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Senior-Living Insurance – Insurance for Establishments for Our Seniors

Operating a retirement residence or senior living complex offers unique challenges. You want to:

  • Provide your residents with facilities, services and activities that make their quality of living comfortable and enjoyable
  • Ensure the safety of residents, staff and guests
  • Provide the best care possible

… all while keeping costs manageable. As you know, this is no easy task!

One such cost which you will want to control is your insurance premium – but you don’t want to cut back on your protection, putting your business at risk. You need to make sure that you are getting the best value for your insurance purchasing dollar. The best way to do this is to:

  • Deal with an expert, who understands the specific risks posed by this type of business.
  • Look at insurance products that allow you to customize your level of protection.
  • Deal with an insurance broker with access to numerous markets, with specialized products, so they have access to the appropriate one for your unique situation.
  • Implement a loss prevention program that minimizes your costs, your risks, and increases your ability to run a safe, caring environment for those in your care

What do we mean by “loss prevention”? Put simply, it means putting controls into place to prevent losses, or minimize their negative impact. It involves taking a look at your operation and identifying potential hazards or risks that could result in a loss (ex. elopement of residents, resident lifting and transfer, fire, resident or guest slip & fall, etc.).

Doing so will help you run a safer operation, have happier residents under your care, and minimize costs (both insurance and others).

By way of an example, the following would be the steps in establishing an effective Loss Prevention Program for Slip & Fall Incidents:

  1. Identify initial hazards on your premises.
  2. Establish a set of procedures to ensure you and your employees
    • Inspect the premises at regular intervals
    • Maintain safe conditions and fix potential hazards
    • Warn others of known but yet-to-be-fixed hazards
    • Investigate and document any incident that may occur
  3. Document your procedures with consistent record keeping.
  4. Establish a training plan to ensure all employees are familiar with the procedures for preventing and responding to slip and fall issues.

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