Responses to liability insurance, individual coverage question.
lane ferrin
Description
Collection
Title:
Responses to liability insurance, individual coverage question.
Creator:
lane ferrin
Date:
2/23/2005
Text:
Thanks to all who responded. Here they are--
First it is important for you to realize that the facility and practitioner
coverages are inter connected and the cancellation of a policy and requiring
practitioners to pay for their own does not properly cover the practitioner
or the facility in cae of a law suit. In fact it can expand the suit by
exposing the practitioner and the facility to greater finacial risk in a law
suit.
When a facility and practitioner are covered by the umbrella policy for
liability the insurance company is able to consolidate your protection if a
case were to be filed. The second danger of seperate coverage means that for
insurance billing your facility may not be carrying the minimum coverage
required to do business with them under contracting.
In addition if the facility is not willing to provide insurance coverage for
liability then maybe that facility has problems with its practitioners.
As far as CNA is concerned they are a reputable company but be sure that
they are insuring you as a prosthetic and orthotic provider and not DME
because the coverage is different.
Cutting corners on insurance coverage today with all of the regulations for
compliances is not the best idea. There are ways to reduce the costs by
adjusting deductibles and not adding unnecessary riders.
I had the same problem when The St. Paul Company decided to get out of
professional liability and malpractice insurance. The best deal and
coverage I've
found was through VGM, and I did a considerable amount of shopping around.
I've heard Atlantic Mutual is competitively priced, and JTL caters to the
O&P
field.
I'd be wary of working for an office that wanted to reimburse me for
purchasing my own liability coverage. Seven to ten years down the road,
you might not be working for the company, but would get named in the
suit because you are the one who has (or had and dropped) the insurance.
The facility would be under no obligation to help defend or compensate
you for your time in this circumstance unless it was clearly spelled out
in your employment contract that the company would assume all liability
and/or make arrangements to compensate you for your time and expenses in
doing so.
First it is important for you to realize that the facility and practitioner
coverages are inter connected and the cancellation of a policy and requiring
practitioners to pay for their own does not properly cover the practitioner
or the facility in cae of a law suit. In fact it can expand the suit by
exposing the practitioner and the facility to greater finacial risk in a law
suit.
When a facility and practitioner are covered by the umbrella policy for
liability the insurance company is able to consolidate your protection if a
case were to be filed. The second danger of seperate coverage means that for
insurance billing your facility may not be carrying the minimum coverage
required to do business with them under contracting.
In addition if the facility is not willing to provide insurance coverage for
liability then maybe that facility has problems with its practitioners.
As far as CNA is concerned they are a reputable company but be sure that
they are insuring you as a prosthetic and orthotic provider and not DME
because the coverage is different.
Cutting corners on insurance coverage today with all of the regulations for
compliances is not the best idea. There are ways to reduce the costs by
adjusting deductibles and not adding unnecessary riders.
I had the same problem when The St. Paul Company decided to get out of
professional liability and malpractice insurance. The best deal and
coverage I've
found was through VGM, and I did a considerable amount of shopping around.
I've heard Atlantic Mutual is competitively priced, and JTL caters to the
O&P
field.
I'd be wary of working for an office that wanted to reimburse me for
purchasing my own liability coverage. Seven to ten years down the road,
you might not be working for the company, but would get named in the
suit because you are the one who has (or had and dropped) the insurance.
The facility would be under no obligation to help defend or compensate
you for your time in this circumstance unless it was clearly spelled out
in your employment contract that the company would assume all liability
and/or make arrangements to compensate you for your time and expenses in
doing so.
Citation
lane ferrin, “Responses to liability insurance, individual coverage question.,” Digital Resource Foundation for Orthotics and Prosthetics, accessed November 25, 2024, https://library.drfop.org/items/show/224394.
