What Claims Could Your Practice Not Afford?

PRA Newsletter | Fourth Quarter | Issue IV | October 1, 2018

Don't Get Caught Without

the Right Coverage

Practicing medicine requires more than just medical malpractice insurance to protect your assets. You're at risk for other costly liabilities, and it's important to identify these exposures and plan accordingly.


By the time a claim is made, it's already too late to seek proper coverage. Read on to learn more about the additional coverages that could behoove your practice and speak with your agent today to discuss your options. Be sure to follow us on Facebook, Twitter and LinkedIn to stay informed on Professional Risk and the latest in the healthcare community.


High Limit Disability:

Are You Covered For An Incident?

Case Study: Unexpected Injury

Dr. Carol, an anesthesiologist making $300,000 a year, tore her ACL during a skiing incident leaving her unable to perform her duties. It would be more than 5 years before she could make a full recovery. However, thanks to her disability benefits, her entire absence was covered!


Disability insurance is a cornerstone of secure financial planning that protects individual physicians and your practice's overhead expenses. Some of the most common causes of disability can include; unexpected illnesses, musculoskeletal disorders, unexpected injuries, and lifestyle choices. All of these would occur outside of the scope of a physician's duties, and would therefore not be covered by workers' compensation. This gap in coverage leaves your practice vulnerable to high reparations in the event of an incident or illness.


Outside of its risk retention, providing comprehensive disability insurance can also be an enticing benefit to offer new employees to ensure higher retention rates. You can read more about these benefits and your insurance options here.


If you would like a complimentary analysis of your current coverage, you can contact our or consultant, Connie Barnes, CLU, ChFC directly by phone: (615) 293-1463 or via email.


Executive Liability: What Do These Coverages Do For My Practice?

Executive liability exposures relate to risks associated with managerial procedures. These exposures are most commonly associated with Directors and Officers (D&O) Liability Insurance, Employment Practices Liability Insurance (EPLI), and Fiduciary Liability Insurance.


According to Chubb’s 2016 Private Company Risk Survey, more than 1 in 4 private companies have experience a D&O liability loss in the last 3 years.


In 2017 alone, the United States Equal Opportunity Commission recorded more than 84,000 charges filed for EPLI related claims.


In one instance, a fiduciary claim relating to a 401 (K) plan that generated poor returns was settled for $250,000 with defense costs exceeding another $150,000.


In short, each of these liabilities present a serious threat to your practice’s financial well-being in the event of an unexpected claim. You can get a more in-depth understanding of each of these by reading our blog a comprehensive guide to your executive liabilities!


If you’d like to speak with an agent today regarding your practice’s unique exposures, contact us at (800) 318-9930.

Risk Management: Distracted Doctoring


The greatest measure you can take to protect your practice will always be prevention!

This stems from managing your risks and identifying areas where you can improve your services. See The Doctors Company's latest CME On-Demand activities in the links below to learn how to combat workplace distractions.

Distracted Practice
Reducing Risks of Distracted Practice
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Contact Professional Risk

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Midlothian, VA 23113

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Tel: 1-800-318-9930

Fax: 804-794-3468

info@profrisk.com

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