The insurance industry is cyclical, with periods of fluctuating conditions known as "hard" and "soft" markets. Currently, the industry is experiencing a hard market, a phase that has significant implications for both insureds (policyholders) and insurers.
Understanding Coinsurance in Commercial Property Insurance: What It Means and How to Ensure Adequate Coverage
Commercial property insurance is a vital component of any business's risk management strategy, protecting physical assets such as buildings, equipment, and inventory from various perils. One important concept within commercial property insurance is coinsurance, a term that can significantly impact the outcome of a claim.
The Hidden Costs of Increasing Your Insurance Deductible: Why It’s Often Not Worth the Premium Savings
Understanding the Differences Between Standard and Non-Standard Insurance Companies
When it comes to choosing the right insurance coverage, it's essential to understand the distinctions between standard and non-standard insurance companies. This knowledge is particularly crucial for healthcare professionals who need to ensure they are adequately covered in their high-stakes profession. Here, we break down the key differences, benefits, and examples of both types of insurance providers.
Starting a Telehealth Practice in California in 2024
Starting a telehealth practice in one of California’s bustling metro cities can be an exciting and rewarding venture. With the increasing demand for accessible healthcare solutions, telehealth presents an innovative way to reach and serve patients. Here’s a comprehensive guide to help you establish your telehealth practice in California, ensuring compliance with all necessary regulations and maximizing your chances of success.
Standard Operating Procedure for Reporting Claims to Insurance Companies
The Importance of Shopping for Insurance Coverage
Cyber Security Guide for Healthcare Professionals
In the healthcare industry, safeguarding sensitive information isn't just a best practice—it's a mandate. From patient records to billing information, healthcare professionals are custodians of a wealth of data that must be protected against cyber threats. This guide aims to provide essential tips and strategies to keep your digital life secure using advanced cyber technology protectors.
Top 5 Reasons Physicians and Healthcare Providers Get Sued
How to Negotiate Your Medical Malpractice Insurance Premium
Negotiating your medical malpractice insurance premium can seem daunting, but with the right approach, you can secure a policy that offers both good coverage and affordability. Here’s a step-by-step guide tailored for medical professionals and healthcare facility managers to help you through the process.
Why Healthcare Professionals Need Extended Reporting Period Coverage
In the evolving healthcare landscape, maintaining robust liability coverage is crucial. Extended Reporting Period (ERP) coverage, often referred to as "tail coverage," is a vital component for healthcare professionals. This type of coverage ensures continued protection even after your primary insurance policy has ended.
The Importance of Cyber Liability Insurance for Healthcare Providers
What Medical Malpractice Insurance Covers for Doctors and Physicians: A Comprehensive Guide
That's where medical malpractice insurance comes into play—a vital safeguard that ensures you have the necessary protection against potential risks. In this comprehensive guide, we'll explore the importance of medical malpractice insurance, what it covers, and the potential consequences of not having it.
Understanding the Increase in Medical Professional Liability Insurance Premiums
As a healthcare provider, having medical professional liability insurance is essential to protect you from potential litigation. The coverage provides financial assistance in case of malpractice claims or lawsuits. However, as you continue to renew your policy, you may notice an increase in your insurance premiums
Terms of Extended Reporting Periods, AKA Tail Coverage, to consider in your employment/independent contractor agreements for healthcare providers.
Having employees and/or independent contractors for your healthcare practice is vital to the success of your organization and the essence of providing care to individuals. Often with medical malpractice insurance, you can typically add additional mid-level and advanced-level providers to your policy as a physician or surgeon or even an entity policy.
Maturing Insurance Premiums and What to Expect for Medical Malpractice Insurance
Many clients tend to wonder why their premiums increase yearly over the first five years of having a claims-made insurance policy for professional liability insurance. I believe it is the duty of the agent who is servicing you to disclose to you the ramifications of claims-made policies written for professional liability insurance, specifically medical malpractice insurance.
