Business Liability

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Medicare and Medicaid audit programs have left physicians wondering if their practice will be the next target. Auditors for some of these programs receive large contingency fees to find billing errors and can extrapolate the findings, potentially adding up to tens or hundreds of thousands of dollars.

Physicians Insurance Agency represents carriers who offer regulatory billing errors and omissions policies to help defend your practice from government and commercial billing audits. These policies cover defense costs as well as fines and penalties (to the extent insurable by law) associated with alleged violations of:

  • Billing Errors;
  • HIPAA (patient privacy) laws;
  • EMTALA (Emergency Medical Treatment and Active Labor Act); or
  • Stark (Physician Self-Referral) laws. 

Payments for actual amounts owed are not covered under the policy.

  • Coverage limits from $250k to $1M or more
  • Full prior acts available
  • Low, $1,000 deductible on most policies

If you are currently insured with Physicians Insurance, please complete this application and route to agency@phyins.com 

Regulatory Billing EO and Cyber Program Ap - for PI Insureds

 

If you are not currently insured with Physicians Insurance, please complete this application and route to agency@phyins.com 

Regulatory Billing EO and Cyber Program Ap - for non-PI Insureds

Provides a lump sum of money to keep your business running and/or a payout to surviving family members' interest in the practice.

Business Overhead Expense & Disability Insurance

  • Discounts available to WSMA members

Life Insurance

  • Term Life
  • Whole Life
  • Universal Life
  • Variable Life
  • Annuities
  • Buy/Sell Life Insurance

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Through a strategic alliance with a major carrier rated "A" by A.M. Best for financial strength, and Pilkey-Hopping & Ekberg—Physicians Insurance offers members a competitively priced office package policy.

The business owners policy provides protection for 1) the building, if you own it; 2) your business personal property; and 3) $1 million general liability (slip and fall coverage). This package policy, paired with its unique medical office endorsement, offers broad and relevant protection specially designed for medical practices.

This enhanced product may include many highlights such as:

  • Accounts receivable: $250,000 per premises
  • Accounts receivable in transit: $250,000
  • Valuable papers (including patient records): $100,000 per location
  • Newly acquired business personal property (BPP): $500,000
  • Interruption of computer operations: $25,000
  • Spoilage: $50,000  
  • Equipment breakdown

To request a quote, please fill out the below application and route to agency@phyins.com

Quote Request Form - BOP Application

Whether a laptop is stolen or your network is hacked, cyber threats are increasing – and so are the costs associated in dealing with a breach of your clinic and practice. Physicians Insurance offers extensive coverage to protect you and your patients against this increased risk.

What is at Risk?
It’s possible you’ve already been hacked. Many of the breaches we learn about in the news today are from networks that were hacked months, if not years, earlier. It takes time to discover these breaches, and even more time to estimate the damage. According to the Office of Civil Rights at HHS – where all breaches involving protected health information need to be reported – more than 400 breaches were reported to the OCR in 2017 – and these are just the breaches that exceeded the 500 records threshold.

The Cost of a Breach
According to a study of cyber claim payouts by NetDiligence®, in 2013 the health care sector accounted for the highest percentage of claims with typical causes being lost/stolen computers, hacking, and rogue employees. Given the type of information you’re collecting on patients, it’s no wonder that health care practices are in the top cost category for data breaches.

According to the Ponemon Institute in their annual benchmark study on patient privacy and data security, in 2013: The average cost of a lost or stolen record was $188 (some estimates have it as high as $233 per health care record). The average number of lost or stolen records was 2,150. Added to these first-party costs are regulatory fines and penalties ranging from $25,000 to $1.5 million for cases of “willful neglect” and damage to the reputation of your practice. In essence, a breach can be devastating.

Physicians Insurance offers an industry-leading cyber liability program with comprehensive coverage ($50,000 per incident and aggregate) with no deductible. As an endorsement to your medical professional liability policy, this coverage includes:

  • Multimedia Insurance
  • Privacy Liability
  • Security Liability
  • Regulatory Defense and Penalties Coverage
  • Breach Response Cost, Patient Notification, and Patient Support
  • Network Asset Protection
  • Cyber Extortion Coverage
  • Cyber Terrorism Coverage
  • Third-Party Breach Coverage
  • PR Services Coverage

Higher limits are available at a discount through our Agency.

Additional Resources and Services:

To ensure members protect themselves against a breach, we also provide access to a host of online tools and resources, including:

  • 60+ HIPAA tools, resources, and guides
  • Risk management phone consulting
  • Staff training and practice assessments

If you are currently insured with Physicians Insurance, please complete this application and route to agency@phyins.com 

Regulatory Billing EO and Cyber Program Ap - for PI Insureds

 

If you are not currently insured with Physicians Insurance, please complete this application and route to agency@phyins.com 

Regulatory Billing EO and Cyber Program Ap - for non-PI Insureds

Directors and Officers of medical organizations face potential exposure to their personal assets if a claim arises from a variety of sources including regulatory agencies, partners, customers/patients, and other business relations. Now, Physicians Insurance offers protection to Directors & Officers via an endorsement to the medical professional liability policy.

Our Directors and Officers endorsement includes the following special features:

  • Higher Limits: choose from $300k/$300k; $500k/$500k; $1M/$1M; or $2M/$4M
  • Additional defense limit available
  • No deductible
  • Duty to defend provision
  • Sublimit coverage available, subject to underwriting approval: antitrust activities, regulatory wrongful acts, HIPAA, EMTALA, IRS Actions, excess benefit transaction excise tax, and crisis event response costs

To request a quote, please fill out the below application and route to agency@phyins.com

D&O Application

Employee Dishonesty coverage protects your practice from the theft of money by the employees you entrust with it.

  • Available as a blanket bond or in a Name/Position schedule.
  • Requires underwriting review.
  • Can also be added to the Business Owners policy

To request a quote, please email agency@phyins.com

Surety bonds provide monetary compensation or satisfactory completion of an obligation should the principal (ie, audiologist or notary) fail to perform a specific act within a stated period. Unlike an insurance policy, a surety bond protects those for whom the principal of the bond is providing service (ie, patient or client).
 

Hearing Aid Bonds 
• Available in a limit to reflect state requirements

Notary Bonds
• Available in a limit to reflect state requirements
• A nominal Errors & Omissions policy is included with the bond
• Additional Errors & Omissions limits are available upon request
• A notary stamp and/or journal are available for an additional fee
• A blanket policy is available for groups with multiple notaries

To request a quote, please email agency@phyins.com

An umbrella policy adds an additional layer of coverage where your other policies (such as your Business Owners Policy or Commercial Auto) end, in terms of exclusions or policy limits. 

To request a quote, please fill out the below application and route to agency@phyins.com

BOP Application