insurance for physicians
Westwood will work with you to ensure your physician clients have adequate coverage for every threat they could face.
General Liability Insurance
General Liability insurance cover medical expenses and attorney fees which result from bodily injuries and property damage that your company or organization could be legally responsible for.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance (E&O), protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.
Directors and Officers Liability (D&O) insurance
D&O insurance (Directors and officers liability insurance), shields the personal assets of company directors and officers, and where necessary, their spouses, from claims which could arise as a result of the decisions they made and actions they took within the scope of their regular duties.
Cyber liability insurance covers the financial costs associated with a breach of your cyber security, such as a ransomware attack. It also covers first party costs including event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.
HNOA, (hired non-owned auto insurance) is designed for organizations who regularly hire vehicles or require employees to use their own vehicles in the course of their work. In the case of an accident where your employee was liable, it could cover physical damage to that other person’s vehicle, medical expenses, the cost of hiring an attorney to defend your business.
Workers’ Comp. Insurance
Workers’ compensation insurance covers your employees for workplace injuries or illness. It provides them with medical and wage benefits.
This coverage is mandated by each state, with the wage and medical benefits varying from state to state. Workers compensation also protects business owners from civil suits by workers who become injured on the job.
Employment Practices Liability
Employment practices liability insurance (EPL insurance or EPLI), covers employers (PDF) against claims made by employees for:
- Discrimination (based on sex, race, age or disability, for example)
- Wrongful termination
- Failure to promote and other employment-related issues
Environmental Liability insurance
Environmental Liability insurance is liability insurance specifically designed to protect environmental liabilities. This is a specialized form of general, commercial liability insurance that provides financial protection against litigation and clean-up costs resulting from claims of injury or damage caused by pollution, contamination or hazardous waste disposals.
Property Insurance covers unexpected damage or loss to property. The policy can be purchased to cover both structures and contents, which are separate policies in many cases. Property Insurance covers physical structures, not land. Medical facilities and aged care facilities need property insurance to cover the real property and all fixed items such as furniture, medical equipment, art works and tapestries.
Crime Insurance covers the insured party a reimbursement if their property is damaged due to a crime. Crime Insurance usually has a huge range of options and comes in different forms. It can be either a rider that can be attached to the existing insurance policy, or it is available as a completely separate product.
Auto insurance is a type of liability insurance coverage, usually mandated by law, for all mechanically propelled vehicles. It provides protection against losses resulting from traffic accidents and against liability that could also arise therefrom. A medical or aged care facility would typically have auto insurance on their fleet of vehicles as well as for any vehicles transporting patients to and from the facility.
Fully/Partially Funded insurance
Partially Funded insurance gives facilities the opportunity to pay a set premium for, and then in turn is partially covered for specific risks.
Fully Funded Insurance allows facilities to pay premiums to have coverage against all risks. In return, if they are unfortunate enough to incur any of the covered loss or injury, they are reimbursed their insurance policy amount.
Excess and umbrella coverage
Excess coverage provides an additional layer of protection over and above what an underlying policy provides. It applies to a single policy only.
An umbrella policy on the other hand, provides additional liability coverage over and above what is provided by a number of underlying policies.
physicians require special coverage
Physicians face a number of challenges in today’s demanding environment. They must be skilled in both medical knowledge and patient care, and must be able to work effectively with other members of the healthcare team. They also need to be able to manage their time effectively, as they often have very demanding schedules. In addition, physicians must be able to deal with the stress of their work, as it can be quite demanding and challenging.
In today’s healthcare environment, physicians are under constant pressure to provide high-quality care while also managing costs. This can be a challenge, as the two goals often conflict with each other. For example, physicians may need to order tests or procedures that are not medically necessary in order to avoid potential legal liability. This “defensive medicine” can drive up the cost of healthcare without necessarily improving patient outcomes.
Another challenge that physicians face is the increasing use of technology in healthcare. While technology can improve patient care and make it more efficient, it can also be a source of stress and frustration for physicians. For example, electronic health records (EHRs) are now widely used in healthcare, but many physicians find them to be time-consuming and difficult to use. In addition, the use of mobile devices and apps is becoming more common, but these can also be a source of distraction and frustration for physicians.
As a professional insurance agent, you should insure your physician clients are covered by professional liability at a minimum. This will protect your clients from the financial ruin a malpractice lawsuit could cause. In addition, physicians should be protected by cyber insurance if they are keeping medical records online.
Cyber insurance will protect your clients from the financial ruin a data breach could cause. Data breaches are becoming more common, and they can be very costly. In addition, physicians should be protected by business insurance if they own their own practice. Business insurance will protect your clients from the financial ruin a lawsuit could cause.
When you partner with the Westwood Insurance Group, you will have support from experienced insurance professionals who can empower you to negotiate the most suitable insurance package for your clients at the best price.