Operating more Residential Care Facilities for the Elderly (RCFEs) means more opportunities for revenue. With more beds and more services available across your locations, you have more chances to pad your bottom line. But multiple facilities also means more exposure to risk. With more employees, more residents, and more square footage, your liability shoots up.…
Managing a Residential Care Facility for the Elderly (RCFE) comes with a unique set of risks. Fortunately, the right insurance coverage can help you offset them. Whether you’re just getting your facility up and running or you’re curious to see if you could get better coverage with lower premiums, you have two options. You can…
As the owner or manager of a Residential Care Facility for the Elderly (RCFE), you’ve seen how residents’ needs and preferences evolve over time. That might inspire you to make updates to your property. You want to create the best, most supporting living environment that you can for your residents, after all. Plus, as an…
Some owners of Residential Care Facilities for the Elderly (RCFEs) choose to lease the facilities they need rather than buy real estate. Leasing certainly comes with benefits. Maintaining the property falls to the landlord, not to you. And if your RCFE grows, it’s generally easier to relocate to a different, larger location. Establishing the lease…
If you’re closing up shop at your Residential Care Facility for the Elderly (RCFE), you’re probably already thinking — maybe even dreaming — about what you’ll do next. Don’t focus too much on the future, though. Until your license is officially terminated and you’ve fully closed your doors, you’re still on the hook for a…
When you want to insure a property that’s already functioning as a Residential Care Facility for the Elderly (RCFE), the boxes to tick are fairly standard. You’ll need a general liability policy to defend your facility against its legal exposures, for example, and commercial coverage for the property itself. If you’re thinking about building your…
When you run an RCFE, you need to do quite a few things to ensure your business functions well and best serves its residents. That includes maintaining a safe and compliant residence. If you don’t comply with local zoning and building code, you could find yourself in a lot of trouble. Of course, it could…
If you’re looking at opening a second location for your Residential Care Facility for the Elderly (RCFE), things are probably going pretty well. You feel solid with the team you have in place, and confident that you’re providing quality care for your residents. You’re ready to take on a new challenge. And, undoubtedly, your second…
When a resident moves into your facility, they’re entrusting you with a lot — including any personal possessions they bring along. In fact, if you own or manage a Residential Care Facility for the Elderly (RCFE), it’s important to help your residents think through protecting their personal property. You need to partner with them in…
As owners or operators of Residential Care Facilities for the Elderly (RCFEs), it is vital to have insurance coverages to help ensure that the residents, staff, buildings/assets, and the business operations as a whole are comprehensively safeguarded. In fact, maintaining sufficient insurance policies is among the most consequential components of risk management for any facility.…