As someone who owns or manages a Residential Care Facility for the Elderly (RCFE), it is essential to make sure that your residents, staff, and operations are safeguarded with sufficient insurance policies. There are numerous risks that RCFEs face as they work with this vulnerable population, which makes getting comprehensive coverage in place all the more important. Despite the fact that there are several insurance brokers available, keep in mind that they can differ drastically in terms of services and levels of protection available. By selecting the ideal insurance provider and asking the right questions, you can help ensure that you end up with the insurance coverage you require and the overall support and guidance you deserve. As an RCFE insurance brokerage that has worked with countless facilities across California, we are here to supply you with the best questions to ask your RCFE insurance provider.
1. Do You Offer the Types of Insurance Coverage My Facility Requires?
First and foremost, you need to ask the insurance broker what coverages your facility needs, and whether they offer comprehensive policies that appropriately addresses those needs. At a minimum, you’ll want to have General Liability, Professional Liability, Commercial Property, and Workers Compensation coverage to keep all facets of your business protected. You’ll want to ask the insurance provider how extensive your particular policies should be, and whether they can offer that at a reasonable/competitive cost. It is also worthwhile to find out the level of experience the broker has working with RCFEs. The more in tune the broker is with RCFE requirements, the better off you’ll be.
2. What are the Limits and Exclusions?
When it comes to RCFE Insurance, you’ll want to ask the provider about any limits and exclusions involved. Finding out about policy limits will let you know the maximum amount the provider will pay out for a submitted claim. You can then use that information to determine if the stated limits are in accordance with your specific requirements. You also want to ask the broker what is, and is not, covered by the policies. This will also help you make better informed choices when acquiring insurance coverage for your business.
3. What Does the Claims Process Entail?
If an incident occurs at your facility, you will have to submit a claim and get compensation from your RCFE insurance broker to help with all associated expenses. As such, getting a clear understanding of the claims process can help you get through the situation with as little hassle and frustration as possible. You’ll want to ask your insurance provider how specifically to report a claim, the amount of time it generally takes for the provider to act, and what information you’ll need to submit.
4. What Does Long-Term Support Look Like for Clients?
When selecting an RCFE insurance provider and getting your policies set up, it’s a good idea to ask the broker what type of long-term support and guidance they offer. Ultimately, you don’t want to end up with a provider that is very helpful during the initial process but then is unhelpful and/or unresponsive once that preliminary business is taken care of. Ongoing support gives you, the RCFE owner or manager, peace of mind that you’ll have assistance when you need it. You’ll want your broker to evaluate the coverage over time, and make recommendations for adjustments where needed.
Taking the time to ask your RCFE insurance provider questions and discuss any concerns you may have is critical in making sure that you are comfortable with the coverages and confident that your facility is adequately protected. If you’re in the process of getting your facility up and running, or are thinking about policy adjustments, the skilled and experienced brokers at InsureMyRCFE would appreciate the chance to speak with you. Please don’t hesitate to give our office a call at (805) 413-5668 to get started.