Just like all businesses need to have insurance, Senior Centers have certain insurance policies that can make a big difference.
What types of insurance policies do I need for my Senior Center?
There are a lot of different policies out there to consider purchasing, but first take into account the size of the Senior Center, the number of residents and employees and the type of risks that need coverage.
Here are a few options to consider:
Directors & Officers Coverage (D&O): This coverage protects the Directors and Officers in your Senior Center in the event of a lawsuit related to claims of misused organization funds, mistreatment of an employee or failure to perform, to name a few. This coverage does not protect against criminal acts.
Employment Practices Liability: This coverage protects your Senior Center against claims made by employees alleging wrongful termination, harassment, discrimination and other employment related issues.
Professional Liability – Errors & Omissions (E&O): This coverage protects organizations that provide guidance, counsel or service to clients. If a claim is made against your Senior Center related to these services, E&O coverage is a necessary safeguard to have in place to cover such claims.
General Liability: This coverage protects against damage to property or injury to people. This includes coverage for medical expenses, attorney’s fees, and settlements or judgments if your Senior Center is found liable for another’s damaged property, illness or injury property and can protect against claims related to the actions of employees or volunteers.
Commercial Auto & Transportation Insurance: This covers vehicles owned by your Senior Center or vehicles that you own and use for your Senior Center to conduct business such as transporting passengers to appointments or activities. This coverage is essential in protecting your Senior Center from medical expenses, vehicle damage costs, and potential legal fees should an accident occur. A personal auto policy would not cover these damages.
Worker’s Compensation: This coverage is required in most states and covers employees’ potential risk to job related injuries, illness or death.
Umbrella Policy: This coverage can protect your Senior Center in the event of a claim that goes beyond the limits of your existing liability policies.
How do I choose a Senior Center insurance plan that’s right for me?
Before making any final decisions on what insurance policy you think your Senior Center needs, talk to your insurance agent. Our insurance agents will be able to help you put together a plan that makes sense for your unique business and can answer any questions you may have. After all, purchasing insurance is purchasing protection for your business, and protecting your business is protecting your livelihood.
Wrapping It Up
As you can see there are many options to choose from when building a policy that meets industry standards as well as your business needs.
It really depends on your specific Senior Center, what needs to be covered, and who needs to be covered.
Let’s get started figuring out which one of these companies will be the absolute best fit for your Senior Center.