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How does my facility meet the AB 1523 RCFE regulation of $1 million per occurrence and $3 mill annual aggregate liability insurance requirement?
AB 1523, Atkins states an RCFE facility must maintain at least $1 million per occurrence and $3 million annual aggregate to cover injury of residents caused by negligent acts or omissions to act by owner or its employees. Liability coverage, in this case, means general liability, professional liability, and ideally abuse coverage. Insurance carriers that specialize in the RCFE market comply with the AB 1523 requirements and offer abuse coverage as well.
Why do insurance carrier quotes vary regarding my RCFE facility?
Since each RCFE operation is individually underwritten, insurance carriers’ premium will vary regarding Commercial Liability, Commercial Property, Workers’ Compensation, and Commercial Auto. Commercial Liability and Commercial Property are rated by a number of factors: Admitted or Non-Admitted Insurance Carrier, Claim-Made or Occurrence Form, Policy Definition and Coverage, Policy Limits, and Carrier Claims History. Workers’ Compensation is based on classification code, payroll, loss history, claims, and zip code. Since each insurance carrier can price differently for a number of reasons, it is important you understand the insurance coverage that you are getting in relative to the premium.
If I am applying for my license, do I need to get Commercial Liability Insurance?
In general, you only need to provide a quote on what the Liability Insurance would be and not actually bind the liability insurance policy. In some cases, certain regional licensing location may require to provide proof of insurance in place. Please check with the License office in your facility location.
When operating an RCFE, what types of claims are common?
We typically see Commercial Property and Workers’ Compensation Insurance claims as the common insurance claims. Liability Insurance claim is less common; however, it tends to be very costly claim to an upward of $1 million dollar per incident when it happens. It is extremely important that you have good procedures, trainings, and documentation when a Liability Insurance claim occurs.
Why is having Commercial Property Insurance important for my facility?
In general, homeowners' insurance policies exclude coverage for business operation like an RCFE. This means when property loss occurs from the business operation, the claim adjuster can reduce or deny the claim. Also, with Commercial Property Insurance, you can purchase Crime and Business Income and Extra Expenses coverage to protect theft and loss of revenue. In some cases, there are a few "grandfathered" homeowners' polices that would cover property coverage of your RCFE operation. If offered, these"grandfathered" homeowner's polices do not have Crime or Business Income and Extra Expenses. You should check with your insurance agent or broker to verify if your homeowner's policy will cover a RCFE operation.
How do I lower my Commercial Liability and Worker's Compensation Insurance premium?
In both Commercial Liability and Workers’ Compensation Insurance, the best way to lower down your insurance cost would be preventing the loss from ever occurring in first place. Most Commercial Liability and Workers’ Compensation claims are related to taking care of residents and injuries of employees. Proper procedures and trainings could address common liability claims and employee injuries. Besides prevent claims and minimize potential losses, the next best step would be working with a specialized broker to compare and negotiate insurance rates on your behalf.
What are some issues regarding insurance should I consider when selling, transferring or purchasing a facility?
When you are involved in a sell, transfer or purchase of a facility, insurance coverage In- Transition is very important. In your business and real estate contract, you must make sure both the seller and buyer are aware of the insurance implications especially Liability Insurance. For Liability Insurance, most insurance carriers will only insure the “Licensed” facility owner. Since when you sell, transfer or purchase a new facility, there is high probability that you will change the business name or ownership. These changes must be reported to Licensing and could take anywhere from several months to 1 ½ year. With no official transition date, it is very important that the existing license and licensee remain in the business operation during the transition period.
What are some the ways to get new residents for my facility?
Placement agency, referrals, community involvement, medical facility, church organization, advertisement and professional networking are some of the ways to get new residents. From our experience, the best and most cost effective way is referral from existing residents or family members of the residents. Since they have already experienced your care, it is easier to promote your name.
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Pending / Single 6-Bed RCFE
Pending & Single 6-Bed RCFE
Free Quote
Multiple RCFEs / Assisted Living Facility
Multiple RCFEs & Assisted Living Facility
Free Quote
In-Probation / Non-Renewal
In-Probation & Non-Renewal
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Transfer / Sale / Buy RCFE
Transferring, Selling, or Buying a RCFE
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Pending / Single 6-Bed RCFE
Pending & Single 6-Bed RCFE
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Multiple RCFEs / Assisted Living Facility
Multiple RCFEs & Assisted Living Facility
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In-Probation / Non-Renewal
In-Probation & Non-Renewed
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Transfer / Sale / Buy RCFE
Transferring, Selling or Buying a RCFE
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Free Quote
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