The risk landscape for healthcare organizations changes rapidly as new forms of risk constantly appear. You need to worry about cybercrime (especially ransomware), the rise of telehealth services, emerging clinical technologies, new partnership models, the merging of provider and payer roles, and overall industry consolidation.
One of your most critical risks is almost certainly exposure to third-party liability arising from alleged breaches of your professional duties. Premiums for medical professional liability (MPL) insurance rise every year, driven in part by high-dollar (“nuclear”) verdicts in MPL cases. (See our article on how to reduce MPL insurance costs.)
With all these changing risks and rising costs, how do you know if your MPL and malpractice coverage is adequate or appropriate? Every healthcare organization is challenged to assess, quantify, and manage its exposure to this risk.
And unfortunately, off-the-shelf malpractice insurance policies are extremely unlikely to cover your risk adequately.
To ensure you get the right MPL and malpractice insurance coverage, we examine your organization’s unique risk profile and strategic, operational, and financial goals. We ask critical questions like:
- What are the key drivers of clinical risk for your organization?
- Do you have contractual or legal obligations to carry certain types or amounts of insurance?
- How does your malpractice insurance interact with other coverage like general liability, auto liability, and cyber?
- If you have claims-made insurance, how do you manage tail risk?
- How does your claims history compare with your peers?
- What factors impact your malpractice insurance premium?
- Are you taking advantage of any available premium credits?
- Will your carrier allow you to choose defense counsel in the event of a claim?
