Running an adult residential care business comes with risks. Most owners and administrators know they need insurance to protect their adult residential care facility from these risks. Many consider the monthly payment to be an unnecessary expense because there is no immediate return on investment. Whether you are a new or long-time adult residential care facility owner, it is important to take a 360-degree look at insurance and the potential savings it provides.
Understanding the value of insurance
Investing in the right insurance for your adult residential care facility is more than a monthly expense. It’s a way to pay covered costs associated with a lawsuit, property damage, or injury to a third-party. Alternatively, it also saves money, time, and stress in additional ways.
Saves Money
Buying insurance protection for your adult residential care facility does cost money, but it also has the power to save you money. The best insurance companies offer their customers risk management solutions and tools. Every business faces some risk and specialized tools are the key to efficiently implementing steps in your adult residential care facility to minimize falls, wandering, medication administration, and other errors. All of which can result in medical, defense, and settlement expenses, as well as, employee time off work and possible public relations damage.
Saves Time
Having access to ready-to-implement risk management tools keeps you from investing hours in creating them yourself. Insurance protection also means you get access to an experienced team of attorneys, so you don’t have to worry about researching, interviewing, and hiring counsel when a claim occurs. When you receive notice of a potential lawsuit, the only step you should have to take is to contact your insurance agent.
Reduces Stress
Having the right insurance protection plan in place for your adult residential care facility means you can worry less when a claim does occur. Insurance companies and agents that specialize in and understand the unique business model of adult residential care facilitys ease the stress associated with a lawsuit. You can rest assured that the experienced attorney team is looking out for your best interests. They research the incident, interview those involved, minimize negative publicity, and work for the best outcome for your adult residential care facility. All of which provide relief and time to focus on caring for your residents.
When does price matter?
As an adult residential care facility owner, you know that every dollar matters. Minimizing costs is an important part of any business strategy. Cutting insurance costs is a risky business decision. In some cases, companies promise to slash your rates – which sounds great! But are they failing to tell you that you are buying less coverage or receiving a policy with a long list of exclusions.
It is vital that you review insurance proposals and make sure you read the fine print. Compare the limits of coverage, types of coverage, exclusions, and other clauses to make a well-informed decision. Most importantly, look to the future. Which insurance policy will protect your adult residential care facility when a resident’s family alleges negligent care? Which company will be there with you leading the way?
Chances are, if there is a drastic difference in price, there is also a drastic difference in protection and experience of the agent/broker in the adult residential care industry.
