August 25th, 2014
You may be a dedicated healthcare professional or healthcare provider but it doesn’t guarantee that clients will always return the favor. You’ve been working hard inside the firm then suddenly clients came knocking with legal paper works. As a committed employee, you can say it’s unfair. But running a professional service provider has its own ups and downs.
Even if you’re just working to provide quality service, potential exposure to legal issues are big burden to the whole business. That’s why healthcare companies, law firms, doctors, accountants, architects etc., purchase professional liability insurance to protect the employees and the firm from the high costs of lawsuits in the future. If you’re not sure whether to get insurance or not, here are the 5 reasons your firm should get one.
Most clients now are requiring professionals to have liability insurance. They’re now wiser in thinking that if the person will commit an error the insurance will be the one paying for it. Don’t risk your company’s chance of having a new project just because you don’t want to spend for insurance. Just think that getting Professional Liability Insurance for Healthcare HPSO’s is a win-win situation between customers and your company.
- Possible lawsuits are real no matter how big or small your firm is. You need coverage even if you only have 1 employee doing all the work. Preparedness is extremely important to every running small or big business. Remember that cost of expensive lawsuits means of lots of money and it’s not good for business either.
- It’s a protection for inevitable incidents. When clients feel they’re wronged by a certain firm or company, they will not think twice to file a lawsuit. This incident could happen anytime even when you least expect it. It’s better if you’re prepared.
- The cost for a light case is still a cost. It means shredding you’re hard-earned money. To prevent this from happening, contact a professional liability insurance provider to discuss about policies that would fit your firm and your employees.
- Having the best Professional Liability Insurance for Healthcare HPSO’s will likely give you a financial security. It’s the safest way to protect your profession, plus it will surely give you peace of mind.
Professional Liability Insurance
It’s been said that professional liability insurance is important for professionals who are giving service to customers using their specialization. To avoid financial loss due to customer complaints and lawsuits, this insurance becomes a hot commodity for business professionals out there.
August 25th, 2014
Every medical professional knows how risky their everyday work is. Apart from the fact that people come to them with their lives on their hands, their exposure to various types of diseases on an everyday basis could put their health in jeopardy. Because of these, it is very important for every healthcare professional to think of the Professional Liability Insurance for healthcare hpsos that they buy to ensure that it covers everything they need.
Luckily, there are a couple of guidelines on how this decision should be made. Here they are on a list:
- Claims and Coverage – what are the guidelines included in the insurance policy? The substantial differences in the claims that the insurance company accepts and the coverage that they offer will make a big impact in the decision-making process. There will always be a substantial difference in these two and that is what you should carefully look into.
- Company ratings – the financial strength of the insurance company should be able to give you an idea whether they are worth your investment or not. The ratings that they gain when compared to other insurance companies should do fairly well to gain your trust.
- Settlement Options – what is the extent of the options that they offer? Do they have funding for out of court settlements, because usually, these are the more expensive. Although less time consuming, settlements outside of court can mean a one-time big payment. If your insurance company does not offer that, you might want to think twice of whether to get covered by them or not.
- Policy Limits – what are the limits of your policy? You should understand what the policy offers and to what extent. After all, when you find yourself dealing with a malpractice lawsuit, you should be able to tap and get all the help that you need. After all, insurance should be all about that and more.
A great number of Professional Liability Insurance policies in the market has not made the decision-making process any easier. Because each one promises to be better than the last one, picking just one policy for a healthcare professional has become totally impossible.
August 7th, 2014
By now, you probably know what a professional liability insurance policy is. Quite simply, this type of policy is bought by professionals looking to safeguard the future of their profession against the constant threat of lawsuits. As an example, a health provider can be accused of medical malpractice if he or she prescribed the wrong dosage of medication to a patient. If the latter can prove professional negligence—and that they were harmed as a result of it—then the possibility of them filing a lawsuit against the healthcare provider is very high.
If the health provider in question is not able to prove their innocence—and if they are not covered under a professional liability insurance policy—then the lawsuit has the potential to leave them financially ruined for a very long time.
So that’s right: This type of coverage protects professionals from financial loss associated with a lawsuit. But what exactly does this policy cover and what does “financial loss” mean? Even more importantly—do you have to be innocent to profit from this type of coverage?
The answer is no. A professional liability insurance policy protects you, regardless of whether you were at fault or not. Once the deductible has been paid to your insurance company—or in other words, the amount of money that you agreed to pay before the company is able to reimburse your claim—the latter will take care of every fee associated with the lawsuit. This includes the defense fees as well as the settlement that has been ordered by the court. So that’s right: You won’t have to worry about hiring a lawyer to defend you. Your insurance company will take care of that. What’s more, the lawyer will work closely with you and do everything in their power to prove your innocence—assuming that it is the case, of course.
It is good to note, however, that certain policy won’t cover you for mistakes that you might have done in the past and which led to someone to file a lawsuit against you. It is always a good idea, therefore, to spend time reading the details of a policy before buying it, and to consult with your insurance broker on a regular basis.