Assisted living is a special type of business. You are housing residents who value their independence but may need help with various life tasks. You have specialized staff who are trained to provide a variety of services such as bathing or transportation. Does insurance cover assisted living facilities? It’s in your best interest to find providers who also specialize in your industry so that you get exactly the coverage you need at a price that fits your budget.
Assisted living insurance providers understand the scope of what your business may entail. They can recommend policies that cover homes that have been renovated for assisted living purposes or those that embrace a more clinical environment. Your agent can assess your needs based on the particular population you serve and the needs of the people in it. Your portfolio, for example, may need more policies such as barbers and beauticians coverage rather than an intense cyber liability policy. Other facilities’ portfolios may need to insure a fleet of transport vans for highly mobile residents.
While you should expect to pay at least $15,000 in premiums for your portfolio, the actual cost is determined by extent of coverage you need. Does insurance cover assisted living facilities? It does if you buy the right coverage!