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
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.
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.
The Structure of How an Indepedent Insurance Agency Works
The Basics of Medical Malpractice Insurance in 2023
Medical malpractice insurance, also known as medical professional liability insurance, protects healthcare professionals from being sued for damages if they are accused of negligent medical care. The insurance covers the cost of defending the lawsuit and any damages that may be awarded to the patient.
How to Get Higher Cyber Limits When You Need Them the Most
If there's any term that strikes fear in the hearts of risk managers and many brokers alike, it's cyber. Not only is the landscape of cyber risk evolving and changing by the day, but comprehensive coverage against cyberattacks, ransomware, and other threats has gone from a nice-to-have add-on to a foundational part of enterprise risk management.
The Very Basics of Malpractice Insurance
Who Pays For Medical Malpractice Insurance?
Claims-Made, Occurrence Made, and ERP Medical Malpractice Insurance Policies
Policy forms include the claims-made, occurrence, and claims-made convertible. Typically, most policies are an occurrence made policy. However, due to a large number of claims and inflation of premiums in history, the insurance market created a policy form to reduce the burden of risk but also reduce premiums, which is the claims-made policy form. There are some caveats to be aware of which will be laid out in this blog with a healthcare-focus.
Tips On How Physicians Can Prevent Data Breaches
Improving Patient Communication Will Lead To Better Outcomes
Technology has made an incredible impact on healthcare with breakthroughs that include 3D printing of medical devices or even biological materials, robotic-assisted surgeries, remote health tracking, and more. However, a critical but often neglected use of technology in healthcare is in communication. Traditional ways of communicating can often create communication gaps that ultimately hurt outcomes. There are so many small gaps that when they add up, they can potentially hinder your practice from running efficiently.
6 Ways to Prevent Patient Injury and Ultimately Avoid Lawsuits for Physicians
Risks surround physicians every single day, ranging from alleged diagnostic errors to inadequate follow-up. This is where risk management comes in and is so crucial to practicing healthcare professionals. Risk management is a series of strategies designed to reduce the likelihood of injury to the patient and also reduces the likelihood that a suit will result if an injury occurs.
Starting a Successful Private Practice – Laying the Foundation
Opening up your own practice can be a long and laborious process but the long-term rewarding benefits can enrich your life. Some examples of these benefits include enhanced physician-patient relationships and the freedom to practice guided by your own personal and professional goals. Building a solid foundation in the early planning stages will prepare you for a successful practice in the future. The necessary steps to start building this foundation are described below.
