Running any kind of business comes with certain necessities that you must factor into your budget. It’s hard to do so, however, when you don’t have any idea what to expect. In general, insuring an assisted living facility is going to cost a minimum of $15,000 in premiums. There are several factors that affect exactly how much you can expect your assisted living insurance cost to be.
A large factor is the type and state of the property. If you run your facility out of a home, brokers may be less inclined to underwrite your policy as it is more difficult to regulate and probably will require many upgrades. The security measures you have in place, such as pull alarms in the bathrooms just in case residents slip or monitored doors, can also affect your premium. Even something as simple as the grade of your lawn, as steeper lawns tend to lead to more falls, can be taken into account.
The services you offer and the qualifications of the staff providing those services also affect your assisted living insurance cost, as is the general health of your residents. Are there routine checks in place to assess the progress or decline of your residents, and do you keep good records of those checks? Depending on the number of years you have been in operation, you should be able to show patterns of behavior that warrant consideration for good premiums.