Why Get Assisted Living Insurance?
August 2, 2017
Assisted living insurance coverage and reason why to get one for your business.
Because you need general coverage for Senior Living community that protects the following:
1. Property
Gives you protection and coverage against either basic, broad or special causes of loss, systems and equipment breakdown, buidling extensions, and identity recovery case management.
2. General Liability
This protection applies to your sponsored activities, even if away from your facility, and is provided against claims for negligence involving:
- Bodily injury
- Property damage
- Personal injury
- Advertising injury
Damage you cause to someone else’s facility and for which you are legally liable is also covered for up to a specific limit.
Multi-peril policy provides protection for the following employees:
- Officers
- Directors
- Most organizations you control or acquire
- Employees
- Administrators
- Volunteer workers
3. Professional Liability
Also known as Professional Indemnity insurance. It is designed for professionals who provides advice or service to the seniour living community. It protects you against legal costs and claims for damages to third partied which may arise out of an act, omission or breach of professional duty in the course of yor business.
4. Crime Insurance
A crime policy typically provides several different types of crime coverage, such as:
- Employee dishonesty coverage
- Forgery or alteration coverage
- Computer fraud coverage
- Funds transfer fraud coverage
- Kidnap, ransom, or extortion coverage
- Money and securities coverage
- Money orders and counterfeit money coverage.
5. Business Interruption Insurance
Also known as business incone insurance. It is a type of insurance that covers the loss of income that the senior living community suffers after a disaster. The incone loss covered may be due to disaster-related closing of the business facilisty or due to the rebuilding process after a disaster.
6. Workers’ Compensation
Benefits are set by the state statute and generally provide financial assistance for wage loss, medical and rehabilitation expenses and survivor benefits for fatal injuries.
7. Abuse & Molestation Insurance
Endorsement provides coverage for actual or threatened abuse or molestation of someone in the insured’s care, as well as negligent hiring or retention of employees.
8. Cyber Liability
Is designed to mitigate losses from a variety of cyber incidednts, inclding data breaches, business interruption, and network damage.
9. Employment Practices Liability Insurance
provides coverage to employers against claims mage by employees alleging discrimination (based on sex, race, age or disability, for example), wrongful termination, harassment and other employment-related issues.