what does professional liability insurance cover?
Professional liability insurance for physicians typically includes coverage for legal fees, settlements, and judgments in malpractice lawsuits. It addresses claims of negligence and errors in healthcare delivery. Key aspects like arbitration costs, medical damages, and punitive and compensatory damages are often covered.
why is tailored coverage important?
Given the diverse nature of medical practices, one-size-fits-all insurance coverage is inadequate. Physicians are advised to collaborate with specialized insurance brokers, like Westwood Insurance Group to secure a policy that is tailored to their specific practice needs and risk exposures.
Some things to consider:
- What coverage limits do you want? The most common limits are $1 million per claim and $3 million total for the claim period, however your particular state, or the medical organization you work for may have different requirements.
- Do you need insurance to cover claims made during the insured period or occurrences? Occurrences coverage will cover you even if the claims are lodged after the period of insurance, provided the event being claimed for occurred during the insured period. For instance, if you are retiring at the end of the year of coverage, and you have a claims made policy, you may want to purchase tail coverage, in case claims are lodged after you retire.
- Do you want your policy to include a “consent to settle” clause, allowing you to approve a potential settlement, or to withhold approval if you don’t like the terms of the settlement.
other types of insurance we can help you with
Business Owners Policy
A comprehensive insurance package designed for physicians with small to medium-sized businesses, providing a blend of liability protection and property insurance.
Cyber Liability Insurance
Covers you against financial losses associated with data breaches, cyber attacks, and other incidents. Insurers will usually help fix vulnerabilities as part of this policy.
Commercial Auto Insurance
This is relevant for physicians who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.
Contact Michael Richards now
Michael and the team at Westwood Insurance Group specialize in sourcing the best insurance for medical professionals and facilities at competitive prices.
You can call him on the number below or fill out the form and he will get your message directly:
insurance for allied health care
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.
insurance for medical providers
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.
- Professional Liability Insurance (Medical Malpractice Insurance)
- General Liability Insurance
- Business Owner’s Policy (BOP Insurance)
- Excess and umbrella coverage
- Cyber Liability Insurance
- Telemedicine Malpractice Insurance
- Commercial Property Insurance
- Commercial Auto Insurance
- Directors and Officers Liability (D&O) insurance
- Sexual Abuse & Molestation (SAM) insurance
- Workers’ Compensation Insurance
- RAC Audit Coverage
- Errors & Omissions Insurance
- Employment Practices Liability
- Environmental Liability insurance
- HNO Insurance
- Fully/Partially Funded insurance
- Crime Insurance
Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:
- Starting a Single Parent Captive (Pure captive)
- Joining a Protected Cell Captive (Segregated Cell)
- Micro Captive Insurance
- Group Captive Insurance
- Risk Retention Group (RRG)
- Special Purpose Vehicle (SPV) Captive
- Stand alone ERP (extended reporting period)
- Loss Portfolio Transfers (LPTs)
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.