Senior living and long-term care facilities respond to many patients’ needs. However, these properties are still a business at the end of the day. Like other businesses, they face liabilities requiring some protection. The following are a few standard insurance policies we recommend for senior living and long-term care facilities.
1. General Liability
General liability offers broad protection against some of the most fundamental risks companies face. Known as “slip-and-fall” or “all-risk” insurance, this policy covers personal or property damage and bodily injury occurring on the business premises.
2. Professional Liability
Professional liability, also known as errors and omission (E&O) insurance, covers companies in third-party or client lawsuits claiming substandard work or service. Work errors or oversights, missed deadlines, budget overruns, etc., often result in costly cases — but E&O insurance responds to these mishaps.
3. Property
Property insurance responds whether it’s a devastating fire, natural disaster, or burglary. This policy reimburses companies for direct property losses, supporting recovery and momentum.
4. Cyber Liability
Cyber insurance protects companies from third-party lawsuits relating to electric activities (i.e., phishing scams). Plus, it offers many recovery benefits, supporting data restoration and reimbursement for income lost and payroll spent.
5. Workers’ Compensation
Employers are typically responsible for their medical costs and lost wages when employees sustain work-related injuries. This policy covers these expenses, protecting employees while simultaneously keeping companies running smoothly.
6. Employment Practices Liability
Any company with employees faces the risks of allegations, such as discrimination, wrongful termination, breach of contract, etc. This coverage protects companies against lawsuits related to employment practices.
7. Commercial Auto
Businesses with company vehicles are liable for damages to the vehicles and bodily injuries when an employee causes an accident. This policy typically covers medical payments and legal costs if you are sued. Plus, it often offers collisions and comprehensive coverage, and uninsured motorist coverage.
8. Fiduciary Liability
When a company sponsors an employee benefits plan, it accepts fiduciary responsibility to its employees. This coverage protects from legal liability should a benefit plan administrator practice improper plan care. Remember that insurance for senior living and long-term care facilities isn’t one-size-fits-all. It’s best to work with a seasoned commercial insurance broker to customize an insurance plan that fits your unique needs.
