Residents and their families take great care in choosing an independent living facility. In addition to protecting your business with independent living facilities coverage, you can take steps to make sure your facility meets the needs of residents. Happy residents stay longer and contribute to free advertising.
The insurance firm Caitlin Morgan Insurance states these senior housing communities do not require on-site nursing staff or medical care. While the residents may live independently, they may no longer drive. Offering transportation services to doctor’s appointments along with local attractions makes your facility attractive.
A growing trend in insurance coverage is an investment into a captive insurance plan. According to Caitlin Morgan Insurance, this investment is an alternative to traditional provider coverage, in that the insurance company is a wholly-owned subsidiary insurance company owned by its insureds. It is considered a viable insurance program regulated by a state department of insurance, but those who are insured are limited. The captive can be formed from a single parent company or by multiple organizations in a collective group. Usually, those in group work in the same industry or share similar risks and exposures.