Insurance for assisted living facilities and nursing homes is your business’s best defense against lawsuits and other liability claims. Your plan will provide compensation to third parties — typically residents of your facility or their families — due to covered accidents or injuries resulting from the negligent acts of your employees. In addition, it will help pay for your legal defense if a case against your facility goes to court. You can also attain coverage for your property and other areas of your operation.
Examples of the types of insurance for senior living facilities include:
General and professional liability: Commercial general and professional liability insurance are a must-have for any senior living facility. CGL coverage encompasses a broad range of liability risks involving bodily injury and damage to the property of others. Professional liability, also known as errors and omissions (E&O), covers negligent acts that occur during the administration of professional or medical services at your facility.
Commercial property: A property insurance policy covers your facility when damages occur due to events such as fires, storm damage and burst water pipes. It helps protect your building, inventory, equipment and furniture, landscaping and outdoor signage. Plans are also available that cover the personal property of your residents.
Business auto: This type of insurance (not available in all states) covers accidents when your employees are transporting your residents in a vehicle owned by your facility.
Communicable disease coverage: Offers liability protection, resulting directly from a pandemic, in the event you are named in a lawsuit regarding a customer alleging they were exposed from your operation.