Oklahoma Assisted Living Facilities Insurance

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Oklahoma Assisted Living Facilities Insurance Policy Information

OK Assisted Living Facilities Insurance

Oklahoma 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, Oklahoma assisted living facilities insurance provides coverage in situations where residents suffer injury (such as slips and falls) while in the care of the facility.

Oklahoma 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 Oklahoma 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 OK 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 Oklahoma assisted living facilities insurance policies.

The types of claims covered by your malpractice policy may include:

  • Negligence
  • Misrepresentation
  • Fair dealing
  • Violation of good faith
  • Inaccurate advice
  • Failure to meet industry standards

OK 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 Oklahoma 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 Oklahoma 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 Oklahoma 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. OK 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
  • Settlements
  • Attorney fees

OK Assisted Living Facilities Insurance

OK 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.

Oklahoma Economic Data, Regulations And Limits On Commercial Insurance

Made In Oklahoma

As an entrepreneur, you know that the location of your operation is as important as the products and services you offer. After all, if you want your company to flourish, the location where you set up shop needs to offer favorable conditions.

Whether you're thinking about starting a business in Oklahoma or you're planning on expanding an existing operation by establishing a branch in the state, it's crucial that you have an understanding of the economic trends and commercial insurance policies that you're required to carry in the Sooner State.

The economic trends provide powerful insight about the success of other companies that are already established in a state, and that information can be applied to a prospective operation.

Knowing what commercial insurance policies are required is also important so that you can ensure you are properly protected and that you are operating within compliance of the law. Below, we provide an overview of both of these crucial factors for entrepreneurs who are considering Oklahoma for their operations.

Economic Trends For Business Owners In Oklahoma

When assessing the economy of a state, the employment rate is a vital statistic. This data indicates whether or not there are ample job opportunities available for residents, which is a direct reflection of the success of businesses that are already established in the state.

In December of 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Oklahoma was 3.4%; 0.1% lower than the national average. This indicates a healthy economy.

Businesses of varying sizes and in numerous industries are either headquartered or have branches in Oklahoma. The top industries in OK include:

  • Aviation and Aerospace
  • Biotechnology
  • Business services
  • Energy
  • Entertainment
  • Government
  • Health care
  • Hospitality
  • Telecommunications
  • Transportation and logistics
  • Weather

If you are considering opening a business in any of the above-mentioned sectors, you should see ample opportunities for success in Oklahoma.

The best locations to start a business in OK include:

  • Ardmore
  • Catoosa
  • Clinton
  • Elk City
  • Guymon
  • Pryor Creek
  • Tulsa
  • Weatherford
  • Woodward
  • Grove

These regions and the areas that surround them are home to numerous businesses, offer easy access to national markets, and provide a healthy and diverse workforce.

Commercial Insurance Requirements In Oklahoma

The Oklahoma Insurance Department regulates insurance in OK. Oklahoma mandates very few forms of insurance coverage by law. They enforce worker's compensation.

Oklahoma requires you to have worker's compensation insurance if you hire even one employee on a regular basis with some exceptions. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.

Oklahoma also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

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.


Medical And Dental Insurance

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.


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Also find Oklahoma insurance agents & brokers and learn about Oklahoma small business insurance requirements for general liability, business property, commercial auto & workers compensation including OK business insurance costs. Call us (405) 200-1351.

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