Medical Malpractice Insurance Coverages
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Medical Malpractice
Malpractice policies are in place for when the unexpected happens to a physician who performed a service. The physician is accused liable for an error or omission in their professional capacity. Thus, a claim is made against the physician and the malpractice policy is designed to provide the financial means for a defense and possible indemnity. It’s the “in between” the claim and the coverage that causes all the confusion. The devil’s in the details, as they say…
There are many aspects of a malpractice policy. All of which could have implications and some that deserve more attention. A few examples are:
- Policy forms – claims-made, claims-made plus or occurrence (and the many options within, including prior acts, full prior acts, retro date inception, hammer clause, consent to settle, etc.)
- Type of company – physician-owned, stock companies, mutuals, admitted, non-admitted, rated or not
- Distribution channel – independent agent represented or a direct writer (in some cases a company does both)
There are many decisions to be made, but just the “devils in the details” above warrant having an insurance adviser that has working knowledge and wisdom, along with your trust.
As a medical professional your job is to ensure proper care of your patients’ health needs.
As a boutique provider of Medical Malpractice Insurance services our job is to care for all of your insurance needs, from the most common policies to innovative new levels of protection, insulating your practice and your personal assets from overzealous litigation.
Medical Malpractice Policies for:
- Physicians
- Surgeons
- Surgery Centers
- Imaging Center
- Urgent Care Center
- Miscellaneous Health Care Facilities
Commercial Insurance Coverages:
- General Liability
- Property
- Worker’s Compensation
- Umbrella
- Auto
Personal Insurance Coverages:
- Automobile
- Homeowners
- Boats
- Other assets
Employment Practices Liability (EPLI)
Employment-related litigation is on the rise. A comprehensive Employment Practices Liability Insurance (EPLI) can help protect you from claims by employees.
Employment Practices Liability Insurance (EPLI) protects you from claims and EEOC complaints of Discrimination, Sexual Harassment, Retaliation, Wrongful Termination and Violation of Whistle Blower Laws brought by your employees.
These claims are typically not covered by your general liability policy, but some include a sub-limit for this exposure. However, when sub-limits are provided, they are not enough to cover just a couple months of legal fees.
Some helpful facts regarding this coverage:
- More than 60% of all claims result in plaintiff recovery
- 13% of the federal court docket is comprised of employment law cases
- Studies show an employer is more likely to have an EPLI claim, than a general liability claim or a property loss
- Medical practices have a higher than average incident rate for EPLI claims
- 40% of all EPLI claims are against firms with fewer than 100 employees
EPLI claims are rising at epidemic levels, leaving your practice exposed to great financial risk. To combat this disturbing trend, Mints Med Mal offers comprehensive EPLI coverage to protect your practice from employee claims including:
- Sexual Harassment
- Wrongful Termination
- Discrimination
- Statute Violation
- Negligent Hiring
- Negligent Supervision
- Negligent Promotion
- Negligent Retention
- Disabilities
- Breach of Contract
- Loss of Consortium
- Emotional Distress
- Invasion of Privacy
- Wage and Hour Disputes
- Drug Testing
- Mental Anguish
- Libel
- Slander
Post Payment (RAC) Audit Insurance
Be prepared for aggressive auditing techniques with this vital new coverage.
A Post Payment Audit (sometimes referred to as R.A.C. audit) is a comprehensive investigation of previously paid claims that is specifically designed to find overpayments or fraud. Or, as defined in section 302 of the Tax Relief and Health Care Act of 2006, mandates:
The Secretary of Health & Human Services shall enter into contracts with recovery audit contractors in accordance with this subsection for the purpose of identifying underpayments and overpayments and recouping overpayments under this title with respect to all services for which payment is made under part A or B of title XVIII of the Social Security Act.
Post payment audits have been mandated by legislation to find improper payments (underpayments and overpayments) made to medical providers (Doctors, billing companies, medical facilities and any other medical related providers) by Medicare/Medicaid and commercial payors. These audits are typically carried out by 3rd party contractors who have a vested interest in finding overpayments or improper billing, as determined by them.
With limits as high as $5 million, this policy provides protection from Regulatory Billing Investigations for Billing Errors, HIPAA, EMTALA and STARK proceedings by:
- Governmental Agencies
- Qui Tam Plaintiff
- Contractors Working On Behalf Of The Government
- Commercial Payors
To truly protect your practice, you need to contact Mints Med Mal today. As an insurance agent that specializes in post-payment audit insurance, with our in-depth understanding of the market we are the perfect choice to guide you through the application process and make recommendations so you get the coverages you need.
Cyber Liability
Go beyond traditional coverages with a policy that covers you for the loss or theft of vital patient data.
The Health Information and Technology for Economic and Clinical Health Act (“HITECH”) has extended the burdens on healthcare providers to protect patient health information (referred to as PHI – protected health information).
Coverage has been designed to protect against the costs associated with data breaches and the loss of protected health information (PHI) which includes, but is not limited to, defense costs, data recovery, third party claims, HIPAA and HITECH fines and penalties, cyber terrorism, patient notification, credit monitoring and potentially, extortion expenses.
Cyber liability coverage offerings vary by carrier and can be designed to fit the unique network security & privacy-related exposures faced by physicians.
As a medical malpractice boutique agency, Mints Med Mal is prepared to create a customized Cyber Liability Insurance plan to provide optimal protection against this rapidly growing threat.
Choose Mints.
As a boutique agency, focused on the many aspects of the healthcare industry, we take a unique client-centric approach by delivering completely customized services and policies. With over 75 years of insurance industry experience, a dedicated team of professionals and a true passion for helping our clients, Mints Insurance is the right choice to protect your practice.