Maximize Your Assisted Living Profits with an Insurance Broker
Aug 21, 2024
Did you know that one of the most important aspects of starting an assisted living business is obtaining proper insurance? Insurance is more than a legal obligation; it's a safety net shielding your assisted living business from unexpected financial constraints caused by accidents, natural disasters, or legal disputes. Without the proper coverage, you may have huge out-of-pocket payments that can impact your business.
Let's discuss how an insurance broker may help you negotiate all the details of getting the right coverage for your assisted care home. From understanding different types of insurance to maintaining compliance with state rules, this blog will provide the information you need to make informed decisions about insuring your business.
We will also look at the several forms of insurance required for an assisted care home, such as property, liability, and workers' compensation. We'll discuss the benefits of an insurance broker, such as expert guidance, time-saving services, and cost-effective solutions. By the end of this blog, you'll understand why working with an insurance broker is essential for protecting your assisted living business.
Check out the video;
Why You Need an Insurance Broker
An insurance broker specializes in finding and arranging appropriate insurance plans for their clients. Unlike insurance representatives, who work for a single business, brokers have access to a wide range of insurers and can provide various solutions tailored to your needs. This knowledge is extremely useful in the assisted living industry. Brokers thoroughly understand commercial insurance, including liability, property, and workers' compensation coverage. They save you time by shopping around for the best coverage, and they can frequently negotiate better prices through their industry contacts. Moreover, brokers guarantee that your insurance complies with state regulations and provides enough coverage, providing peace of mind.
Types of Insurance Needed for an Assisted Living Business
You'll need three kinds of insurance coverage for your assisted living facility: property insurance, liability insurance, and workers' compensation.
Property insurance protects the physical structure and contents from disasters like fire, storms, and vandalism. Whether you own or rent your house, having comprehensive property insurance is critical for protecting your investment.
Liability insurance protects your company from legal claims resulting from accidents or injuries that occur on your premises. This includes residents' slips and falls, as well as occurrences involving staff or guests.
Workers' compensation insurance is required if you have employees. It pays for medical expenses and lost wages if an employee is harmed. Finding the correct workers' compensation policy can be difficult, but a broker can guide you through the alternatives and criteria.
The Role of an Insurance Broker
An insurance broker serves as your advocate and advisor throughout the insurance process. They examine your needs, compare insurance from several insurers, and assist you with the appropriate paperwork. Brokers also give continuing support by assisting with claims and policy renewals. Using an insurance broker can help you save time and money.
For example, when I started my assisted living business, my broker helped me obtain a policy covering all bases, such as property, liability, and workers' compensation. They also helped me comprehend the state standards and assured that I was fully compliance, which relieved tension.
Starting an assisted living business is significant, but you don’t have to do it alone. An insurance broker can provide the guidance and support you need to protect your business.
If you're ready to take the next step, visit Assisted Living Investing and download our Business Plan Checklist. This resource will help you create a solid business plan and secure your needed funding.
Need help figuring out where to start? Join the next Roadmap Challenge and build your launch plan with me.
Show full transcript 👇
Transcript
00:00:00
hey friend I'm Brandon Gustafson I help new and aspiring Real Estate Investors launch their Assisted Living business in today's video we're going to be talking about how to use an insurance broker to get insurance for your Assisted Living business welcome to Assisted Living [Music] investing hey friend welcome back to the channel I'm excited to have you here for our topic today on using Insurance Brokers to help you get insurance before we get into that topic though I want to remind you to get over to the website
00:00:33
Assisted Living investing. net I have some free resources for you over there including a calculator that I've used to underwrite and have some other courses and things so make sure you get over to the website and check that out now let's dive into the topic for today's video we're talking again about how to use an insurance broker to help you get the insurance that you need for your Assisted Living business this is something that is a requirement for you as you get things up and running and and
00:01:00
you're trying to launch that business you need to have insurance and an insurance broker is a really good way for you to get some of that information and and help you get what you need so that you are meeting all the requirements of the state and any other anybody else who might need that insurance in place uh there's a lot of complexities to it and having that insurance broker it's going to save you so much time so let's dive into that first off let's talk about what an insurance broker is what is an insurance
00:01:27
broker an insurance broker is somebody that has has some skills some education around the insurance industry and typically you're going to want somebody that has some commercial experience because that's what you're doing here with your Assisted Living business you're going to want somebody that kind of knows the ins and outs of just commercial insurance and liability insurance property insurance all of the things that that come with owning a business and maybe hopefully has a little bit of experience working with
00:01:55
Assisted Living that's going to help you out quite a bit as you get started and start trying to to just move things along to the point that you have everything that you need to launch your Assisted Living business so these Insurance Brokers they are just incredible people you might not want to use your your personal insurance broker that that works specifically on your home or your car insurance or things like that because they might not have the experience working with commercial and just the intricacies that come with
00:02:25
that but at its core that insurance broker is somebody that is your Advocate they're going to help you find the right Insurance the right coverage that you need that's going to meet all of the needs that that you have as a business owner they're really good at being able to to give you some guidance there and help you through that process and learn exactly what you need I also really highly suggest getting one because it's hard to do all this by yourself it's hard to manage all the different types
00:02:53
of insurance and fill out all of the different applications and handle all of these other questions that come to you when you're working in this the last thing that you need is to try to figure all of that out and Yeah it there's a cost associated with it but it's baked into your premiums and so you're not really going to see that cost and it's going to save you so much time plus it's probably honestly going to save you a little bit of money to use an insurance broker because they have those
00:03:19
relationships and they're able to go out and put it to Market and help you find the best deal whereas you doing this by yourself you're going to fall over and you're just going to be so grateful when you finally find any insurance company that's going to work with you for the type of insurance that you need and you're just going to go with them and not try to find a better priced insurance so getting that insurance broker going to help you out save you a ton of time and be a really good
00:03:43
advocate for you when you deal with certain situations if you have any liability issues they're going to be able to answer those questions they're going to help you out and uh give you some guidance on how to talk to the insurance and uh just kind of work through some of those issues I use a personal insurance broker um for my insurance for my home for my car they help me get really good rates on both of those things and when we started doing the business started talking with an insurance broker that has experiened in
00:04:10
this space as well and he's been incredible at helping us find the right type of insurance that's going to give us the coverage that we need to help us move things along so I use them I highly recommend that you do if you are interested in learning more about an insurance broker you need a connection comment down below insurance broker and reach out to me on Assisted Living investing. net and I can make an introduction for you and kind of help you through the process after I get a feel for where you're at in your journey
00:04:38
and make sure it's a good fit for you to do that right now now let's talk about the type of insurance that you need for an assisted living business really at its core there's three types of insurance one is going to be your property insurance now whether you own the property or you're renting you're going to need some kind of a property insurance that you want to have in place that could be a homeowner's policy could be a renters policy but you want something that's going to cover the
00:05:03
building in case there's damage there that happens it could be a hell storm it could be flooding it could be any number of things but you want to make sure that you have the coverage in place for the property itself and you want to make sure that you get that the second one is going to be liability insurance so liability is going to be you know if you have a resident that stumbles and Falls or if you have a resident who um just isn't following rules and and bring something into the home that shouldn't
00:05:32
be there and they harm another Resident a knife or a gun or something like that these types of things you absolutely hope that they don't happen but it could and you want to have that insurance in place just in case something happens cuz it's going to help you out a lot in the long run and and it's going to be a benefit for you I I speak from personal experience having the liability insurance is is something that has saved us a lot of money in the long run I can't get into specifics with it but
00:06:00
we've used our liability insurance we've had to use it and it has been a blessing for us to be able to have that in place so you definitely want to have that liability insurance the third one is going to be workers comp so this is I mean as an employer you need to have workers comp insurance in case you have an employee who does something on the job and gets hurt you want to have that insurance in place so that it can help coverage any medical care that they need to receive for a workplace incident and
00:06:29
what I found actually with workers comp insurance is in this space especially as a new business owner it was really hard for us to find workers comp insurance that would work with us you see them all over the place you start looking for workers comp that is going to be all of your YouTube ads is going to be Insurance stuff on workers comp so be careful when you do that um but what I found is a lot of those places that adverti they couldn't meet our needs and we had to go back and go to kind a
00:06:55
state-based workers comp insurance plans which might be a little bit higher but they able to cover us and we've used workers comp insurance as well for cases with some of our staff and it has also been a great blessing for us to have that so we don't have to deal with any legal ramifications of a workplace incident um injury and it covers some of that it covers some of those issues in the hospital care that is needed by our staff when they have an incident happen having workers comp insurance has been
00:07:26
really beneficial for us and I highly recommend that you get all of those things now the coverage limits and everything that you need this is why you need to talk to an insurance broker they're going to help you determine how much how how much property insurance you need how much liability insurance you need and the level of workers comp insurance they're going to be able to have those conversations they're going to be talked to be able to talk to the insurance carrier and figure out exactly what the
00:07:49
application process is how much coverage needs to go in place if the state says we need to have a certificate of insurance with our name on it and you don't know what that is your insurance broker is going be able to help you out with that and get that in place so all of these things are going to be able to help you out and that that broker is going to be able to help you out and and make sure that you have sufficient coverage for your needs and that's why you need an insurance broker it really
00:08:14
is you need that insurance broker because they're going to save you money they're going to take it out to Market they're going to find all the insurance uh companies that are willing to cover the risk that you have that's how they refer to this as risk they're going to find companies that are going to be willing to do that they're going to help you negotiate the exact terms and coverage that you need and make sure that you have the coverage in place they're going to make sure that you can
00:08:37
get anything that you need to meet the complexities of working with the state and any requirements that they have when you do your license you're going to need certain pieces of of information about your insurance and you're going to have to submit that and your insurance broker is going to be able to help you out with that so they are just I can't speak uh positively enough about the importance of having a good insurance broker and having them help you along your journey to help you get the coverage that you
00:09:03
need they really are key and they're going to benefit you so much they're so worth the amount of money that gets baked into your premium that you're never going to see anyways to help you out and help you achieve your goals and get the things that you need in place to have the coverage that you have to give you the peace of mind to know that everything is done correctly it's done with all the coverage you need and that you can move forward with it and feel comfortable running your business so to
00:09:30
recap today what we've been talking about uh what an insurance broker is we talked about what types of coverage you need and why you need to have an insurance broker to help you move things along does residential Assisted Living sound interesting to you but you don't know how to get started at Assisted Living investing. net we are here to help you through the process start to finish to launch your Assisted Living business get over to the website Assisted Living investing. net make sure you subscribe to this channel as well
00:09:57
ring the bell get notified when we go live live we do that on Tuesdays we put this other content out on Thursdays you're going to get notified we're putting out a ton of content on here I really hope that information was helpful to you I want to remind you to get over to the website Assisted Living investing. net I have some free resources for you over there I mentioned the calculator earlier but also have some paid resources that will really help you along your journey have the business planning guide that's going to
00:10:19
help you build a business plan and underwrite and make sure you have a good solid investment in place so you can get that on the website and also the Assisted Living accelerator that's going to coach you through the process the the idea with it is to help you launch your Assisted Living business in 12 weeks I love coaching people I love helping people out if you are interested in learning more about that go to Assisted Living investing. netrat we can and we'll put that in a link down below we
00:10:44
can schedule a strategy call get on and and see if I can help you out through your journey to launch your Assisted Living business I want to thank you for watching and remind you that it doesn't take a lot just a little bit just keep going step by step by step if you keep going keep making progress I promise you're going to be successful again thank you for watching like the video subscribe ring the bell as well and get notified every time we go live or do some of this other content and I will
00:11:10
talk to you next time thanks for watching have a great [Music] day
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