Independent living communities are different from assisted living homes in that residents are capable of caring for themselves and in most cases are in good health. They’re generally seniors who don’t require assistance with daily activities, but are merely seeking a community of people their own age who they can share meals with, develop friendships, and participate in activities with as they choose.
The demand for this type of housing is growing and the industry is doing its best to keep up with the increased need. With a growing, aging population come more concerns for owners of these communities. Competition can lead to reducing costs in order to stay competitive, but one lawsuit due to an unfortunate accident can send a business spiraling towards bankruptcy. This means you need to carry independent living facilities insurance to combat a possible lawsuit with an unfavorable settlement against your company.
A growing and burgeoning industry
The independent living movement has had considerable success over the past two decades in obtaining funding for establishing and operating centers. Today there are several hundred centers around the country offering comprehensive services to persons both healthy as well as those with all types of disabilities.
One of the least pleasant aspects of running a business relates to legal liability and what must be done to reduce risks. In fact, in several surveys conducted by Independent Living Research Utilization (ILRU) on management concerns of center administrative personnel on key issues confronting centers, liability tops the list for members of the administrative staff and board members.
Purchasing the right type of liability insurance as part of your Independent Living Facilities insurance program and implementing effective loss control measures will protect your operation in the event of a lawsuit and help you stem accidents and injuries in the first place. An insurance professional that specializes in the independent living niche can help secure a plan that is right for an organization.