Insurance for Assisted Living Facilities
Cedar City, Ely, Hurricane, Mesquite, Saint George

What is residential care insurance?

Assisted living facility insurance and residential care insurance are the same thing, just with two different names. Both coverages are tailored for elderly care facilities and can come in all shapes and sizes, depending on the business. There isn’t a one-size-fits-all assisted living facility insurance policy able to cover all your risks, but this means you can tailor coverage to meet your needs.

Does my assisted living facility need business insurance?

While most states don’t have any insurance requirements strictly for residential care facilities, many do require assisted living centers to maintain a couple of specific surety bonds, which you can find more information about in the next section.

Even though there aren’t any requirements, a basic insurance policy bolsters any existing safety measures you have in place. If you cannot repair necessary equipment or handle any fees associated with unexpected litigation, you should consider assisted living facility insurance.

What type of insurance do assisted living facilities need?

Not every residential care facility looks and operates the same way, so insurance will also vary based on the facility. Key potential coverages you may consider for your assisted living home include:

• Professional Liability — You and your employees are legally responsible for the care of your facility’s residents. Often, this care includes giving residents their medication at certain times, helping with physical therapy, and general supervision and care. If something happens to one of your residents because you or an employee were inadvertently negligent or an accident occurred, then you can be faced with litigation. Professional liability insurance, also called errors and omissions insurance, offers you financial protection in cases like these.
• Commercial Auto — If you transfer any residents from place to place using a facility-owned vehicle, you should have business auto coverage. Commercial auto insurance can offer your company financial protection for accidents involving company-owned vehicles.
• Commercial Liability — Your assisted living home is potentially liable for every product, service, and operation related to your business. Even though you stress sound procedures throughout your business, the fact remains that no person is perfect. Despite your best efforts, if your business causes any property or physical damage to a third party, you and your business may face litigation. Commercial liability insurance is designed to protect business owners and assets from common business risks like injury or property damage.
• Commercial Property — Imagine a fire breaks out, and you lose your entire inventory. Or your business is burglarized, causing physical damage and possibly lost assets. Your ability to recover from these incidents is dependent on your commercial property insurance.
• Cyber Liability — In today’s digital world, cybercrime runs rampant. Data breaches are an all-too-common occurrence and are commonly targeted towards small businesses. You probably store sensitive customer information, such as account numbers, insurance information, driver's license numbers, and credit card numbers. Suppose you are the victim of a data breach. In this case, you are liable for any damages caused by the breached information. Learn about the importance of cyber liability insurance and how to protect your business from cybercrime.

In the section above, we mentioned that most states require your facility to have a couple of surety bonds. While surety bonds aren’t considered insurance, they are usually sold by insurance companies. So, here are the two most common surety bonds you’ll need.

• Patient Trust Bond/Nursing Home Care Bond — Put simply, this bond is a guarantee your facility will comply with all state and federal laws and use patients’ trust funds in an ethical and financially responsible manner.
• DMEPOS Bond/Medicare Bond — If you bill Medicare for durable medical equipment, prosthetics, or orthotics through your assisted living facility, then you need a DMEPOS bond.

How much does assisted living insurance cost?

This is a question we would love to answer, but there’s not a single number we can give. Ultimately, your premiums will vary based on several factors, some of which are:

• Your facility’s location
• Number of employees
• Services provided
• Number of beds
• Employee payroll
• Your chosen deductible
• Per-occurrence limit

As professionals in assisted living facility insurance, we make it our business to know you and your concerns. We spend time listening and learning to better serve you, our clients. 

You’ve worked incredibly hard to build your business. The next step is to protect it. We’ll assess your risks and help tailor an insurance policy for your residential care facility. 

We’d love to chat with you. Contact us today!

Frequently Asked Questions

• How can I lower my commercial property insurance premiums?

  You can lower your premiums by improving security measures, such as installing security systems, fire alarms, and sprinklers. Additionally, regularly reviewing your policy and comparing quotes can help you find cost-effective options.

• Are floods and earthquakes covered under standard commercial property insurance?

  No, floods and earthquakes are typically not covered under standard commercial property insurance. Separate policies are available for these types of coverage.

• What does commercial property insurance typically cover?

  Commercial property insurance typically covers damage or loss due to fire, theft, vandalism, natural disasters, and more. It includes buildings, equipment, inventory, and outdoor signs.

• What risks does rafting insurance cover?

  Every rafting insurance policy is unique, meaning every policy premium will also be unique. Because there’s so much variation between rafting businesses, there’s no precise estimate for your premium. However, we can tell you what factors may influence how much you pay.

  • Your business’s location
  • Claims history
  • Size of your operation
  • Number of employees
  • Your chosen deductible
  • Amount of coverage you choose
• What risks does rafting insurance cover?

  Even if your guests have signed a waiver, you risk a lawsuit or liability claim if something goes wrong on your excursions. We provide coverage solutions for a variety of exposures faced by white water rafting outfitters and guides, including:

  • Equipment rentals
  • Guided water trips
  • Office/facility for rental purchases and instruction
  • Equipment storage areas
  • Transportation to and from the water
  • Food and beverage concessions
  • Instruction
  • Camping
  • Hiking
  • Retail sales
• What type of rafting insurance do I need?

  The exact coverage you need will vary based on your business’s operations. However, some types of insurance can benefit almost every rafting business.

  • General Liability – Protects your company against bodily injuries, property damage, product damage, and more.
  • Commercial Auto – Even if you use a personal vehicle for work, a personal auto insurance policy doesn’t cover the car while it’s used for work purposes.
  • Watercraft and Boat Liability – Can cover costs for boat repair or replacement, damage to someone else’s property, and medical bills when people are injured.
  • Retail Property Coverage – Offers commercial structures, business personal property, and machinery protection.
  • Inland Marine Equipment Coverage – You can protect stored equipment in an off-site location and any equipment you’re transporting.
  • Workers Compensation – If any employees are injured or become ill on the job, this insurance can cover the payment of their medical expenses, lost wages, and rehabilitation costs.
• Do I need rafting outfitter and guide insurance?

  Do you rent rafts or give rafting lessons? Do you guide clients across waterways or downriver? Or are you hosting a special event that includes rafting? If yes, you should consider purchasing a rafting insurance policy.

• What is food manufacturing insurance?

  Food manufacturing insurance covers a wide range of policies available to help protect against the risks faced by food and beverage manufacturers and bakeries. There isn't a single bakery insurance policy that covers your entire range of risks instead, policies are tailored to fit the specific needs of your company! Your business is unique, which means your insurance needs to be unique as well. There are coverage options for every type of food manufacturer or processor you can imagine. Some examples include:

  • Commercial Bakeries
  • Dairy Processors
  • Grain Millers
  • Meat Processors
  • Nut Hullers
  • Pasta Manufacturers
  • Poultry Processors
  • Frozen Food Manufacturers
  • Breweries
  • Confectionaries
• What is farm and ranch liability coverage? 

  Farm liability coverage is different from general liability coverage, even though they sound very similar. General liability is just that  general. Farm liability can be broken down further into more specific coverages. Here are a few types of specific liability policies available for different agricultural industries. 

  • Farmers Market/Roadside Stand
  • Agritourism/Agritainment
  • Equine Operations 
  • Farm & Agricultural Pollution 
  • Seedmen's Error & Omissions
  • Liquor Liability
• Who needs family fun center insurance?

  Every family entertainment center can benefit from a customized  insurance policy. If you're wondering whether your business qualifies as a family fun center, the following definition may help. Family fun centers are businesses with games, devices, and attractions designed and manufactured only for the bona fide amusement purposes of the general public. Some examples of businesses and operations covered by family fun center insurance include:

  • Trampoline Parks
  • Obstacle Courses
  • Bowling Alleys
  • Ice Skating Rinks
  • Roller Skating Rinks
  • Miniature Golf
  • Batting Cages
  • Go-Kart Facilities
  • Outdoor Driving Ranges
  • Ride Simulators
  • Escape Rooms
  • Indoor Laser Tag
  • Arcades
• What does professional liability insurance look like?

  Not every professional liability insurance policy looks the same. Claims-made and occurrence policies are the two most common coverage options. While both give you a second line of defense, they have fundamental differences.

  1. Claims-made policies only cover a claim if both the service or advice was provided and the lawsuit was filed while the policy was active.
  2. Occurrence policies will cover claims that take place during the coverage period, even if the treatment did not occur during the active policy.
• What does family entertainment center insurance cover?

  Family entertainment center insurance policies generally cover the same things.

  • General Liability
  • Commercial Property
  • Commercial Auto
  • Workers Compensation
• What does dude ranch insurance cover?

  Guest ranch insurance policies generally cover the same things.

  • General Liability
  • Commercial Property
  • Mobile Equipment Coverage
  • Commercial Auto
  • Crime Coverage
  • Workers Compensation
  • Abuse and Molestation
• What is captive insurance?

  A captive insurer offers insurance policies created explicitly for a specific industry by a specific industry. Captive insurance is unique because the companies are entirely owned and operated by the insureds.

  Captive insurance agencies are organized and used by insureds when the standard products offered by traditional insurance companies don't meet the risk financing needs of the insureds. While it can be a good alternative insurance option, there are a couple of things to keep in mind.

  1. Those who participate in captive insurance put their own capital at risk
  2. Captive insurance works outside of the commercial insurance marketplace

  Advantages of captive insurance

  • Coverage is often tailored to the exact needs of an industry.
  • Well-established captive insurers have a greater ability to retain risk and protect against rapid fluctuations occurring in the commercial market.
  • Participants have ownership of the company and have a say in business services and decisions.
  • You don't have to pay an overhead covering a commercial insurer's acquisition costs, admin, overhead, and profit.
  • Improve cash flow through reduced insurance costs, insulation from market fluctuations, and more time available for you to spend focused on your business.
  • Insurance programs and policies can be customizable.
• What does a BOP cover?

  A BOP might be an excellent insurance solutions for your small business because it allows you to get several critical policies within one place. Most offer:

  • Property & Contents Insurance 
  • General Liability Insurance
  • Business Interruption Insurance
  • Cyber liability insurance
  • EPLI coverage
  • professional liability (E&O) coverage
  • D&O coverage

  Let your agent help you decide the right way to obtain this additional coverage.

• What insurance do bakeries and food processors need?

  The exact coverage you decide on will vary based on your business's needs and risks. However, a few types of food manufacturing and bakery insurance coverage we recommend including the following:

  • General Liability
  • Commercial Property 
  • Bakery Manufacturing Insurance  
  • Bakery Equipment
  • Equipment Breakdown
  • Spoilage Coverage
  • Workers Compensation
  • Commercial Auto
• How much will haunted house insurance cost?

  The best way to answer this question is, It depends. Your premium will depend on how much risk you're willing to carry, combined with factors that determine how much risk your haunted house faces. Some of these risk-determining factors include:

  • How many attendees your haunted house has per day.
  • Estimated gross sales receipts.
  • Payroll.
  • Whether your haunted attraction is indoors, outdoors, or a combination of the two.
  • Staff and volunteers trained in first aid.
  • Location of the closest medical facility.
  • Number and type of special effects that are used throughout the haunt.
• What does medical liability insurance look like?

  Claims-made and occurrence policies are the two most common coverage options. While both give you a second line of defense, they have key differences.

  Claims-made policies only cover a claim if both the treatment occurred and the lawsuit was filed while the policy was active.

  Occurrence policies will cover claims that take place during the coverage period, even if the treatment did not occur during the active policy.

• What does haunted house insurance cover?

  You can buy many types of haunt insurance, but what's included in your policy depends on what you need. Not every haunted house is the same, and your insurance is the same way.

  • General Liability
  • Commercial Property
  • Inland Marine
  • Commercial Auto
  • Workers Compensation
• How much does hospitality insurance cost?

  Unfortunately, there's no single estimate. You run a unique business with lots of different factors affecting your premiums. These factors include:

  • Your business's location
  • Additional services and activities offered
  • Square footage of your hospitality business
  • Presence of a pool
  • The type of food and drink you serve
  • How long your business has existed
  • Your hours of operation
  • The age of your building
  • Number of employees
  • Type of fire and security systems