Running an assisted living facility is complicated and expensive. From top of the line medical devices to staff to routine, and non-routine, maintenance and repairs, it’s easy for the dollar signs to make your head dizzy, and that’s before you’ve looked at your assisted living insurance cost. By checking what is insured, you’ll know if you’re well covered or if your coverage leaves you bare.
All assisted living facility insurances should cover the basics – general liability and property. If you run any vanpools or other transportation services, your insurance should also cover automobiles and their drivers, too.
Beyond that, your insurance company should be focused on protecting your company by offering business interruption coverage. News stories of recent natural disasters have shown to the nation the real dangers if a facility’s power or air conditioning goes out. Even if you’re not dealing with a natural disaster, this coverage will help out should anything happen that interrupts the normal operation of your business.
Your coverage should protect your staff and your guests, regardless of how high or low your assisted living insurance cost is. Coverage can help protect against injury, and perhaps even criminal activity, too.
It’s hard to know whether your facility insurance is a good deal or too expensive without knowing what services you offer. Looking at what your policy covers, though, will let you know its value and whether you’re as protected as needed.