Buy Assisted Living Facilities Insurance

Or call for your free quote:

Get the best small business insurance quotes online & info on cost, coverage, minimum requirements, certificates & more.

Assisted Living Facilities Insurance Policy Information

Assisted Living Facilities Insurance

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

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.

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.

Below are some answers to commonly asked assisted living facilities insurance questions:

What Is Assisted Living Facility Insurance?

Assisted living facility insurance is a type of insurance coverage designed specifically for assisted living facilities. These facilities provide a variety of services and support for seniors, including help with activities of daily living (ADLs), medical care, and social and recreational programs.

Assisted living facility insurance provides protection for these facilities against potential financial losses from lawsuits, damages, or other claims. This insurance coverage can include liability protection, property damage coverage, and employee liability coverage. It may also include coverage for business interruption and loss of income if the facility is forced to close due to a covered loss.

Assisted living facility insurance is essential for facilities that provide care and support to seniors, as it helps ensure that they are protected against financial losses and can continue to provide high-quality care and support to their residents.

How Much Does Assisted Living Facility Insurance Cost?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small assisted living facilities ranges from $87 to $99 per month based on location, number of beds, payroll, sales and experience.

Why Do Assisted Living Facilities Need Insurance?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small assisted living facilities ranges from $87 to $99 per month based on location, number of beds, payroll, sales and experience.

What Type Of Insurance Do Assisted Living Facilities Need?

Assisted Living

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 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 facility from claims related to the following:

  • Bodily Injury claims
  • Property Damage
  • Medical expenses
  • Advertising injury
  • Low quality of service, etc.

Professional Liability Insurance: Also called malpractice or errors and omissions, this policy 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 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

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 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 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 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. 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

What Does Assisted Living Facilities Insurance Cover & Pay For?

Assisted Living Facilities Insurance Claim Form

Assisted living facilities (ALFs) are residential communities that provide various levels of care to older adults who may need assistance with activities of daily living. While ALFs strive to provide high-quality care to their residents, they can still face claims of negligence or malpractice. Medical malpractice insurance can help pay for the lawsuit if a claim is made against an ALF. Here are some examples of claims that ALFs may face and how medical malpractice insurance can help:

Negligent Care: An ALF resident may suffer injuries due to the negligence of the staff. For example, a resident may fall because the staff failed to assist them properly. In such cases, the resident or their family may file a lawsuit against the ALF. Medical malpractice insurance can help pay for the legal fees, court costs, and any settlement or judgment awarded to the plaintiff.

Medication Errors: ALF staff members may administer medication to residents incorrectly, leading to adverse reactions or even death. A resident or their family may file a lawsuit against the ALF for the harm caused by the medication error. Medical malpractice insurance can help cover the cost of defending against the lawsuit and paying any damages awarded.

Inadequate Staffing: ALFs may face claims of negligence if they fail to provide adequate staffing levels to meet residents' needs. For example, if a resident develops bedsores due to not being turned often enough, the resident or their family may file a lawsuit against the ALF. Medical malpractice insurance can help pay for the legal fees and any damages awarded.

Abuse and Neglect: ALF staff members may intentionally or unintentionally abuse or neglect residents. For example, a staff member may physically assault a resident or fail to provide proper nutrition or hydration. If a resident or their family files a lawsuit against the ALF for abuse or neglect, medical malpractice insurance can help pay for the legal fees, court costs, and any damages awarded.

Overall, medical malpractice insurance can provide peace of mind for ALFs by helping to cover the cost of legal fees, settlements, and judgments in the event of a claim or lawsuit.

Commercial Insurance And Business Industry Classification

Description for 8361: Residential Care

Division I: Services | Major Group 83: Social Services | Industry Group 836: Residential Care

8361 Residential Care: Establishments primarily engaged in the provision of residential social and personal care for children, the aged, and special categories of persons with some limits on ability for self-care, but where medical care is not a major element. Included are establishments providing 24-hour year-round care for children.

  • Alcoholism rehabilitation centers, residential: with health
  • Boys' towns
  • Children's boarding homes
  • Children's homes
  • Children's villages
  • Drug rehabilitation centers, residential: with health care incidental
  • Group foster homes
  • Halfway group homes for persons with social or personal problems
  • Halfway homes for delinquents and offenders
  • Homes for children, with health care incidental
  • Homes for destitute men and women
  • Homes for the aged, with health care incidental
  • Homes for the deaf or blind, with health care incidental
  • Homes for the emotionally disturbed, with health care incidental
  • Homes for the mentally handicapped, with health care incidental
  • Homes for the physically handicapped, with health care incidental
  • Juvenile correctional homes
  • Old soldiers' homes
  • Orphanages
  • Rehabilitation centers, residential: with health care incidental
  • Rest homes, with health care incidental
  • Self-help group homes for persons with social or personal problems
  • Training schools for delinquents

Assisted Living Facilities Insurance - The Bottom Line

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.

Additional Resources For Medical 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

The medical industry is a crucial sector that plays a vital role in ensuring the health and well-being of individuals. It is a complex and highly regulated industry that requires specialized knowledge and expertise. As a result, the medical industry is exposed to a variety of risks, including legal and financial liabilities.

One of the main reasons why the medical industry needs commercial insurance is to protect against medical malpractice. Medical malpractice occurs when a healthcare provider deviates from the standard of care and causes harm to a patient. It can lead to costly lawsuits and significant financial losses for the healthcare provider. Business insurance helps to cover these costs and protect the financial stability of the medical facility.

Another reason the medical industry needs business insurance is to cover the cost of regulatory fines and penalties. The medical industry is subject to strict regulations and any violations can result in significant fines and penalties. Business insurance helps to cover these costs and protect the financial stability of the medical practice or facility.

In addition, the medical industry is vulnerable to data breaches and cyber attacks. These incidents can result in significant financial losses and reputational damage for the medical facility. Business insurance helps to cover the cost of recovering from a data breach or cyber attack and helps to protect the reputation of the medical facility or practice.

Overall, business malpractice insurance is an essential component of the medical industry. It helps to protect against the financial and reputational risks associated with the medical industry and helps to ensure the financial stability and success of medical practices and facilities.

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.

Free Business Insurance Quote Click Here