Why You Should Review Your Assisted Living Facility Insurance Annually

April 3, 2014
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assisted living facility insurance

Assisted living facility insurance is not a one-time purchase that you can file away in a drawer and ignore once it is completed. At least once a year, if not more frequently, it is critical to review your coverage to make sure that it is still meeting the needs of your facility.

 

Review Optional Coverage

 

Many insurance policies have optional coverage bundled in with the proposal. When reviewing your coverage, check to make sure that all of these options are necessary and talk to your agent about cutting any that are not. You should not pay for coverage that does not benefit your company. This has the potential to save your company thousands of dollars.

 

Review Changes in Business

 

Changes to your facility can result in coverage issues. These changes may include:

 

  • An increase or decrease in your license capacity
  • Revenue fluctuations
  • Increased or decreased payroll
  • Changes in services your facility offers

 

These types of changes can affect your coverage significantly and should be discussed with your agent before your renewal every year so that you continue to get complete coverage with the best prices possible.

 

Even if your business does not change, an annual review continues to be important because there are changes in the assisted living insurance market that may affect your coverage. Keeping your assisted living facility insurance policy current can ensure that you are getting the best coverage for your money.

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