Risks associated with providing professional advice, guidance and recommendations while protecting your clients' information and assets in a highly digital world should be front and center in your exposure profile assessment and your mind for insurance protection; however, other exposures from client visitation to employee theft, benefit plan construction, employment and client engagement practices, and bad weather can have a meaningful impact on your bottom line as well.

The exposures to loss you face as a business providing services and residence to the Senior  population are as varied and complex as the operations you conduct, certainly more than can be captured in one page. On top of exposures from your customers are those exposures resulting from your responsibility to your team of employees, employees with responsibilities 

• Liability arising from your facilities, ongoing operations and services can be signficant with falls by residents falls at the top of the list with potential significant injury  - According to CDC's Injury Monitor "every 11 seconds an older adult is treated in an emergency room for a fall and every 19 minutes one dies from a fall in America"

• Patient Care practices can result in liability claims of abuse (physical, psychological, sexual) and neglect as well as result in unintentional injury

• Food handling and preparation, medication administration

• Your employees are a key asset in your ability to deliver quality services and given the interactive nature  of their roles they are at significant risk for injury ranging from soft tissue injuries like back strains to broken bones from slip, trip and fall hazards, burns, vehicular accidents and more.

• Hiring and maintaining teams means potential for 

• Providing transportation services for your residents, their guests and others can lead to accidents resulting in physical injury to multiple clients, other drivers and lead to loss of use to your vehicle fleet.

• Property losses  can vary significantly from location to location based on the services and amenities provided: ranging from specialized equipment like AEDs to property of residents and staff to your facility buildings and are exposed to multiple sources of loss. 

  • Natural weather perils like wind/hail, flood, freeze

  • Fire hazards from kitchens or allowed heating sources in individual units

  • Theft

  • Power failure, equipment breakdown

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Liability 

• Errors in advice provided, recommending investments not compatible with strategy, or execution of plan not in alignment with client goals and risk tolerance

• Improperly executed or stored client agreements and customer authorizations

• Fiduciary breach by trading or investing in ways not optimally beneficial to client

• Failure to ensure maintenance of confidentiality of financial statements and other personal information

• Misleading/misinterpreted marketing and advertising or client reference without appropriate permission

• Failure to adequately explain investment risks of various products

• Missed execution dates leading to adverse tax consequences for client

• Computer virus or hacking attack of systems results in disclosure of client information

•  Though less likely to occur in a professional office setting, slips, trips and falls can occur due to loose mats, computer cords, slick entrances and sidewalks.

• While providing employee  benefit plans investment options aren't monitored resulting in excessive plan fees and underperformance

• Failure to effectively document reasons for declining an employment applicant or releasing an employee

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Property 

Varies significantly dependent upon whether you work from home, lease your office or own your building.  

• Loss to electronic equipment (computers, printers, servers) and records from: power failure or surges, malicious attacks on computer hardware and software, loss or irreparable damage while traveling

• Faulty wiring or overheated equipment leading to fire

• Fund misappropriation and theft

• Wind/hail in the Central US and increasingly more states, flood nearly nationwide, wildfires in the Mountain West and West 

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Personnel 

• Despite the low hazard nature of an office environment employees can be impacted by auto accidents while out on client visits or from repetitive motion injuries.  

• Death or injury to a key employee can mean lost expertise, relationships and an impact to your bottom line

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Automobile

• Employees traveling  in their personal vehicles, rental vehicles or company owned vehicles between office locations, to client visits, for business errands or to professional conferences 

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