Page 3 - SOUTH FLORIDA HOSPITAL NEWS AUGUST 2021

Malpractice Insurance

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Annual Liability Coverage

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BY VANESSA ORR ance. According to Keeper
Security, nearly two-thirds
To stay healthy, it’s of healthcare organiza-
important to get an annual tions globally have experi-
physical. In the business enced cyberattacks in their
world, it’s just as impor- lifetimes, while 53 percent
tant to do an annual have been attacked within
review of liability coverage the last 12 months
to make sure that your “It can cost a minimum
company or practice is of $20,000 to $30,000 to
managing risk should an clean up a cyberattack,”
unexpected or potentially said Gompers. “If you suf-
costly event occur. fer a big hit and have a lot
“Businesses change over Bill Gompers of information stolen, it
time—for example, a can cost hundreds of thou-
physician practice might hire new doc- sands of dollars.”
tors or invest in new equipment—so it’s Even general liability insurance poli-
vital to make sure that the company has cies need to be reviewed as it is important
the right types of coverage in the correct to know the responsible party in case of
amounts,” explained Bill Gompers, CFE, an accident. “If someone slips and falls in
healthcare providers’ insurance specialist the waiting area or falls off an exam table,
at Danna-Gracey. “While you can’t com- who is responsible?” asked Gompers.
pletely avoid risk, the question is how “While a lot of doctors think that their
much you want to take on yourself and landlords’ policies cover this, they may
how much you want to share with the not, and it can get very expensive if
insurance company. someone suffers a serious injury.” The Latest Siemens Healthineers
“A lot of practices and companies Gompers also advises clients to look
think that they have the right coverage, into regulatory liability insurance and ACUSON Sequoia Ultrasound System,
but find out that they don’t have what employment practices liability insurance now available in Florida
they need when they need it,” he added. as companies can lose money as a result exclusively from Med-Lab.
“It’s like when a hurricane strikes; a of everything from claims based on alle-
homeowner may think that their screen gations of billing errors, to shadow-
enclosure is covered, but find out after auditing expenses, to being sued for not
it’s damaged that they didn’t have the enrolling an employee in a benefits pro-
proper rider on their policy.” gram. eŸ ± ŸŅĹŅčų±ŞĘåųØ ƼŅƚų ĵ±ÏĘĜĹå ĜŸ ƼŅƚų ĜĹŸƋųƚĵåĹƋţ
He adds that when purchasing liability “If the government comes in to audit ¥Ņƚűƴå ĵ±ŸƋåųåÚ ĜƋŸ ŧƚĜųĩŸţ ¥Ņƚ ĩĹŅƵ ĘŅƵ ƋŅ ĵ±ĩå ĜƋ ŸĜĹčţ
policies, buyers can be misled or not you, you need to have someone repre-
understand what the policies cover as senting you,” he said of the insurance ƚƋ ±Ƌ ± ÏåųƋ±ĜĹ ŞŅĜĹƋØ ƋĘå ŅĹĬƼ Ƶ±Ƽ ƋŅ ŞƚŸĘ ƼŅƚų
carriers’ policy forms are not uniform that covers legal expenses as well as pro-
and have exclusions that allow them to vides reimbursements for regulatory ŞåųüŅųĵ±ĹÏå üƚųƋĘåų ĜŸ ƋŅ ±ÚŅŞƋ ± ĵŅųå ±Úƴ±ĹÏåÚ
offer lower rates. fines and penalties. “Any of these issues ĜĹŸƋųƚĵåĹƋţ ‰Ę±ƋűŸ ƵĘåųå aåÚěX±Æ ÏŅĵåŸ ĜĹţ
Healthcare providers can choose from can slow or stop the flow of money into
a number of liability coverages, including a practice.”
professional liability insurance (medical Working with agencies that are health- Discover Your Dream Machine
malpractice); workers’ compensation care providers’ insurance specialists can
insurance; regulatory liability insurance; not only reduce risk, but ensure peace of • New DAX (deep abdominal)
employment practices liability insurance mind and provide you and your organi-
(EPLI); commercial general liability zation with value-added services. transducer penetrates up to 40cm.
insurance; cyber liability insurance and “Don’t just work with an order-taker— • Image patients of all sizes accurately and consistently.
employee benefits liability insurance. work with professionals who understand
“One of the most important liability your business and can give you prudent • Intuitive features you’ll appreciate right out of the box.
coverages—that many practices don’t advice,” said Gompers. “Things change, • Exceptional image quality and color sensitivity.
know they need—is employment prac- and it’s important to know that your
tices liability insurance,” said Gompers. assets are protected. ƽ (YXXMRK IHKI GSQTSRIRXW TVIWIVZI WMKREP ǻHIPMX]
“You are at risk every time you discipline “I have people say, ‘I haven’t had this • Faster, clearer imaging with minimal degradation.
someone, fire them, or accept their resig- coverage in 10 years and I’m saving
nation; companies can also be sued for money on premiums because there • Image deeply without compromising diagnostic integrity.
sexual harassment and discrimination.” haven’t been any claims,’” he added.
EPLI protects businesses against the “That’s like saying that you have life
high costs of lawsuits due to discrimina- insurance and you don’t need it because
tion, harassment, wrongful termination you haven’t collected on it. You need it
and other potential charges stemming when you need it.”
from employment practices, and can
cover the costs of legal defense, settle- To schedule your company’s annual
ments and other court fees. review, contact Bill Gompers at
With cybercrime on the rise, it is also bill@dannagracey.com, (888) 777-7173
important to carry cyber liability insur- or visit www.dannagracey.com. We Bring the Future into Focus

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