EPLI Insurance Secrets Senior Living Operators Must Know
Real-World Examples and Statistics
Consider a scenario where a senior living facility faces a lawsuit for alleged age discrimination. Without EPLI insurance, the legal costs alone could exceed $100,000, not to mention potential settlement fees3. With EPLI coverage, these expenses would be significantly mitigated, preserving the facility's financial health. According to a study by Hiscox, the median cost of an employment claim is about $160,0004, emphasizing the value of having proper insurance in place.
Exploring EPLI Insurance Options
For senior living operators, it is essential to explore various EPLI insurance options to find a policy that best suits their needs. Many insurers offer specialized packages tailored for the healthcare sector, which can include additional coverages like cyber liability or professional liability. By following the options available through insurance brokers or directly with insurers, you can ensure comprehensive coverage that aligns with your operational risks.
EPLI insurance is a vital component of risk management for senior living operators, offering protection and peace of mind in an increasingly litigious environment. By understanding the benefits and exploring tailored options, you can secure a policy that shields your business from financial and reputational harm, allowing you to focus on what matters most—providing exceptional care to your residents.