At any business, improvements become a necessity at some point. Maybe your plumbing needs some attention or you want to add features to improve what your company can offer to keep pace with your competitors. At a Residential Care Facility for the Elderly (RCFE), that could mean making upgrades like installing adjustable-height counters, adult changing tables, or shower chairs. The right changes can make life better for your residents and easier for your staff.
Before you dive into upgrades, though, talk with your insurance agent. If you don’t, you could risk insufficient coverage for your improvements. In the event of a disaster, if your policy doesn’t extend to these new changes, you could fully lose that investment.
That doesn’t mean you should hesitate to improve your RCFE. Instead, you should think through why you want to make upgrades, then discuss them in detail with your insurance professional.
Reasons to Make Facility Upgrades
If you have some cash on hand or you just got approved for a loan, there are probably a lot of ways you could use the money to better serve your residents. But facility improvements could be one of the best areas to see a return on investment (ROI) while setting you up for future success — and the prevention of future issues.
Here are a few reasons to consider allocating resources toward upgrades at your RCFE:
- Improved safety. Some upgrades are necessary. If your electrical system needs improvement, for example, taking the necessary steps there helps your facility prevent outages while lowering its fire risk. If you’re trying to identify the right areas to invest in, first zoom out and look at anything that would improve your property’s safety and functionality. Tackle those to-dos first.
- Lowered liability. You can use RCFE upgrades to reduce your risk of a lawsuit. Proper handrails or sidewalk resurfacing that lowers the chance of a slip-and-fall incident can go a long way toward helping you prevent an unwelcome situation. While the right liability insurance coverage should step in should anything happen, it’s preferable to avoid the headache of legal trouble.
- Broader patient care. Certain upgrades might enable you to accept a wider range of patients. Installing ramps throughout your property ensures you can comfortably house someone who uses a wheelchair, for example. While facility improvements require an investment, many RCFEs see a notable ROI when they’re able to properly care for more patient categories.
- More space. If your property allows for it, an expansion gives you a direct way to increase your revenue. Every bed you add to your RCFE represents a revenue opportunity.
How to Protect Your Improvements
Once you decide on the upgrades you want to make, schedule an appointment with your insurance agent. They can help you determine if you need to expand or otherwise adjust your policies to properly protect your new investments. In many cases, that means increasing the coverage limit on your commercial property insurance.
Upgrading your RCFE already requires a fair bit of work. To make properly insuring your renovation or expansion easy, we’re here. Call our team at (805) 413-5668 and we can ensure you have the coverage you need to protect your improvements.