insurance for medical directors

Medical directors need malpractice insurance

Please fill out the form below for a quote on liability insurance for medical directors:

Quick Quote for Liability Insurance


why do medical directors need insurance?

As a medical director, you play a crucial role in healthcare management, serving as a bridge between clinical and administrative aspects to ensure the delivery of high-quality care. Your decisions have a significant impact on patient outcomes, staff well-being, and the operational effectiveness of healthcare facilities. With this substantial responsibility come unique challenges that require comprehensive risk management strategies, particularly in the realm of insurance.

Here are some key challenges when considering insurance:

Professional Liability Risks: Your significant clinical oversight responsibilities can expose you to malpractice claims. It’s crucial to have comprehensive professional liability insurance that covers the broad scope of your decision-making and potential legal risks.

Regulatory Compliance: You are responsible for ensuring that healthcare facilities comply with complex regulations. Insurance products that cover potential fines and penalties arising from regulatory infractions are essential for your role.

Management Liability: In your leadership position, you may face lawsuits related to administrative functions. This includes employment practices liability, directors and officers liability, and fiduciary liability. It’s important to have management liability policies that protect against claims from employees, regulatory bodies, and third parties.

Operational Continuity: Your involvement in strategic planning and crisis management means that business interruption insurance is critical. This insurance safeguards against losses from unforeseen disruptions to operations, such as those caused by pandemics or natural disasters.

Data Breaches and Cybersecurity: Overseeing the integration of technology in healthcare brings risks associated with data security. Cyber liability insurance is crucial to protect against the costs associated with breaches of patient data.

Personal Indemnity and Employment Risks: Given your high-profile position, personal indemnity insurance may be necessary to protect your personal assets in case of litigation. Additionally, employment practices liability insurance is important to cover claims related to the hiring, managing, and potential wrongful termination of staff.

Navigating these challenges effectively is crucial for ensuring not only your protection but also the smooth operation of the healthcare facilities you oversee. Being aware of these risks and how specific insurance products can mitigate them is key to your role as a medical director.

what types of insurance do medical directors need?

General Liability Insurance

General Liability Insurance

This is necessary for Medical Directors with their own facilities. It  covers medical expenses and attorney fees resulting from bodily injuries and property damage your facility or organization could be legally responsible for.

Business owner's policy (BOP insurance)

Business owner's policy (BOP insurance)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for Medical Professionals with small to medium-sized businesses, providing a blend of liability protection and property insurance.

Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance overs any negligence or mistakes made by the individual medical professional during their practice. It differs from General Liability insurance, which covers the practice itself. 

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for Medical Directors who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Workers Compensation Insurance

Workers Compensation Insurance

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

Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.

Contact Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for Medical Directors. 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.

contact westwood now 

Are you at risk of a major Cyber Attack?

Fill out the form below
for a free, no-obligation,  comprehensive assessment

Phone

216.539.0841
855.351.7487

Email

Click here

insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

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.