Hospital Professional Liability Insurance: What Coverage Is Important For Your Organization?

Running a hospital takes many hands involved in the process. Every single person is an important part of maintaining a safe and secure environment for patients to get well. With lives at stake, even one misstep could cost more than just money. As a result, hospitals must ensure their staff is appropriately trained in safe practices, and hire the best employees that they can. However, the fact is that mistakes can happen, and in the healthcare environment these issues are amplified. To keep your staff and business safe, hospital professional liability insurance is a need.

What Does Hospital Professional Liability Insurance Typically Cover?

For healthcare providers, an HPL policy is typically issued along with a general commercial liability policy. This ensures that the company has coverage for situations that fall in between the two policies. HPL provides the hospital administration, employees and volunteers protection for liability issues that may arise based on the services provided. Additionally, the policy covers other situations for which the business may be held liable like the theft of a patient's property. It goes a step beyond by addressing the unique challenges that healthcare facilities face.

Who Needs The Coverage?

If your business provides medical care to patients, then you need hospital professional liability insurance to keep your facility protected. The policy generally covers those that perform work as an employee or volunteer for the facility. Without this, the company would be left to pay for the expense of claims on its own. In the event that a significant injury occurs to a patient, the cost could be crippling to the operation of the facility. Every medical organization is in need of this coverage.

What Other Types Of Policies Are Important For Healthcare Providers?

An important policy that is available is called RAC audit insurance. This provides protection for businesses that receive money through the Medicare and Medicaid systems. These organizations have hired Regulatory Audit Contractors who are hired to find situations where physicians have been overpaid by Medicare and Medicaid. In the initial launch of the program more than $900 million dollars were found to be considered overages by the contractors in just 6 states. They are paid based on the amount of overages they find. As a result, hospitals and healthcare providers have obtained RAC audit insurance to protect them in the event of a review.

Where To Find Out More Information?

There is much more to learn about these policies and how they can keep your organization safe. Hospital professional liability insurance and regulatory coverage are important to preventing a significant loss. There is plenty of information available on the web about these vital policies. However, it is always recommended to contact a representative for the most accurate information for specific situation. Obtaining coverage not only protects your business, but it protects your employees as well. Do not keep your business at risk. Get more information to save yourself from serious problems in the future.