Episode 120 | The ALARMING Consequences of No Workers Comp Insurance
In this episode of the Assisted Living Investing Podcast, host Brandon Gustafson dives into the essentials of workers’ compensation insurance for assisted living business owners. Drawing from his real-world experience running residential care homes since 2020, Brandon explains why workers’ comp isn’t just a legal requirement—it’s a vital safety net for your staff and your business.
00:00:00 – Introduction
00:00:22 – Topic Introduction: Workers’ Compensation Insurance
00:02:23 – What is Workers’ Comp Insurance?
00:04:17 – Legal Requirements for Workers’ Comp
00:05:16 – Cost and Finding Workers’ Comp Insurance
00:08:11 – Quarterly Reporting and Premium Calculation
00:10:00 – Typical Costs Breakdown
00:11:03 – What Workers’ Comp Covers
00:13:09 – Why You Should Always Get Workers’ Comp
00:13:36 – Personal Experience with Workers’ Comp Issues
00:15:14 – Real-Life Claims: Bedbug and Injury Incidents
00:17:30 – Importance of Maintaining Continuous Coverage
00:19:11 – Final Thoughts
Resources Mentioned:
Visit our website, AssistedLivingInvesting.net, for additional resources, including our year-long mastermind program and free underwriting calculator.
Get your free business plan checklist today: https://urlgeni.us/alibpc
Learn about the Assisted Living Basics: https://www.assistedlivinginvesting.net/basics
Learn about the Assisted Living Investing Mastermind: assistedlivinginvesting.net/mastermind
Apply for the Mastermind today: alimastermind.com/application
Join the Business Foundation Basics Workshop: Assisted Living Business Foundation Basics
Learn the five steps to help you start an assisted living business: https://youtube.com/live/dRVCa80SOyM
Get the 12 Week Year Book: https://amzn.to/4bAOpQf
Marketing Made Simple by Donald Miller: https://amzn.to/3ECoNY5
Who Not How by Benjamin Hardy : https://bit.ly/whonothowbooklink
Courses:
- Do you need guidance on your journey to launching your assisted living business: https://urlgeni.us/aliala
- Do you need help building your business plan: https://urlgeni.us/alibpg
FREE Resources:
- Business Plan Checklist: https://urlgeni.us/alibpc
- Calculator: https://urlgeni.us/alicalc
- Lease Agreement Template: https://urlgeni.us/alila
- ProfitPath Analysis Tool: https://urlgeni.us/aliprofitpath
- Grant Writing Template: https://urlgeni.us/aligrant
Need help with your payroll? Get Gusto: https://gusto.com/i/brandon9590
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