As you well know, owning and/or running a Residential Care Facility for the Elderly (RCFE) is often a highly-gratifying experience. It can, at times, be a difficult and even frustrating experience as well. When unexpected challenges arise, having your residents, staff, facility, and overall operations safeguarded with comprehensive insurance coverage can make a substantial difference. Given the importance of RCFE insurance policies, it is worthwhile to try to get the greatest advantages out of them that you possibly can. As a leading RCFE insurance broker with years of experience helping facility owners across California with their specific needs, InsureMyRCFE has some keen insights and tips to share with you. Please continue on for guidance on how to get the most benefit possible from your RCFE insurance coverage.
1. Routinely Review and Compare Coverages
While assessing your RCFE insurance policies on a routine basis may not be the most appealing idea, it is nevertheless important and can definitely yield benefits for your facility. Refresh yourself on your policies, and then compare them to analogous policies available in the insurance marketplace. By doing so, you can not only help make sure that you have sufficient protection, but may also come across some valuable cost-reduction opportunities. You’ll also want to go over any particular coverage limitations or exclusions, and make certain that the policies you have in place provide adequate coverage for higher-risk situations that you may encounter.
2. Consider Expanding Your Coverage
In a similar vein, it is also advisable to see if there are any elective coverage options that may prove beneficial based on your particular circumstances. Speak with your insurance broker about what optional policies are available, and then think carefully about whether the added cost makes sense for your facility and operations. It also wouldn’t hurt to ask your broker about any discounts that may be possible if you expand your stable of coverages. You may end up with a great deal and even more quality protection than before.
3. Managing Risks Can Pay Off
While you have RCFE insurance coverage in place to protect your facility if certain incidents transpire, it is nevertheless beneficial to do all you possibly can to minimize the chance of those incidents happening in the first place. Training (and subsequently retraining) your staff on all safety procedures and policies is one important aspect of this. So too is investing in any security-oriented systems that can be installed and maintained at the facility. Besides making it less likely that claims will need to be made, focusing on effective prevention may also enable you to reduce your insurance premiums and save money.
4. Work With a Committed RCFE Insurance Broker that Has Your Best Interests At Heart
Yet another way to get the most benefit from your RCFE insurance coverage is to work with a skilled and experienced broker that you feel is truly dedicated to helping your facility thrive. Such an individual will not only carefully guide you on which policies are appropriate, but will also help you stay as protected as possible without investing more money than you absolutely need to.
For many RCFEs throughout California and neighboring states, that trusted insurance brokerage is InsureMyRCFE. Our team has extensive industry knowledge, and remains fully committed to helping all clients get affordable coverage that provides much-needed peace of mind. We would greatly appreciate the opportunity to speak with you, and discuss your specific needs. Please don’t hesitate to give us a call at (805) 413-5668.