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 go directly to the insurance company, or you can work with an RCFE insurance broker.
There are a few reasons why partnering with a broker tends to offer advantages to RCFE owners and managers. Let’s explore them.
Easier exploration of different insurers
Comparing policy options from different insurance providers helps you make sure you’re getting the level of coverage you need at the best price. The trick is that if you work directly with insurers to get that info, it often requires quite a bit of legwork for you.
On top of that, you usually need to hand over personal information to get a quote. If you want to put a layer of protection in place to prevent yourself from getting unwanted calls and emails, your insurance broker can fill that function.
Most importantly, the broker does the heavy lifting of comparing different options from different insurers. They can present you with choices in a neat package. This way, you can make an informed, financially savvy decision — without having to sink hours of your time into the project.
Better tailoring of policies to cover your risks and meet regulatory requirements
A lot of insurance companies offer one-size-fits-all-policies. That could leave you paying for coverage you don’t need or with potentially costly gaps.
When you work with a broker, you get an RCFE protection expert in your corner. That person can help you add riders or endorsements where needed to establish the safeguards you need for your unique facility.
On top of that, experienced insurance brokers have in-depth knowledge of all of the regulation that applies to California RCFEs. They can help you make sure your liability coverage aligns with the requirements in California Health & Safety Code §1569.605, for example, and that you have sufficient workers’ compensation for your staff.
Support during claims
An RCFE insurance broker isn’t just there in the beginning when you’re establishing coverage. They continue to function as a partner for your facility.
That means that if any claims arise, they come alongside you to manage them. Whether you need help submitting paperwork or negotiating with the insurer, a good broker will spring into action. They become your advocate through the entire claims process, applying their specialized insurance knowledge to help you get what you deserve from your coverage.
If all of this sounds good, you might be wondering how much it will cost you. Good news: insurance companies pay the bulk of the cost here. Brokers have commission structures set up with different insurance companies, and earn commission when they bring that insurer a facility that’s a good fit.
If you’re looking for a partner to help you put the right insurance coverage in place for your RCFE, then advocate for you any time a claim comes up, look no further. Contact our team of experienced RCFE brokers at InsureMyRCFE by calling us at (805) 413-5668.
