Senior placement agents are a part of a rapidly growing industry. However, the field is rife with liability.
This circumstance makes it all the more important to have the right insurance coverage. There’s no one-size-fits-all solution for this type of policy. Still, the right agent can help you find the right plan for your business.
Senior placement liability insurance provides peace of mind. It will protect you from lawsuits, errors, omissions and other unforeseen circumstances.
To learn more about senior placement liability insurance, continue reading.
Increased Risk in the Senior Placement Space
The silver tsunami is placing great demand on various industries. Long-term care facilities are one of the hardest-hit industries.
On average, today’s seniors live past the age of 78. Many adults over the age of 65 require some kind of long-term care. As a result, the demand for placement at long-term care facilities is high and on the rise.
These facilities are adding services to increase their competitive edge. They’re also offering various amenities to attract residents.
At the same time, the marketplace is shifting. Litigation in the industry is on the rise. The legal costs of defense and settlements are increasing.
Today, more families turn to senior placement agents for assistance. At the same time, there’s a growing sentiment that these professionals are responsible for nursing home outcomes—even if they’re negative.
The Actions of the Few…
Unfortunately, many consumers who have fallen out with senior living facilities believe that placement agents automatically know about subpar conditions. They also view placement agents as individuals who are only interested in earning a commission.
As a result, they feel that placement agents don’t screen assisted-living facilities properly. Litigants also believe that placement agents are more interested in the interest of the facilities rather than the clients.
Like any field, it’s true that there are individuals operating who are only interested in profit. In these cases, they might refer clients to facilities with well-documented histories of substandard care because they pay higher commissions. Some of these instances may even include fatal neglect.
However, most senior placement agencies have stellar records. They’re a vital bridge between seniors who need care and facilities with availability.
Still, authentically caring and compassionate senior placement agents must work in the shadows of bad operators.
When litigation arises, placement agents may find that families hold them responsible for bad outcomes. What’s more, the courts could decide that they’re liable for substantial damages.
What Is Senior Placement Liability Insurance?
Again, the elderly population is expanding rapidly. The number of families looking for assisted living is rising in tandem. As a result, the placement agent market is growing to meet this demand.
As the likelihood of litigation increases, it’s important to protect your interests. The right kind of coverage will protect your business in its entirety. However, it’s important to work with an insurance agent that understands your industry.
Senior care providers insurance provides peace of mind. It offers protection against lawsuits, errors and omissions. It can also protect you from unforeseen circumstances arising from the business that you conduct.
As a senior placement agent, you must remain aware of the risks that come with your line of work. There are many things that can go wrong in your line of business.
Issues that arise can include anything from theft to lawsuits and everything in between. You must safeguard yourself and your company with the right kind of insurance coverage. In doing so, you can protect all your hard work.
What Does It Cover?
Senior placement insurance should offer both general and professional liability coverage. Generally the general and professional liability limits should be $1,000,000 per occurrence, $3,000,000 aggregate. These types of policies can also provide ancillary coverages.
Senior placement liability insurance has varying costs for different providers. When you invest in senior placement insurance, the premium is adjusted based on the risks of your practice.
An experienced senior care insurance agent will provide you with a personalized quote to meet your unique needs. More importantly, they’ll make sure that you have sufficient coverage to protect your business.
By choosing the right insurance agent, you can ensure that no detail is overlooked in protecting your business.
Types of Coverage Available
Senior placement liability insurance is available nationwide. However, it’s important to work with your agent to develop a comprehensive plan for coverage.
Complete coverage will effectively protect your business and livelihood. There are several types of insurance for senior placement agents.
Let’s take a closer look at what’s available.
General Liability Coverage
Every senior placement agent should have general liability coverage. It’s the foundation of your business insurance.
General liability coverage can protect you against lawsuits and injuries resulting from bodily injury or property damage. In some instances, the courts could award damages in the millions of dollars depending on the nature of the injury.
For example, someone could fall in your office. That person could lose all mobility as a result of their accident.
In this instance, the court can find you liable for any medical bills incurred until that person recovers. It can also order you to continue benefits for another time period dictated by law.
In this case, the court will hold you responsible for the costs associated with their prolonged recovery process. These costs can include medical bills, loss of wages and other expenses.
General liability insurance provides protection against accidents. However, it doesn’t provide protection in every situation. It only protects you up to certain limits outlined in your policy and every claim is subject to review by a claims adjuster.
Professional Liability Coverage
Next, you’ll want to consider professional liability insurance. This kind of coverage is one of the most important protections for senior placement agents.
If something goes wrong with a placement, professional liability coverage is designed to help protect your business. This could be something as simple as an individual being injured while in a facility, or as complex as a wrongful death.
With increasing litigations, a growing number of senior placement agents are getting dragged into lawsuits. Unfortunately, many families hold senior placement agents responsible for the actions of care facilities. Professional liability coverage will help protect you against these kinds of claims.
Non-Owned Auto Coverage
Non-owned auto coverage is another important protection for your business. If you have employees, you may need non-owned auto coverage. It will protect your business if an employee gets in a car accident while working.
Situations such as auto accidents are out of your control. However, if an employee has a vehicular accident on the job, your business is automatically drawn into the lawsuit. Non-owned auto coverage will protect your business in this instance.
Additional Coverages
There also other coverage options available for senior placement agents. Unfortunately, in the worst of situations, some seniors are subject to abuse or molestation. Other coverages can protect your business in the event that a family holds you liable for these kinds of circumstances.
You may think that you’ll never find yourself in a position where a family will hold you responsible for this kind of horrible event. However, it’s important to remember that you’ll often work with clients whom physicians have diagnosed with various conditions.
These conditions may include Alzheimer’s and dementia. Seniors who suffer from these conditions have problems with their memory.
Any one-on-one care delivered to a patient by a facility can lead to allegations of abuse. Additional coverage can shield your business from this kind of liability.
How to Get Senior Placement Liability Insurance
An insurance broker who’s experienced in your industry can provide you with the right protection for your business.
A broker will analyze the risks you face and help create a complete package of liability coverage. You’ll find that it’s tailored to suit your specific needs.
The types of insurance they’ll recommend depends on factors like the size and structure of your company. Recommendations will also vary depending on where you operate.
For example, you may operate a home-based or remote business. Alternatively, you may have an office and a full staff. An experienced agent will always take time to understand how you operate.
In many cases, a broker can bundle policies together into one comprehensive policy. In doing so, they’ll provide you with all needed coverages in one convenient package. This practice will help you to avoid the cost of buying them separately from various providers.
Get the Coverage You Need for Peace of Mind
Now you know more about senior placement liability insurance. What you need now is an insurance broker that that knows your industry well.
EPG Insurance is the leading provider of business insurance coverage for senior placement agents with over 400 placement clients throughout the country. We offer comprehensive, affordable and reliable protection to help keep your business running smoothly.
We take care of all the details so you can focus on what you love best—growing your agency and serving clients. From liability protection to non-owner auto coverage and more, we have you covered.
Contact EPG Insurance today at (480) 941-4895 or connect with us online for a fast, free quote.
