Independent living facilities offer a way for people with different abilities or who are aging to continue to live a thriving lifestyle. However, because of the nature of these facilities, they do require several types of insurance. Caitlin Morgan Insurance Services recommends the following types of insurance to protect yourself and your independent living facility.
Naturally, you want your building and property to be protected. Property insurance for an assisted living home may also cover the equipment inside as well as any lost income due to needing to file a claim. Finally, this type of insurance may cover residents’ belongings and employees’ belongings.
Unfortunately, accidents happen sometimes. Luckily, liability insurance can protect you in these situations. General liability coverage protects you should someone suffer property damage or bodily injury. You can add or remove other types of liability insurance as needed.
Workers’ Compensation Insurance
Running an assisted living facility requires employees, which means you likely need to carry workers’ compensation insurance as well. This protects your employees if they are injured on the job by providing them with lost wages as well as coverage for medical expenses.
Regardless of the types of insurance you decide you need for your independent living facility, ensure you purchase it from a reputable agency. Seek out one that is licensed, has excellent reviews, and is experienced in your industry.