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What are some types of coverage are important to consider?

Medical Malpractice

Professional Liability

Loss of Business Income

Employer Practices Liability

Valuable Papers & Records

Electronic Data Processing

Cyber Liability

Hired & Non-Owned Autos

Employee Dishonesty

Key Person for Professionals

Improvements & Betterments

Important Considerations in Choosing an Agent to Service Your Medical or Physician’s Office

Knowledge of the Industry

Experienced Staff

Fast Certificate Processing

Claims Representation

Billing & Finance Options

Support Backup

Access to Multiple Markets

When Insuring a medical office, it’s necessary to consider the inherent exposures. Before analyzing which risks need to be addressed, a certain amount of fact finding needs be completed.

First, what kind of medical office or facility are we examining? Does the practice serve strictly to elders or does it accept all the members in the family? How are the facilities set up to accommodate either the seniors or young children? Are there ramps and handrails installed? Small objects that children can choke on? Is there a defibrillator on premises?

Second, how does the office store it’s patient records? Is the information uploaded to secure server that held on site or is the information uploaded periodically via the Internet? If hard copies are kept, how are the files protected? Against theft? Against fire? Are backups made periodically? Kept offsite?

Third, how does the practice hire it’s applicants? Are background checks done to verify past employment? Does the office comply with the latest Patriot Act requirements? What procedures are in force with regard to employee complaints? Do the benefit plans conform to the new non-discrimination laws?

As you can see above, these questions are just a few that many insurance agents and office managers may overlook. When we work with our clients or insurance professionals, we use the enterprise approach. We incorporate various risk management techniques that enable us to focus on what exposures can potentially cause the greatest risk to an organization and how we can protect the organization to deal with it.

Can the risks be transferred? For the employees that are transient, is it cost effective leasing temporary labor rather than to deal with the latest regulatory requirements?

Regarding the storage of patient data; what procedures can be implement to minimize or prevent HIPAA violations? Would it be more practical investing in a new computer and data system that has the capability to encrypt all the patient files and hold it on a secure server or should coverage be obtained by an insurance policy that protects against breach of patient privacy? How about both?

It is important to work with professionals that have an understanding of the business and are also able to to examine exposures from all angles. Using the team approach, it becomes easier to create a plan that can fill as many voids in coverage possible. Combining these techniques provides a basis for effective risk management and loss control.

By William F. Schaake, CIC, CRM 12/18/2010

Insurance Programs for Medical Offices

Key Words

Physician, Doctor, Dentist, Therapist, Chiropractor, Specialist, General Practitioner, Internist, Gynecologist, Provider, Facility, Practice, Hospital, Nursing Home