Frequently Asked Questions
- What type of property & casualty insurance coverages are available?
- Do I need general liability coverage?
- How much coverage do I need for my property (office/building, computers, equipment, etc.)?
- As an owner/physician, should I cover myself for Workers’ Compensation?
- How do I protect myself from claims brought against me by my employees?
- Why does my company need cyber liability insurance?
Q: What type of property & casualty insurance coverages are available?
A. There are several coverages available, including:
- Business Owner’s Package (includes General Liability & Property)
- Workers’ Compensation
- Employment Practices Liability
- Directors & Officers Liability
- Errors & Omissions Liability
- Umbrella/Excess Liability
- Fiduciary Liability
- Commercial Auto Coverage
- Excess Earthquake
- Cyber Liability
Q. Do I need general liability coverage?
A. Yes. Your professional liability (malpractice) policy does not provide for coverage for General liability. To cover your general liability risk you need to purchase a separate policy which should include:
Q: What type of property & casualty insurance coverages are available?
A. There are several coverages available, including:
- Business Owner’s Package (includes General Liability & Property)
- Workers’ Compensation
- Employment Practices Liability
- Directors & Officers Liability
- Errors & Omissions Liability
- Umbrella/Excess Liability
- Fiduciary Liability
- Commercial Auto Coverage
- Excess Earthquake
- Cyber Liability
Q. Do I need general liability coverage?
A. Yes. Your professional liability (malpractice) policy does not provide for coverage for
General liability. To cover your general liability risk you need to purchase a separate policy which should include:
- Premises liability – covers your clients/patients from injuries occurring on your premises such as slips and falls.
- Personal and advertising injury – coverage for libel, slander or copyright infringement.
- Fire damage liability – covers fire damage to your leased premises
- Medical payments – covers “goodwill” medical payments to the public
Q: How much coverage do I need for my property (office/building, computers, equipment, etc.)?
A. You should insure your business property on a replacement cost basis (without consideration of depreciation.) Payment should be based on “new for old”. It is also important to add any leasehold improvements that you may have made to your office.
Q. As an owner/physician, should I cover myself for Workers’ Compensation?
A. Typically, medical practices choose to exclude the physician owners from their Workers’ Compensation insurance. This decreases cost to the program as the payroll for these owners would not be included in calculation of the premium. It is recommended that you advise your health insurance company that you are doing this.
Each physician partner must sign an exclusion that states that they understand they are excluded from the Workers’ Compensation coverage. There can be substantial annual premium savings. This should be evaluated and discussed on a case by case basis. We will review the difference in costs based on each individual practice needs.
Q. How do I protect myself from claims brought against me by my employees?
A. All employers face potential risks when they hire of fire an employee. The management of people is complex, creating many opportunities for mistakes. Because the number of lawsuits for wrongful termination, discrimination, hostile work environment and sexual harassment has increased dramatically over the last decade, we strongly suggest all employers protect themselves by purchasing Employment Practices Liability insurance. (EPLI)
Q. Why does my company need cyber liability insurance?
A: security breach could result in losses of hundreds of thousands or even millions of dollars, not to mention an incalculable loss of reputation.
A breach can result from a simple mistake. An employee might misplace a laptop or leave in an unsecured location, such as a car and it is stolen.
Federal or state laws mandate that your company take (and bear the expense of) certain measures in the event of a security breach.
This insurance helps protect against a broad range of potentially costly security threats, including:
- Identity theft resulting from lost or stolen Social Security numbers, credit card, drivers’ license, health or financial information.
- Hacker malfeasance resulting in the theft of confidential information
- e-Business interruption resulting from a cyber attack
- Costs relating to privacy notification, crisis management and disaster recovery.