Do you own or operate a retirement home? Then you need to make sure you have adequate insurance coverage. Operating a retirement home comes with many risks, from third party bodily injury and property damage to lawsuits, and more. Thankfully, ALIGNED can help you find a retirement home insurance policy that helps protect against all of these risks and more. Continue reading to learn more about retirement home insurance coverage.
What type of coverage does my retirement home need?
As the owner of a retirement home, your business may benefit from the following types of coverage:
- Commercial general liability insurance: Commercial general liability insurance, also known as slip and fall insurance, can protect your retirement home against claims of third party bodily injury and property damage. For example, if a guest was injured inside your retirement home, they could sue you for bodily injury. Luckily, with commercial general liability insurance, your insurer may cover any applicable legal defence costs, medical expenses, and more.
- Product liability insurance: If your retirement home sells products or provides food and beverages to residents, then you should consider adding product liability insurance to your policy. Even if you don’t have a hand in manufacturing these items, you could still be held liable if one of these items causes bodily injury or property damage.
- Commercial property insurance: Commercial property insurance protects your retirement home and any business-related contents from property damage due to an insured peril. You get to decide which perils to include in your policy, though some of the most common are water damage, fire, theft, windstorms, vandalism, etc.
- Commercial auto insurance: Commercial auto insurance is important if your tour retirement home uses vehicles for business purposes, such as to transport residents to and from certain locations. Auto insurance coverage may include third party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and more.
- Medical Malpractice & Abuse Liability: Sadly despite best intentions and efforts thins happen and allegations of neglect, abuse and/or malpractice related to services a retirment home offers or coordinates through others all are significant risks. Specialized liability insurance for each is available to help protect against allegations and provide reimbursement of legal fees, any settlements or judgments.
- Cyber liability insurance: Cyber liability insurance is crucial for any retirement home that stores sensitive resident information online (e.g. financial, medical, or personal information). This type of coverage can cover the costs associated with cyberattacks, hacks, or breaches, which could include credit monitoring, client notification, restoration fees, and more.
How much does retirement home insurance cost?
The cost of retirement home insurance varies from home to home as rates are determined using many factors that are unique to your business. For example, the services your retirement home provides will partially determine the cost of insurance. If your retirement home provides medical care, your premium may be higher than if it only provides emotional support or companionship. Other factors that can impact the cost of a retirement home insurance policy are the annual revenue of the retirement home, the size of the retirement home, the location of the retirement home, the number of employees at the retirement home, coverage limits, coverage types, and deductibles chosen by the policyholder, and the type of care offered (e.g. nursing care, meal preparation, short-term respite care, etc.)
Contact ALIGNED for a dynamic retirement home insurance policy
Purchasing retirement home insurance couldn’t be easier thanks to trusted insurance brokerages like ALIGNED Insurance. We make shopping for retirement home insurance entirely hassle-free. As a full-service brokerage, we handle everything from start to finish. From the moment you get in touch, one of our expert insurance brokers will take the time to understand the unique needs of your retirement home. From there, we do the work for you, contacting insurance companies, obtaining and comparing quotes on your behalf, and ultimately matching you with a great retirement home insurance policy. Contact ALIGNED today to learn more about your commercial insurance options or click here for a free quote.
