Residential facilities have become a crucial part of life for many. Elderly individuals and their families depend upon these facilities for essential care, placing a lot of responsibility upon those running these homes. Like many others, this is an industry experiencing change in both operations and regulations, and a single incident can turn into a legal nightmare very quickly. All of these changes impact risk exposure, and if the insurance policy isn’t updated, there could be coverage gaps. Here are some areas residential care home insurance can help protect.
Cyber liability can be a huge issue for any business. In residential homes, not only is there often patient information like social security numbers, credit card numbers and birth dates, but there can also be private health information. If there is a data breach, the facility could have to deal with a HIPPA violation. Other types of liability, like general and professional, can help protect the company from a variety of issues. Property damage, errors on paperwork, and negligence can all result in hefty court costs and fees. If a facility is unsure as to which risks pose the greatest threat, an insurance professional can go over policy options for their residential care home insurance products, so that an affordable policy can be padded with any necessary extensions.