“A lot of administrators and operators of adult family homes say that they are struggling to pay for professional liability insurance mandated by the state.” This is the sad part of managing this kind of business because you’re now required to get adult family home insurance. The worse thing is that you’ll be dealing with insurance companies that provide sky-rocketing rates on insurance cost.
Because of this, many homes have decided to close, and some are switching to private pay since they could no longer afford the rising cost of insurance. According to some operators, they welcome the insurance idea; it’s not bad at all. The thing that they hate most is the additional burden on insurance cost that they have to carry. The sad part is that they already incur Medicaid reimbursement rates that fail to address the increasing costs of goods, from groceries to other items that the low-income adults that they take care need.
Why is it important to have adult family home insurance?
· For the state, liability insurance is a fair and reasonable requirement for businesses dealing with the state. Without liability insurance, the state will have to act as the default insurance provider.
· For owners of adult family homes, insurance provides complete protection for your personal and business properties, as well as your business income.
· It covers any negligence claim associated to your adult care business.
· To protect you in case an accident happens while transporting a weak adult.
· To save you from medical claims if an employee meets an accident on the job.
· For your protection if a resident meets an accident from slips and falls, and suffers physical injuries.
· To cover you if a resident escapes or elopes.
· To protect you if a resident is accused of sexual acts.
With adult family home insurance, you can relax while doing business because you can be protected against all risks that may occur. You wouldn’t want to lose everything if something happens inside your area of responsibility. You can lose your home, your business, your properties and reputation. This could happen if you’re not properly insured. So, don’t waste time. Secure adult family home insurance, and protect yourself from insurance traps.
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