Episode 120 | The ALARMING Consequences of No Workers Comp Insurance

In this episode of the Assisted Living Investing Podcast, host Brandon Gustafson dives into the essentials of workers’ compensation insurance for assisted living business owners. Drawing from his real-world experience running residential care homes since 2020, Brandon explains why workers’ comp isn’t just a legal requirement—it’s a vital safety net for your staff and your business. 00:00:00 – Introduction 00:00:22 – Topic Introduction: Workers’ Compensation Insurance 00:02:23 – What is Workers’ Comp Insurance? 00:04:17 – Legal Requirements for Workers’ Comp 00:05:16 – Cost and Finding Workers’ Comp Insurance 00:08:11 – Quarterly Reporting and Premium Calculation 00:10:00 – Typical Costs Breakdown 00:11:03 – What Workers’ Comp Covers 00:13:09 – Why You Should Always Get Workers’ Comp 00:13:36 – Personal Experience with Workers’ Comp Issues 00:15:14 – Real-Life Claims: Bedbug and Injury Incidents 00:17:30 – Importance of Maintaining Continuous Coverage 00:19:11 – Final Thoughts Resources Mentioned: Visit our website, AssistedLivingInvesting.net, for additional resources, including our year-long mastermind program and free underwriting calculator. Get your free business plan checklist today: https://urlgeni.us/alibpc Learn about the Assisted Living Basics: https://www.assistedlivinginvesting.net/basics Learn about the Assisted Living Investing Mastermind: assistedlivinginvesting.net/mastermind Apply for the Mastermind today: alimastermind.com/application Join the Business Foundation Basics Workshop: Assisted Living Business Foundation Basics Learn the five steps to help you start an assisted living business: https://youtube.com/live/dRVCa80SOyM Get the 12 Week Year Book: https://amzn.to/4bAOpQf Marketing Made Simple by Donald Miller: https://amzn.to/3ECoNY5 Who Not How by Benjamin Hardy : https://bit.ly/whonothowbooklink Courses:- Do you need guidance on your journey to launching your assisted living business: https://urlgeni.us/aliala- Do you need help building your business plan: https://urlgeni.us/alibpg FREE Resources:- Business Plan Checklist: https://urlgeni.us/alibpc- Calculator: https://urlgeni.us/alicalc- Lease Agreement Template: https://urlgeni.us/alila- ProfitPath Analysis Tool: https://urlgeni.us/aliprofitpath- Grant Writing Template: https://urlgeni.us/aligrantNeed help with your payroll? Get Gusto: https://gusto.com/i/brandon9590 Follow Us: Subscribe to the podcast for more episodes.Leave a review to help us continue bringing you valuable content. Engage with us on our various platforms for further learning and support.Facebook | LinkedIn | X | Instagram