About one million Americans currently live in some type of senior living community, and this number is expected to double by the year 2030. By the year 2040, the 85+ population is expected to triple from what it was in 2011 at 5.7 million to 14.1 million, helping to contributing to the long term care (LTC) market as a growing niche for providers that make up this market, including assisted living facilities (ALF). These facilities provide personal care and health services for people who may need assistance with activities of daily living. Residents also have access to skilled nursing or rehabilitative care as they need it, and family members have the peace of mind that their aging loved ones are being well cared for.
The Changing Face of Assisted Living Facilities
Today’s seniors are more decisive, independent, and active than previous generations. They want choices in their assisted living facilities – options when it comes to activities, technology, levels of care, services offered, and the type of residence available. They want on-site services from medical professionals – optometrist, dentists, and podiatrists, in addition to geriatric physicians. To meet the expectations of today’s consumer and those waiting in the wings, assisted living facilities are looking to increase their portfolio of services. This means adopting the latest advanced technology for better workflow and improved patient care, resident engagement, and medication management. It also means providing equipment such as remote-controlled walkers that automatically avoid obstacles, ergonomic furniture to provide for residents’ comfort, and programs that reflect this generation’s interest in nutrition, physical exercise, and self-improvement.
Additional Exposures, Greater Risks
With all these changes and advances and the need for additional services, combined with increased regulatory and oversight, assisted living facilities will face new risks, such as data breaches and ransomware and greater professional liability exposures, and will have an increased need for protection. National insurance wholesaler Highland Risk Services for more than a decade has been offering insurance and risk management plans designed to help our insurance agents give the assisted living facility industry the ability to achieve continued growth while simultaneously protecting against loss, containing costs, and increasing profitability. We are well positioned to continue to do so as this niche market expands and evolves to cater to today’s seniors. We have the insurance solutions to help you address your client’s risks and challenges now and into the future with key coverages:
- General Liability
- Employee Benefits Liability
- Commercial Property
- Professional Liability
- Sexual Abuse & Molestation
- Cyber Insurance
- Employment Practices Liability
- Commercial Auto
- Commercial Umbrella
- Workers Compensation
You can get a more detailed view of our program highlights here. In addition, Highland Risk works with top-tier, A-rated markets, with our programs available nationally.
We Focus on Supporting Your Future Growth
What we do is not as important as how we do it. We invite you to explore the Highland Risk difference. Just give us call at (847) 832-9100 to learn more about us, our coverage lines and programs and how we can serve you and your clients’ needs.