Liability insurance

Things you need to remember

5 Reasons Why Get Professional Liability Insurance For Healthcare HPSO’s

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

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.

Professional Liability Insurance: A Guide To Choosing The Right Coverage

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:

Liability Insurance

Liability Insurance

  • 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.

What Does “Adequate” Professional Liability Insurance Coverage Entail?

May 23rd, 2014

When shopping around for the perfect professional liability insurance policy, it is a good idea to look at the various options available to you. As a professional, protecting your future by insuring yourself is always a wise idea—but so is ensuring that the coverage that you buy is able to meet your needs adequately.

When people buy a policy, they think that they will automatically be covered for everything that they need… without having to do their homework. The truth is that policies tend to differ from company to company. As a buyer, you must spend some time reading the details of a policy and even go as far as discuss it with your insurance broker to make sure that you are on the same page.

With that being said, what exactly does “adequate” professional liability insurance coverage entail? You first have to see if the policy covers everything that you do in your profession. You also have to remember that it is not uncommon for people to stray beyond their original profession during the course of their work. If you purchase a professional liability insurance policy for your main profession, you should ensure to have additional coverage as needed.

The next thing that you will have to do is research whether the defense costs are included in the policy. We don’t recommend buying a policy that do not include the defense costs as the latter can be very costly. Prevention truly is the key: Even if you find yourself having to pay higher premiums (and a higher deductible), those two combined are still better than the defense fees that you would have to pay in the event of a claim.

When shopping around for the best professional liability insurance policy, you should also always double check that the coverage is not exclusive to your country only—especially if your profession involves working with clients from foreign countries. Lastly, you should also consider whether the policy has a retroactive exclusive date. If it is the case, then you might find yourself in trouble down the road when someone files a claim against you for an error or omission that occurred before the retroactive date. No matter how unlikely this might sound, it is not uncommon for people to file a lawsuit against a professional for work that was done years ago.

We always recommend that you discuss those points with your insurance broker, particularly if you are thinking of switching insurance company.