insurance for medical centers
Medical centers have specific insurance needs. Westwood will work with you to ensure your medical center clients have adequate coverage for every threat they could face.
General Liability Insurance
Professional Liability Insurance
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.
Helping medical centers with their special insurance requirements
Insurance is important for Medical centers, as they are among the most important institutions in our society. They provide vital health services to everyone, from pregnant women and new mothers to children and the elderly. However, medical centers also face a number of challenges.
One of the biggest challenges is ensuring that everyone has access to quality care. This can be difficult, especially in areas that are rural or have a high population density. Another challenge is funding. Medical centers often have to compete with other important institutions, like schools and prisons, for limited resources.
Finally, medical centers also face the challenge of keeping up with constantly changing technology. This can be difficult, especially if a center does not have the financial resources to invest in new equipment and treatments.
One of the most important insurance requirements for medical centers is General liability insurance. This coverage protects the center from any legal damages that may be incurred as a result of its operations. medical centers are also required to carry property insurance, which covers any damage to the center’s property.
In addition to these requirements, medical centers may also be required to carry workers’ compensation insurance. This coverage protects employees who are injured on the job. Finally, medical centers may be required to carry health insurance, which covers the cost of medical care for employees and patients.
meeting these insurance requirements is essential for medical centers. By complying with these requirements, medical centers can ensure that they are protected from any potential liabilities and that their patients receive the best possible care. Click here to find out more