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. Ultimately, those that lack proper insurance are not only running the risk of significant financial loss, but are also potentially putting their residents and staff in jeopardy if problematic situations transpire. As the leading RCFE insurance broker for facilities throughout California, InsureMyRCFE knows the ins and outs of these policies and is here to guide you on the different types of insurance your RCFE needs to be fully protected.
Workers Compensation Insurance
As an employer, it is your duty to provide a work environment for your employees that is as safe as possible. Even so, it is virtually impossible to eliminate all risk of accidents at the facility. It is for this reason that having Workers Compensation Insurance is of such high importance. A required type of coverage, Workers Comp is meant to protect employees that sustain injuries or become ill while performing their job responsibilities. The policies cover medical costs, lost wages, and other associated costs, and can also assist in safeguarding the facility against legal action taken by employees. For all parties involved, RCFE Workers Compensation Insurance provides much-needed peace of mind.
Commercial Property Insurance
It’s important to remember that your Residential Care Facility for the Elderly is much more than just a business. It’s a home where senior residents should be safe, comfortable, and well cared for. Commercial Property Insurance is designed to protect your facility and its equipment/assets in situations involving theft, natural disasters, fire, and other kinds of physical damage done to the property itself. These particular policies often cover expenses related to repairing, or otherwise replacing, damaged equipment and other property items. Some Commercial Property Insurance policies also account for unavoidable interruptions to business operations, and help compensate for missed income during the timeframe where the facility is closed for repair work.
General & Professional Liability Insurance
There are two types of liability insurance that RCFEs must have that are truly essential for maximizing facility protection. The first is General Liability Insurance. This coverage provides fairly broad protection against property damage or bodily harm that occurs at the facility. General Liability Insurance is meant to help pay for medical costs, legal fees, and any other costs that stem from defending the facility against legal claims.
The second type of required liability insurance is Professional Liability Insurance. This coverage is meant to protect the RCFE against claims of negligence, malpractice, and general errors in judgment that negatively affect the residents being cared for. Professional Liability Insurance is of the utmost importance for RCFEs, as they’re involved with healthcare-related services surrounding nursing care, medication administration, and other areas of daily living assistance. These policies cover the expenses that stem from defending the facility in court, as well as the costs of any legal settlements or adjudications.
Protect Your Facility with InsureMyRCFE
As illustrated above, there are numerous types of insurance policies needed to protect your RCFE to the fullest extent possible. Having Workers Compensation, Commercial Property, General Liability, and Professional Liability Insurance coverage will help keep your facility running strong in the face of unforeseen challenges. The peace of mind that these policies provide truly cannot be overstated. Our RCFE insurance brokerage takes great pride in working with facilities and supplying them with the cost-effective coverages they need to thrive. If you are starting up a facility and need insurance, or have existing policies but are thinking of switching, we would appreciate the chance to speak with you. We are readily available to speak with you at (805) 413-5668. We hope to hear from you soon.