Running an assisted living facility. One of the many challenges that comes along with running an assisted living facility is making sure that you have the proper insurance. There are several types of insurance that you will need to get.
Insurance for Assisted Living Centers
General Liability Insurance
This is one of the most important types of insurance for assisted living centers. This type of insurance protects you and your business if someone suffers bodily injury while they are at your assisted living facility. The person’s claim and medical expenses can be covered by your general liability insurance policy. This form of insurance can also cover claims that are related to slander and defamation of character.
Professional Liability Insurance
Professional liability insurance is also referred to as errors and omissions insurance. This form of insurance covers you if you or one of your staff members makes a mistake and unintentionally harms a client while providing them services. Negligence and defense costs are covered by professional liability insurance.
Workers Compensation Insurance
Workers compensation is another important type of insurance for assisted living centers. One of the key responsibilities that you have is making sure that you provide a safe working environment for your employees. However, even if you work hard to provide a safe working environment, things still can go wrong. That is why workers compensation is essential.
If one of your employees is out of work due to an injury that is sustained on the job, then workers compensation can cover the lost wages. It also covers medical treatments and services that focus on helping the employee return to work.
Commercial Auto Insurance
Commercial auto insurance covers your facility’s vehicles. This type of insurance is important because company vehicles are not covered by your own insurance policy. Commercial auto insurance helps protect your company’s assets if someone gets into an accident while driving a company vehicle. If you have collision insurance, then the cost of repairing the vehicle will also be covered by the policy. Comprehensive insurance covers a vehicle if it was damaged by something other than an accident, such as theft, falling debris and vandalism.
Property insurance covers the building itself. Fires, storm damage and water damage are examples of some of the damages that can be covered by property insurance. Not only does property insurance cover the building, but it can also cover the furniture and other items in the building.
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