Physicians Insurance: Choosing the Right Policy
The statistics alone are enough to give any physician or dentist pause. According to a study cited in a February 2013 Forbes article:
- A physician can expect to have a medical malpractice claim opened about every 7 years;
- Some specialists will spend nearly a third of their career dealing with open claims; and
- The average physician spends nearly 51 months over a 40-year career dealing with malpractice claims.
And it shouldn’t surprise you that any claim, no matter the outcome, is an expensive claim. As the Insurance Information Institute reported in 2011, “medical malpractice cost increases have outpaced other tort areas, rising at an average of 10.0 percent a year, compared with 7.5 percent for all other tort costs.”
In this famously litigious culture, malpractice claims hang like a sword over your practice – no matter how accomplished, respected or experienced you are. Even if you never considered physicians insurance before, weighing the features and the benefits of insurance against the risk of going without can help you make a more informed decision.
Choosing the Right Physicians Insurance Policy
Physicians insurance typically takes three basic forms:
- Physicians Malpractice Insurance addresses the inherent risk of administering to patients by covering a physician for alleged errors in diagnostics or treatment. These policies, known as med-mal, generally cover claims for perceived medical errors or neglect and defense costs. Significantly, med-mal policies fill in the coverage gaps left by general liability insurance.
- Stand Alone Physicians Tail provides retroactive physicians insurance protection against malpractice claims. “Tail” refers to a policy that permits a physician to report claims that are made against him after a policy has expired or been canceled, if the alleged act that gave rise to the claim took place during the active period of the policy. A reliable insurer can offer you stand-alone physicians tail coverage for one year, three years, five years, or even unlimited reporting periods.
- Dental Malpractice Insurance addresses the specific needs of dental providers who offer general, surgical, orthodontic, cosmetic and other procedures. The kinds of suits brought against dentists can include alleged errors in treatment or technique, and complaints about follow-up or referral. As with physicians, a malpractice suit brought against a dentist is an expensive proposition.
Join Forces with a Reputable Partner
The fear of a malpractice suit – now or in the future – need not slow your practice or drain your budget. Using the dentist and physicians insurance policies offered by Insurance Innovations, a trusted partner of leading insurance carriers for more than 12 years, you can find fast access to quotes, options and advice both online and from a dedicated staff.
Call Us Toll-Free: 888.871.9096 or Contact Us Online to see how comprehensive coverage delivers peace of mind.
Happy Holidays from Insurance Innovations
Happy Holidays from Insurance Innovations! We are wishing everyone the best!
Administrative Professionals We Thank You.
Today is Administrative Professionals’ Day, with the rest of the week (April 21-27) also dedicated to acknowledging administrative professionals.
This is an ideal occasion to show your administrative employees that you appreciate them. So why not consider taking them out to lunch, buying them flowers or a professional gift as a token of your gratitude. But don’t stop there…
A recent survey conducted by Office Team, an administrative and office staffing group, showed that 94% of senior managers said “their administrative professional is important to their success at work.” With this and other related findings, they not surprisingly advocate for keeping these integral employees satisfied by recognizing their contributions and accomplishments throughout the year.
Read more about how you can acknowledge your administrative professional today, this week and all year long..
Insurance Innovations can provide a professional liability quote for doctors, dentists, travel agencies and more.
Medical Malpractice Insurance Reform in Florida
Good News for Florida Physicians and Medical Malpractice Insurance Carriers
Insurance Journal’s Michael Adams says the tort reform cluster recently passed by the Florida House of Representatives favors both the doctor and medical malpractice insurance provider.
For starters, he explains that the new legislation mandates that “experts” taking the stand in malpractice cases be “engaged in” the defendant physician’s specialty. Prior to the bill, “the expert witness could be in a same or similar specialty,” the article states, “and the courts had the broad authority to decide what constituted a similar specialty.”
In addition, bill supporters claim the legislation focuses on aspects of the law that can lead to increased medical malpractice insurance rates, Adams continued, and make doctors more vulnerable from a legal standpoint.
Among the proponents is Florida Chamber of Commerce Executive Vice President David Hart, who compliments the Florida Medical Association and the Florida House on their approval of the legislation. He explained that it will “make Florida’s legal environment more friendly for physicians.”
Read the full article, Florida Lawmakers Approve Medical Malpractice Reform, on the Insurance Journal website to learn more.
Florida physicians: We want to hear from you. How will medical malpractice reform impact you and your business?
Get a Medical Malpractice Insurance Quote from Physicians Insurance Company and Insurance Innovations.
Physicians Insurance Company insures over 900 doctors in the state of Florida. They have the best loss ratio of domestic malpractice carriers along with superior claims management and service.
Have an insurance topic you would like us to blog about? Let us know by commenting below, contact us or send us an email at firstname.lastname@example.org.
Fireman’s Fund Celebrates 150 Years
We are happy to announce that our long-time insurance partner
and carrier, Fireman’s Fund Insurance Company (FFIC), celebrated their sesquicentennial anniversary on Monday,
May 6th, 2013.
In honor of their first 150 years in the business, let’s take
a step back in time with Fireman’s Fund by viewing an interactive timeline and brief video they created
for this special occasion. The film explores their beginnings in 1863 through their more recent green insurance efforts, and, not surprisingly, their ongoing commitment to firefighters.
Fireman’s Fund has clearly come a long way in their century and a half in the business, and remnants of
the business continue to travel, literally. According to Don Jergler at Insurance Journal, Fireman’s Fund‘s anniversary festivities began at the Old Mint in San Francisco, California, with a number of historic items on display, which ultimately made their way around the country as a “traveling exhibit.”
Jergler also had an opportunity to speak with Fireman’s Fund President and CEO Lori Fouché at the event in San Francisco. Visit the Insurance Journal site to watch or read the interview.
At Insurance Innovations, we are proud of our own history with Fireman’s Fund. For more than a decade, we have been partnering with them to provide dental professionals with affordable and dependable dental professional liability coverage.
Let Insurance Innovations and Fireman’s Fund provide you with an dental professional liability indication online.
Get a quote from a company with invaluable experience, that does so much for their community.
National Nurses Week 2013: Focus on Quality and Innovation
The American Nurse, the “official publication of the American Nurses Association,” recently published an article on National Nurses Week, using the occasion as an opportunity to highlight several nursing professionals and groups that, they say, exemplify this year’s theme of “delivering quality and innovation in patient care.”
Florida Nurse Association Member Pat Quigley, PhD, MPH, ARNP, CRRN, FAAN and FAANP, was named for her dedication to enhancing the autonomy and “mobility of people living with disabilities and chronic diseases.” Barbara Blakeney, MS, RN, FNAP; Laura Beth Brown, MSN, RN and her colleagues; and a team at Rose Medical Center in Denver, CO, were also noted for demonstrating leadership in quality and innovation. Read the full article, National Nurses Week: Delivering quality and innovation in patient care, to learn more.
National Nurses Week 2013 kicked off earlier this week, on Monday, May 6th. The annual event, a celebration of nurses and their accomplishments, closes on May 12th in conjunction with iconic nurse Florence Nightingale‘s birthday, who is widely considered the founder of modern nursing.
Although National Nurses Week week may be drawing to a close, you still have plenty of time to honor and appreciate your nurse colleagues, who are so integral to healthcare, and often play the role of confidant and caring friend in addition to their official duties. The American Nurse Foundation has devised a way to keep the celebration going during the year through their Honor a Nurse program.
Insurance Innovations offers affordable and dependable professional liability insurance for the medical professional. Visit our website today for an instant quote.
COMING SOON – Nurse Practitioner Liability Insurance.
Tax Season a Boon for Travel Agents & Tax Day Freebies
Tax day 2013 is drawing to a close, with only a few hours left to file. As many breathe a sigh of relief, travel agents may be entering into a period of great opportunity.
Emily Feldman reported today on NBC Washington.com that a number of hotels in the continental U.S. and beyond are wooing potential travelers with tax season deals. The Sheraton Nassau Beach Resort and Casino, for example, is offering a themed vacation, complete with “dolphin therapy for two,” at a cleverly-priced $1,040. Other properties, in keeping with the concept, are advertising tax-free accommodations and rebates.
A variety of timely travel deals, coupled with the fact that a recent Travel Leads Group poll shows that many Americans plan to use at least a portion of their tax returns on travel, may be creating a perfect storm for the travel agent.
Read the full article on NBCWashington.com to explore other tax season travel offers and tax day freebies you won’t want to miss.
Get a travel agency E&O quote from Insurance Innovations and Liberty Mutual Insurance.
Tax Day is April 15th
Have you filed your taxes yet? With Tax Day in the U.S. just one week away, the countdown is on.
But don’t despair if you haven’t filed yet, and know that you are not alone. According to Yahoo!’s Financially Fit Host Farnoosh Torabi,
who recently spoke with Yahoo! Finance Correspondent Matt Nesto, nearly one quarter of taxpayers are expected to file within two weeks of the April 15th deadline.
For those who waited until the last minute, Torabi recommends e-filing, which not only cuts submission and return turnaround time, but is also known to decrease a taxpayers’ chances of being audited by the IRS. It’s also not too late, she says, to get help from a professional.
Watch the full video or read the article for more last minute tips on filing your 2012 taxes.
March 30th is National Doctor’s Day
According to the website www.doctorsday.org, the first Doctor’s Day was observed 80 years ago on March 30, 1933. This first celebration entailed mailing cards and leaving flowers at the graves of the doctors that had died. The most common symbol for the day is the red carnation. Read all about National Doctor’s Day.
Insurance Innovations provides professional liability solutions. We make the physician’s job easier by providing them with a stress-free, medical professional liability policy.
Get a physicians professional liability quote now.
Property and Casualty Insurance Execs–U.S. Economy Still Off Track
Property and Casualty Insurance Professionals on U.S. Economy
The Insurance Information Institute recently surveyed 250 property and casualty insurance professionals, and found more than 70% of them agree that the “U.S. economy is still not on the right track,” according to the Insurance Journal’s Opening Note on Jan. 28, 2013.
What is your take on this? Read the full article here.