Published by Tray Traynor, CIC
You may be aware of the “Unprotected” social report investigative series published by the Atlanta Journal & Constitution (AJC), focused on highlighting the shortcomings of Georgia’s Senior Living private pay industry. Regardless of how you feel about the fairness of this report, initiatives such as these are shaping the senior living tort environment in Georgia and other states, and will have a direct impact on higher liability insurance costs for the senior living industry – which have already been increasing at an alarming rate.
Providers cannot simply “do what they’ve always done” and expect to control their insurance costs in this new normal environment. If you are not at least getting the basic requisite services from a senior living specialist insurance broker, you should no longer expect to effectively control your short-term and long-term insurance costs.
A few examples:
1. Is your broker providing suggestions on the small operational tweaks that can make a disproportionately large impact on how insurance underwriters price your policies?
2. Outside of the mandated insurance carrier loss visits, what other risk-control resources has your broker introduced to help reduce liability exposures and claims?
3. Has your broker shown you their formalized model for reducing Workers’ Comp claims and costs?
4. Has your broker introduced any hiring resources and strategies to help you avoid “hiring your next liability claim or next workers’ comp claim?” Hiring practices have a direct impact on insurance costs.
5. What specific technologies has your broker introduced to help you reduce claims and costs?
6. What steps is your broker taking to help control the “narrative” in which you are presented to the underwriters?
These are just a few examples of the questions your team needs to be asking. Please contact us at Pritchard & Jerden if you would like more information on what additional services you should expect in this environment in order to more effectively manage costs.