You want your insurance policy to be there whenever you need it. However, sometimes people don’t realize their coverage until a crisis arises in which they need that fall back. But at that point, if you’ve choosen a more limited policy, it may be too late and you may face financial distress.
Insurance can be a benefit at these critical points because it keeps you and your home from facing financial downfall. However, having comprehensive insurance at your assisted living home is important so that it does cover all aspects of your needs and doesn’t leave something uncovered at the time of crisis. The purpose of liability insurance is to protect you; so make sure you have that conversation with your account manager today about what your policy covers and how you can get the most comprehensive coverage.
Risks involved in assisted living homes
By offering living services to the elderly, you expose yourself to a magnitude of risks. These risks range from personal injury to neglect. Your home could have the necessary facilities but due to the differences in nature of older individuals, aspects of your facilities may not be user friendly to some. This could expose them to the risk of injury and opens up your home to liabilities.
These liabilities, if not managed, could facilitate the closure of your home and ultimately a loss of your source of income. Loss of your source of income spells disaster for your financial future by losing all financial security. Additionally your business loses its credibility should you manage to start it up again. This means that you lose all previous clients and building up a new client base is expensive and timely.
Advantages to having an insurance and risk management policy
If you have a risk management policy, you have taken a step to ensure the success and survival of your assisted living home. This policy will ensure that you are covered against all forms of liabilities that may arise from running the facility. Furthermore, this additional coverage gives your clients the peace of mind in the event that anything happens.
Being high risk, your clients are more susceptible to illness. A good coverage will enable you to cater for their hospital trips and ensure that they get the best healthcare. This, in the end, will result in happier and healthier clients with less for you to worry about.