If you are the owner of a retirement home, then you likely know that you need retirement home insurance in order to be prepared for the worst. There are different types of coverage so it’s important to be aware of the different kinds so you can be informed on what kind you need.
One of the most general parts of insurance is liability insurance. There are two different types: general liability and professional liability. General liability insurance will cover you if someone gets injured on your property, or if someone’s property gets damaged or destroyed. This is important because it can protect you from costly lawsuits that could reflect very poorly on your retirement home. Professional liability insurance can protect your retirement home if you are sued for negligence that led to an injury or damaged property.
Another part of insurance that is important to have is protection against crime. Whether you live in a high crime area or not, it’s important to be prepared for things like vandalism, break ins, and thefts. This can protect both you and your clients, and can prevent many headaches later. Make sure that your retirement home insurance policy covers damage due to crime.
Having insurance for workers compensation is another important part of retirement home insurance. If an employee gets injured on the job, you don’t want to get stuck in the middle of a lawsuit. Because workers compensation is required in nearly every state, you want to be sure you are prepared for accidents resulting in employee injuries.
These are only a few of the things that your insurance policy should cover.