Comprehensive Insurance Requirements for Assisted Living Facilities

Every type of assisted living facility such as a supportive housing center or a retirement community has to contend with several different forms of risk exposure. It’s important that they protect themselves against a broad scope of potential loss by taking a proactive and guarded approach to risk mitigation.

Coverage Requirements

While assisted living facilities need to carry general liability insurance and property insurance, there are many other coverage needs that have to be evaluated. Crime insurance for assisted living facilities can help to safeguard them against claims resulting from incidents relating to employee dishonesty. These types of claims could include theft of residents’ belongings as well as theft from a facility itself. Directors and Officers insurance is another key coverage requirement that will address facilities’ directors and board members’ personal liability in the event of a claim.

Additional Protections

An assisted living facility should consider incorporating additional endorsements into their policy coverage such as excess liability insurance for claims that exceed their general liability policies. In addition, special equipment within a facility such as a boiler or other machinery may need to be insured separately.

Each facility has different needs, and its required policies and coverage levels will be determined based on its activities and assets. It’s advisable for assisted living providers to work with an insurance company who is experienced in serving clients in their industry to help assure that their operations are adequately safeguarded.