EPLI Insurance Secrets Senior Living Operators Must Know
Key Benefits of EPLI Insurance
EPLI insurance offers several benefits that can enhance the operational resilience of senior living facilities. Firstly, it provides financial protection against employee lawsuits, which can be costly and time-consuming. Secondly, it offers peace of mind, knowing that your business is protected against unforeseen legal challenges. Additionally, EPLI policies often include risk management resources, such as training programs and legal consultations, which can help prevent claims from arising in the first place.
Factors Influencing EPLI Premiums
The cost of EPLI insurance varies based on several factors, including the size of your workforce, the industry risk profile, and your company's claims history. Typically, premiums for senior living operators might range from $1,000 to $3,000 per year per $1 million of coverage2. However, discounts or tailored packages may be available, so it's beneficial to search options or visit websites for quotes that match your specific needs.