Residential care facilities and senior living communities provide a swath of services and supports to keep seniors active and healthy as they age while also providing the space for socialization and community. Since they serve so many functions at once, risk management is a more complex issue than it is for many other residential businesses like apartment complexes. Care home residents insurance is available to protect facilities with robust liability coverage, HIPAA protections, and a carefully tailored approach to addressing the individual features of your facility.
Increased Services Bring Increased Risks
In any business, increasing the range of services you provide increases the risks you face. Each new service brings potential liabilities, whether they are additions to existing products or new offerings. It’s no less true for residential facilities for seniors. As your facility’s range of services evolves, it’s important your care home insurance evolves with them. If not, the facility you manage might wind up facing financial exposure due to uncovered liability. Sometimes facilities trim back services that are no longer popular or necessary as well, and you should have an insurance review after those changes too. There’s no point in maintaining a policy that overinsures you, after all. It’s just spending money you could use elsewhere, and an experienced insurance agent specializing in care home residents insurance can help you whenever you need to review and implement changes.