storage services, there is a risk of cybercrime and data loss. Cyber liability is a type of Maryland assisted living facilities insurance coverage that covers your liability in case of a data breach in which the facility's residents' personal information such as credit card numbers or social security numbers are exposed or stolen by hackers or other criminals.
To mitigate the risk of civil litigation and other penalties due to a data loss or a deliberate intrusion into your facility's electronic network, invest in cyber liability. This Maryland assisted living facilities insurance policy may cover losses caused by:
- Cyber extortion
- Stolen personal health information
- Stolen personally identifiable information
- Intellectual property, etc.
Worker's Compensation Insurance: This is a state-mandated coverage in most states for any non-owner or partner employees. MD workers comp covers medical treatment and lost wages resulting from an employee's work-related injury. The policy provides a mandatory relinquishment of the employee's right to sue his or her employer for negligence.
Workers compensation covers claims such as:
- Medical fees
- Lost wages
- Attorney fees
MD Assisted Living Facilities Insurance
MD assisted living facilities need insurance coverage as a risk management solution for the cost of claims over time. If for example, residents experience falls quite frequently in your facility, you can establish a loss control service that addresses existing needs and offers tools and resources.
Maryland Economic Data And Business Insurance Regulations
Business owners that have their sights set on Maryland should to take a number of factors into consideration before the set up shop; namely, they need to determine if the state offers favorable for business owners in general, as well as their specific industry. After all, it doesn't matter how top-notch the products and services a business offers may be, if the location isn't favorable for the industry - and businesses, in general - the operation is going to have a hard time thriving.
Below, we examine key factors that indicate whether or not Maryland is favorable for business owners. We also look at some of the must-have types of commercial insurance coverage that are required in the state.
Economic Trends For Maryland Business Owners
A state's unemployment rate is key indicator of whether or not the climate is favorable for business operations. As of May, 2019, the unemployment rate in the Old Line State was 3.8 percent; 0.2 percent higher than the national average. In October of 2019, the rate hit a record low of 3.7 percent, so in less than a year, the unemployment rate has increased by .01 percent; a marginal increase. However, there have been gains in recent years; in 2010, the rate was 7.8 percent; that's a 4.0 percent increase in less than a decade.
The best place to start a business in Maryland is in Baltimore, the state's largest city. Suburbs of the city also offer promising conditions for business owners, such as Ellicott City, Columbia, Fulton, Lutherville, and Elkridge.
The state of Maryland offers a friendly culture for business of all shapes and sizes; but, the industries that are see the most success in the Old Line State include:
- BioHealth and Life Sciences
- Advanced manufacturing
- Information technology
- Aerospace and defense
- Financial services
- Energy (specifically green energy)
- Hospitality and tourism
Commercial Insurance Regulations In MD
The Maryland Insurance Administration regulates insurance in Maryland. Commercial insurance is designed to protect business owners from potential perils; it also protects anyone that interacts with a business, including consumers, vendors, and employees. Having the right type of coverage is not only crucial to avoid serious financial devastation in the even that a catastrophe does occur, but certain types of insurance are mandated, meaning business owners must carry specific forms of coverage.
In the state of Maryland, business owners are required to carry workers' compensation insurance, which offers coverage for on-the-job accidents and illnesses that employees sustain, is also required. Other forms of insurance coverage that business owners may need to invest in depend on the specific industry; for example, companies that distribute or sell alcohol will need liquor liability insurance, and businesses that utilize vehicles for business-related operations should carry commercial auto insurance to protect their drivers and other motorists on the road.
Additional Resources For Health & Beauty Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
Request a free Maryland Assisted living facilities insurance quote in Aberdeen, Adelphi, Annapolis, Arbutus, Arnold, Aspen Hill, Ballenger Creek, Baltimore, Bel Air North, Bel Air South, Beltsville, Bethesda, Bowie, Brooklyn Park, California, Calverton, Camp Springs, Carney, Catonsville, Chillum, Clarksburg, Clinton, Cloverly, Cockeysville, Colesville, College Park, Columbia, Crofton, Cumberland, Damascus, Dundalk, East Riverdale, Easton, Edgewood, Eldersburg, Elkridge, Elkton, Ellicott City, Essex, Fairland, Ferndale, Fort Washington, Frederick, Gaithersburg, Germantown, Glassmanor, Glen Burnie, Glenmont, Glenn Dale, Greenbelt, Hagerstown, Havre de Grace, Hillcrest Heights, Hyattsville, Ilchester, Kemp Mill, Kettering, Lake Shore, Landover, Langley Park, Laurel, Lochearn, Maryland City, Middle River, Milford Mill, Montgomery Village, North Bethesda, North Laurel, North Potomac, Odenton, Olney, Owings Mills, Oxon Hill, Parkville, Parole, Pasadena, Perry Hall, Pikesville, Potomac, Randallstown, Redland, Reisterstown, Riviera Beach, Rockville, Rosedale, Rossville, Salisbury, Seabrook, Severn, Severna Park, Silver Spring, South Laurel, Suitland, Takoma Park, Towson, Waldorf, Westminster, Wheaton, White Oak, Woodlawn and all other cities in MD - the Old Line State.
Also learn about Maryland small business insurance requirements for general liability, business property, commercial auto & workers compensation including MD business insurance costs. Call us (443) 407-0500.