Assisted living facilities provide valuable services to seniors or others who need help with the tasks of daily living, but because of the nature of the services they provide, they are at a high risk for lawsuits and certain losses or damages. Proper insurance is necessary to protect assisted living facilities from potentially devastating financial loss. While the cost of insurance may seem high, there are steps that can be taken to help lower the assisted living insurance cost.
Assessing and Minimizing Risks
There are always going to be risks associated with providing assisted living services, but there are ways to minimize those risks as much as possible. Areas to consider include the following:
- What percentage of residents have Alzheimer’s and/or dementia?
- Is the facility up to date and equipped with proper safety features?
- Is there enough staff and are they appropriately trained?
- What percentage of residents have a high fall risk?
Identifying areas of risk, working to reduce the likelihood of avoidable accidents, and ensuring the facility has up-to-date safety features helps keep insurance costs as low as possible.
Costs vs. Savings
The savings associated with obtaining the proper protection far outweigh the assisted living insurance cost. Costly lawsuits or damages from storms, flooding, or fires can easily drain a facility’s bank account and lead to large amounts of debt. Good insurance coverage greatly reduces this risk and helps assisted living facilities stay in operation for years to come.