Operating a retirement community is absolutely a full time job. People utilize these facilities when they no longer want the burden of living on their own, with all the responsibilities that a homeowner has, or when they not long want to live alone and want to be a part of community and the social life it offers. Your continuing care retirement community (CCRC) provides many of the comforts that a home can, and activities that allow these seniors a chance to meet new people and forge lasting friendships.
Some residents may also require care of one type or another, especially as they move from independent living to assisted care with the CCRC. You have a staff of trained and sympathetic individuals who desire to spend time with elderly residents that can provide for those needs as well. As a result of this care provided by a professional staff, such as nurses and physicians, your facility needs to have coverage for a number of risks and exposures, including incidents, whether accidental or intentional, that may spring up and could lead to costly litigation.
Types of incidents that can trigger lawsuits
Professional liability insurance for CCRCs is designed for medical professionals in the event they are accused of negligence, causing injury, or even food-induced illness. Administering medication in improper amounts or the wrong medication could cause seizures or other complications, particularly in older people. Professional liability also includes coverage for your medical director within the scope of his or her employment, during the course of providing services to residents.
Losses related to lawsuits are often large enough to put a company out of business. Even when vindicated, the bad publicity could further hurt future business prospects. There is a lot on the line when accusations are made that an error or negligence on your part caused physical or financial harm to someone.
Your current policy may not cover CCRC professional liability and that is a risk you simply cannot afford. That’s why you should invest the time to speak to a professional insurance advisor who is knowledgeable about retirement communities and fully understands the risks and exposures associated with this line of work.