Understanding Insurance Solutions for Residential Facilities

As more Americans age and retire, it’s more important than ever to have senior independent living and assisted-living facilities that meet the needs of a changing demographic. Providers of these facilities are having to adapt to the needs and desires of Baby Boomers, especially as they relate to the implementation of new technologies. Your residential facility is exposed to various liability risks when it comes to dealing with patients, especially in the aspects of general, professional and cyber liabilities. It’s critical that you have supported living insurance plans to protect your business.

Understanding Liability Exposures

Claims or lawsuits that arise due to liability issues put your business at risk. It’s important to understand the various exposures that present in your regular operations:

  • General liability – This may include injuries to third parties while on the premises of a facility, such as visitors of its residents.
  • Professional liability – This covers errors, omissions and other negligence by workers that may result in damages
  • Cyber liability – This includes protection of residents’ data, cyber attacks and other technology-related losses

Getting the Coverage You Need

You might think that insurance coverage is mostly the same, but even among allied healthcare partners, specific risk management needs vary. It’s essential that you work with an insurer who understands your operational needs and knows which policy adjustments are necessary. Many people put their health and safety in your hands. Cover your company’s health with the right liability protections.