Assisted living facilities have unique insurance needs. From smaller, independent facilities to larger, continuum-of-care centers, the protection needed is multi-faceted and can be complex. Some of the most important features of proper assisted living insurance coverage are as follows.
- Professional Liability
This covers all injuries sustained by residents, including sexual and physical abuse.
- General Liability
This covers any injury sustained by a non-resident.
- Worker’s Compensation
This takes effect to cover injuries or illnesses that happen while on the job.
- Automobile Coverage
This includes protection for all vehicles including private cars and transport or passenger vans.
As with any type of insurance, there are basic coverage and more robust coverage options. It is always recommended to err on the side of caution, essentially, and select the most comprehensive coverage available. It only takes one lawsuit to make you realize your current assisted living insurance is insufficient.
The limits of liability coverage will be noted in two ways—per incident and aggregate. The per incident limit is the maximum payout for a single event or claim. The aggregate limit is the maximum payout in a single policy period, which is typically one year.
When evaluating assisted living insurance plans and limits, taking the time to get counsel from an insurance professional with experience in this arena is always a smart idea. Such professionals can become trusted advisors and help ensure you get the right insurance protection.