Make Sure You Are Protected!
Claims frequency and severity in the senior care space are on the rise in 2019. On average, there is 1 claim for every 90 residents with the average payout being $216,000. The trend is projected to increase steadily at 3-5% per year with no end in sight.
What does this mean for senior placement agents?
There is a good chance that 1 in every 90 placements could result in a lawsuit. Unfortunately, placement agents are often named alongside facilities in lawsuits when there is a death or injury. If your agency recommended the facility that caused harm to a family member, courts are assigning a financial obligation to share in the payout. It is no longer a question of if, but rather when a lawsuit is going to happen to your business. It’s more important now than ever to make sure you have proper insurance in place so you aren’t left footing the bill.
EPG Insurance writes over 400 placement agents throughout the country and has both the best coverage and pricing available. NPRA proudly endorses them as a preferred and approved vendor because their quoting process is quick, streamlined, and they truly understand our industry. We encourage you to reach out to them today: