When you own a senior placement business, there can be a lot of unexpected problems. However, when you get senior placement liability insurance, you can protect your business from litigation. Do you want to learn more about senior placement agencies near me? Keep reading to learn more about how senior placement insurance can help at your assisted living facility.
What Is Senior Placement Liability Insurance?
Senior placement insurance is a type of coverage that helps protect businesses from litigation. There are so many things that can go wrong for senior placement agencies or assisted living centers. Senior placement insurance can help with these issues.
For example, they can protect your business from lawsuits, and from other unforeseen circumstances in your business conduct. When you get this insurance, it covers your company and protects you from losses.
Whether you need help protecting your business from accidents, lawsuits, or more, you can get liability insurance to help!
Who Is Senior Placement Insurance For?
While it may seem like this insurance is for elderly people living in assisted living homes, it is actually for the people who own the business.
For example, there are many types of lawsuits that these assisted living homes may receive. These include unsafe premises, negligence, wrongful death and more. While these are extreme cases, senior placement insurance will help your company in the event of a lawsuit.
Senior placement insurance is for anyone who wants to improve the finances and security of their senior placement agency. There are many problems that can arise in this industry. Having senior placement insurance will cover you and protect your personal finances in the event of an accident or a lawsuit.
If you want to find ways to be more financially secure in your business, senior placement insurance is for you!
Benefits
There are many benefits of getting senior placement insurance for your agency.
First and foremost, it will give you peace of mind in an unforeseen event. If you have any injuries or a death that occurs after the point of placement, liability insurance can help defend you in the event of a claim.
If you don’t have this type of insurance and your company is involved in a lawsuit, you may lose millions of dollars depending on the case. Senior placement insurance gives you peace of mind that your company will be protected.
Another benefit is that it will give you financial stability when things are uncertain. As was mentioned before, lawsuits can make you lose thousands or even millions of dollars in settlements when you have to pay out of your own pocket. However, using senior placement insurance will protect your finances.
While you will be paying a monthly premium, it will save you money in the long run in the event of an accident or lawsuit.
Finally, this insurance allows you to have coverage made specifically for your business. While you can get other types of business insurance, these companies may not really understand your industry. When you get senior placement liability insurance from EPG Insurance, you are sure to get the best pricing and coverage for your specific insurance.
What Does It Cover?
Depending on the type of insurance you receive, your coverage will differ. Generally, you can get professional and general liability coverage.
Depending on your needs, you can get customized senior placement insurance plans. This will cover property, abuse, excess liability, workers’ compensation, and more.
Because it is so difficult to find the proper type of coverage, this type of insurance can give you affordable coverage as a practitioner in a placement agency.
Risks for Senior Placement Companies
Because seniors typically have more health problems, this can be a huge risk when you are starting a senior placement company. If there are any unexpected health risks for your tenants, you may be at risk for a lawsuit. While you can do your best to care for each of your tenants, there are always unexpected issues that can arise.
You also have to deal with employees. If any of them make a mistake or are negligent, your company may have to deal with the consequences. This is why it is vital to take your hiring process seriously and why it is beneficial to have senior placement insurance to cover these risks.
Finally,
Types of Coverage
There are a few types of insurance that you should consider when you are getting senior placement insurance. Here are the types of insurance available for senior placement agencies and what they cover!
1. General Liability Insurance
First and foremost, you need general liability insurance.
General liability insurance is what covers bodily injuries or property damage that your business caused. For example, if you have carpet that has rolled up and tripped one of your clients, general liability insurance can protect against injuries that they sustained. It would help cover medical bills and any litigation that followed the accident.
If you had a visitor or a tenant that was extremely injured in your building, general liability insurance would cover more than just the medical bills. For example, if you have this type of accident on your premises, it could result in the loss of mobility for the person who was hurt.
Not only would you have to pay the enormous medical bills, but you would also have to pay for other things leading to their recovery. If they are unable to work, you may have to pay for their loss o wages and other types of expenses that they can no longer pay for.
If you are looking for protection against most accidents, general liability insurance is a great option for your business.
However, some types of accidents may not be covered. Make sure you check the limits listed in your policy to learn more about what kinds of accidents are covered through your insurance.
2. Professional Liability Insurance
The next type of insurance is professional liability insurance. This will help protect your company from placement specific lawsuit claims. For example, if you or your staff were accused of negligence or misrepresentation, this type of insurance can help protect your business in these lawsuits.
In a senior placement agency, things can easily go wrong. If there is a problem with a placement, professional liability is what steps up to defend you in the event of a lawsuit. For example, if there was an injury in a facility you recommendor even a wrongful death, your professional liability insurance can cover you.
Because many people who have family members in assisted living are involved in these processes, the family members may hold you accountable for any issues in the care facility. Make sure you get professional liability insurance to help cover these instances!
3. Non-Owned Auto Coverage
Another type of coverage you may need for your senior placement agency is non-owned auto coverage. This covers your business if an employee gets into a car accident while working.
This generally covers personal vehicles or vehicles that were rented by your employees. When it is driven for business, you are protected in the event of an accident even if you do not own this car.
Regardless of who is driving in this accident, having non-owned auto coverage can keep you and your employees protected while you are on the job.
While it can be difficult to determine what kind of insurance your senior placement agency requires, getting any of these types of coverage will protect your company from unforeseen situations. If you want to learn more about the coverage options available, you can get help from an insurance agency!
They can offer you free quotes, custom packages, and more!
Get Peace of Mind With Senior Placement Insurance!
Owning and running a senior placement business center can be stressful. There are many unknown risks that you need to protect yourself from. However, when you get senior placement insurance from EPG, you can be sure that your business is in the best hands possible.
Are you looking for reliable senior placement insurance in Arizona or the United States? EPG Insurance can help! We offer every type of insurance from senior placement insurance to personal insurance to business insurance and we are licensed in 48 states.
If you want to find coverage that can protect you from unforeseen circumstances and can keep your business afloat, you should learn more about how senior placement insurance can help you. Contact our team today to learn more about our services, to learn more about our pricing, and to get insurance for your senior placement agency today!
