By Josh Chambers1.3 min read
Common Insurance Coverage Mistakes and How to Avoid Them in Residential Assisted Living Facilities
Introduction
Mistakes in insurance coverage can cost more than money—they can impact your facility’s reputation and operations. Here are some of the most common insurance mistakes and ways to avoid them for comprehensive protection.
Underestimating Coverage Needs
- Liability Coverage: Assisted living facilities often face unique liability risks. Make sure you have ample liability insurance, considering both premises and professional liability.
- Property Coverage: Include the replacement value of your facility and its contents. Underestimating this can leave you financially strained in case of fire or natural disasters.
Ignoring Cybersecurity Insurance
- The Need for Cyber Coverage: Data breaches are a real risk for facilities that store sensitive resident and staff information. Cyber liability insurance helps protect against costly data breaches.
- Assess Your Cybersecurity Risks: Work with an agent to find a cyber policy that meets your needs and explore preventative steps for extra security.
Not Updating Policies Regularly
- Scheduled Reviews: Make an annual habit of reviewing your insurance. Building additions, rising costs, or staff increases may all require coverage adjustments.
Overlooking Specialized Coverage Needs
- Hired and Non-Owned Auto Insurance: If employees drive personal vehicles on company business, this can create liability exposures. Adding this coverage ensures protection in the event of an accident.
Learn more about appropriate risk management with Risk Management Society’s Insurance Coverage Advice.
Conclusion
For a customized policy that fits your facility’s unique needs, please visit Policy People Insurance Group, get a quote HERE, or give us a call today.