insurance for medical centers

Insurance for medical centers

 Westwood will work with you to ensure your medical center has adequate coverage for every threat you could face.

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why do medical centers need insurance?

The complexity of medical care, coupled with the inherent risks of clinical procedures and the high expectations of patients, exposes medical centers to various risks and potential lawsuits. Here are key areas where they are vulnerable to being sued for malpractice:

  1. Diagnostic Errors: Misdiagnosis or delayed diagnosis can lead to incorrect treatment, lack of necessary treatment, or unnecessary treatments, all of which can significantly impact patient outcomes and lead to malpractice claims.
  2. Treatment and Procedural Errors: Errors during medical or surgical procedures can result in patient harm, complications, or even death. This includes surgical errors, incorrect medication administration, and failure to manage complications effectively.
  3. Inadequate Patient Monitoring and Follow-up: Failing to monitor a patient’s condition adequately or to provide appropriate follow-up care can lead to deterioration of the patient’s health condition, potentially resulting in claims of negligence.
  4. Failure to Obtain Informed Consent: Healthcare providers must ensure that patients are fully informed about the risks, benefits, and alternatives of proposed treatments or procedures. Failure to obtain proper informed consent can lead to lawsuits if patients experience adverse outcomes they were not adequately warned about.
  5. Infections and Hospital-Acquired Conditions: Patients who acquire infections or other conditions (e.g., pressure ulcers, falls) while in the care of a medical center can lead to claims of inadequate care or sanitary practices.
  6. Medication Errors: Mistakes in prescribing, dispensing, or administering medications can have severe consequences, including allergic reactions, adverse drug interactions, and overdoses, leading to potential malpractice claims.
  7. Breach of Confidentiality and Privacy Violations: Unauthorized disclosure of patient information, whether accidental or through a data breach, can lead to lawsuits for violating patient privacy rights.
  8. Failure to Refer or Delayed Referral: Not referring a patient to a specialist when necessary, or delays in such referrals, can exacerbate a patient’s condition and may be viewed as a failure to provide the standard of care.

Malpractice or liability insurance provides financial protection against claims of negligence or malpractice, covering legal defense costs, settlements, and judgments. For medical centers, this insurance is crucial for mitigating the financial and reputational risks associated with the provision of healthcare services.

what types of insurance do medical centers 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 facilities against claims related to malpractice, negligence, or injury resulting from resident care. Staff members will typically be covered by professional liability insurance.

Sexual Abuse and Molestation Insurance

Sexual Abuse and Molestation Insurance

Provides coverage for your assisted living organization 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 facility 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 medical centers 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, Westwood Insurance Group

Michael specializes in insurance for medical centers. 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.