Get a free quote online with a soft credit pull.
As the nation's largest volume bond and insurance producer, we negotiate the best rates.
Your policy will be accepted, or we’ll refund your payment in full.
Operating a group home where constant care is provided around the clock for those in need is risky business. From negligence that leads to an accident or the consumption of the wrong medication to trips, slips, and falls that lead to bodily injuries - these are some of the risks group home business owners are exposed to on a daily basis.
That’s why having group home insurance is a great idea as it will financially free your organization from any financial liabilities.
How Much Does Group Homes Insurance Cost?
The price of your group home insurance will depend on the size of your business and the level of cover you want to take out.
Generally speaking, the average group home in the U.S. pays around $50 per month or $600 per year on general liability insurance. Such a policy will shield your business from any financial liability that may arise in case a third party suffers from bodily injuries or if there is property damage.
Every physical business - whether a group home or a fitness center in the United States is recommended to have business owner’s insurance. This policy will provide your business with an additional cover that your general liability insurance doesn’t as well as financial cover for your business property where the group home operates. It costs around $120 per month or $1,440 per year.
Professional liability insurance is another common policy for group homes in the U.S. It provides your business with cover in case your company is sued on the basis of malpractice or negligence. It costs an average of $60 per month or $720 per year.
If your business employs staff, then worker’s compensation insurance will be necessary. The cost of that will be around $140 per month and it will provide your staff with cover in case they get sick or injured at the workplace. From lost wages to medical bills - the insurance will cover it all.
Company directors and key officers can also be held liable in case they make a bad decision on behalf of the business. To protect the key workers in the business, directors' and officers' insurance is recommended. Such a policy will cost you around $70 per month or $840 per year.
What Types of Insurance Do Group Homes Need?
There are various types of insurance group homes can benefit from. Generally speaking, the insurance you need to take out for your group home business will depend on the size of it and the level of cover you want to have.
Below, you can take a look and find out some of the most recommended insurance policies for group homes in the United States.
Why Do Group Homes Need Insurance?
Having insurance is always a good idea. It protects your business from financial liabilities that may arise in case of an accident. Without insurance, you’ll have to pay for everything including legal fees, compensation, and more if your group home is found to be at fault.
For instance, if one of your staff members gives the wrong medicine to an elderly person and that has a negative impact on their health and well-being, your staff and your business can be held liable.
If you’re dealing with patients that have unpredictable behavior, then that can also put your staff at risk. And if they get hurt, fall sick, or get injured at work - they can sue you as their employer.
In other cases, group homes are simply required to take out a certain level of cover before they can legally operate and provide accommodation for the elderly.