Insurance for physician groups

Insurance is essential for physician groups

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why do physician groups need insurance?

Physician groups face numerous challenges that necessitate the need for malpractice or liability insurance. Operating in an increasingly complex healthcare landscape, these groups are exposed to a wide array of potential liabilities. Here are key areas where physician groups are vulnerable to being sued for malpractice:

  1. Diagnostic Errors: Misdiagnosis or delayed diagnosis remains one of the most common reasons for malpractice claims against physicians. Such errors can lead to inappropriate treatment, delayed treatment, or lack of treatment, potentially resulting in harm to the patient.

  2. Treatment Errors: Errors in the treatment process, including incorrect medication prescriptions, surgical errors, or inappropriate therapy, can directly harm patients and lead to malpractice lawsuits.

  3. Failure to Obtain Informed Consent: Physicians are required to inform patients about the risks, benefits, and alternatives of proposed treatments or procedures. Failure to obtain proper informed consent can lead to claims if patients suffer adverse outcomes they were not adequately warned about.

  4. Failure to Monitor or Follow-up: Adequate monitoring of a patient’s condition and follow-up on treatment are crucial. Negligence in monitoring or failing to follow up, especially when it results in adverse outcomes, can subject physician groups to liability.

  5. Communication Failures: Miscommunication within the healthcare team or with patients can lead to errors in medication, treatment plans, or patient consent, increasing the risk of malpractice claims.

  6. Breach of Confidentiality: Physician groups handle sensitive patient information. Unauthorized disclosure of this information can lead to lawsuits for violating patient privacy under laws such as HIPAA in the United States.

  7. Systemic Issues: Problems such as inadequate staffing, insufficient protocols, or lack of oversight can lead to systemic failures, increasing the likelihood of patient harm and potential malpractice claims.

  8. Procedure-Related Complications: For groups that perform surgical or other invasive procedures, there’s an inherent risk of complications. Even when all protocols are followed, adverse outcomes can occur, for which patients may seek legal recourse.

  9. Prescription and Medication Management Errors: Mistakes in prescribing medications, including incorrect dosages, failure to check for interactions, or prescribing the wrong medication, can have serious consequences for patient health.

Malpractice or liability insurance provides financial protection against claims of negligence or malpractice, covering legal defense costs, settlements, and judgments. For physician groups, this insurance is crucial for mitigating the financial and operational impacts of potential lawsuits. It allows your group to continue providing care while managing the inherent legal and professional risks associated with medical practice.

Westwood work with a number of different carriers to source the most suitable insurance for endoscopy centers at the best price. Get a quote today

what types of insurance do physician groups need?

General Liability Insurance

General Liability Insurance

General Liability covers medical expenses and attorney fees which result from bodily injuries and property damage that your facility or organization could be legally responsible for.

Professional Liability Insurance

Professional Liability Insurance

Also known as malpractice insurance, this  protects physician groups against claims related to malpractice, negligence, or injury resulting from individual physicians, who will typically be covered by professional liability insurance.

Sexual Abuse and Molestation Insurance

Sexual Abuse and Molestation Insurance

Provides coverage for physician groups against claims arising from alleged sexual misconduct or molestation by an employee or other representative of your organization. Essential for the healthcare industry.

Commercial Property Insurance

Commercial Property Insurance

This protects your center against damage or loss to your buildings, equipment, and other property, which can happen as the result of various risks such as fire, theft, or vandalism.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect physician groups and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers your organization against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online systems as part of this policy package.

Contact Michael Richards now

Michael Richards, President of Westwood Insurance Group

Michael specializes in insurance for physician groups. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.