Managing a senior group home, nursing home, assisted living facility or other elderly care facility is a great way to give back to some of the most vulnerable members of our society. However, it doesn't come without risk. Because medical care is often involved and many seniors are in precarious states of health, there is a lot of risk of lawsuits, so you'll need to protect yourself and your facility. Here are a few of the most common coverage aspects you'll need.
This component of insurance coverage will protect the physical structure of your senior group home in the event of any damage. Storms, fires and other disasters can wreak havoc on your facility, and you'll need to have funding to complete the repairs. Because you'll likely have expensive medical equipment in your facility, make sure your coverage applies to the contents of the property as well so that you can replace any damaged equipment.
Professional Liability Coverage
If you have any doctors, nurses or other medical professionals on your staff, you'll also need professional liability coverage to protect them. In any medical setting, there is always the risk of malpractice and negligence lawsuits, and you'll need to be prepared to cover the costs of these legal battles.
Medicare and Medicaid Bonds
Many of your residents will likely use Medicare or Medicaid to cover some or all of the costs associated with their stays. They'll want peace of mind that the medical staff and equipment used will be covered under their policies. Medicare and Medicaid bonds will assure them that your facility meets the requirements for coverage.
Create a Tailored Policy for Your Senior Group Home
Not all senior group homes are alike, so your coverage needs will be different from those at other facilities. At Southern Colorado Insurance Center, we'll work with you to develop a custom insurance plan for your particular facility to provide all of the coverage you need and none that you don't. We partner with a wide range of insurance companies, enabling us to find the perfect policy to meet your needs. Reach out to us today at 719-329-4441 to start exploring your options.