Operating senior living communities can be rewarding. You’re helping older people live their best lives. As rewarding as it can be, there is risk. However, there are various types of insurance for senior living communities. With the right coverage, you can guard against risk and protect your business.
This post will cover types of insurance for senior living businesses.
6 Types of Insurance for Senior Living Communities
General Liability Insurance
General liability is the most common type of business insurance. It covers common types of business risk. Along with residents, you allow various other people on the property. General liability can cover costs if a resident or other person suffers injury or property damage on the premises.
Professional Liability
Senior care centers may offer various professional services. You might have nurses or other healthcare professionals on staff. If they make a mistake or are negligent, it could result in a lawsuit. Professional liability insurance can provide coverage for mistakes in care. For example, it could cover costs if a mistake in administering medication results in an injury. If a staff member is helping a resident out of bed and an injury occurs, it could also cover that.
Commercial Property Insurance
Senior living communities have various buildings and other types of property. Commercial property insurance is vital because it protects these assets from various perils. It extends protection to their buildings, equipment, furnishings, and communal areas. This protection ensures a well-run facility that is safe for residents and staff.
Commercial Automobile Insurance
You’ll need commercial automobile insurance if your senior living facility provides transportation. It can cover accidents, injury to third parties, and damage to your vehicles. That way, you have protection when your employees and residents are on the road.
Commercial Umbrella Insurance
Commercial umbrella insurance is what you need when you have reached the limits of your other policies. Think of it as an insurance that will complement your other policies. It will ensure that everything’s covered and you have what you need.
Business Income Insurance
There can be situations where you have to suspend business operations temporarily. This type of insurance policy can help you shoulder continuing business operations. For example, it can help you with various expenses while the business has no income. It can even cover relocation expenses if you need to change locations due to a covered event.
You can’t eliminate every risk of running a senior living community. However, you can get financial protection with insurance.
Convenient Senior Living Solutions Done Right!
Canopy Senior Living is Atlanta’s most trusted, experienced, innovative senior living management company! We dedicate ourselves to creating an excellent and caring environment for our residents and team members. Learn more about our services. If you’re interested, message us by contacting Canopy Senior Living.
Senior living investment comes with certain risks. Explore some of the risks common to senior living businesses. Contact Canopy Senior Living.
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