Healthcare
What You Need to Know About
Insurance for Healthcare Providers
RJ Ahmann Company is a premier provider of insurance for healthcare providers. Since 1956, RJA has served businesses nationwide.
Protecting your company's financial well being is essential to protecting the health of the people you serve. As a healthcare provider, you have many of the same insurance needs as other companies, but you also face a host of industry-specific exposures. If your business is in any of the sectors below, it's important to choose an insurance partner who specializes in your industry and offers the tailored protection you need.
- Community hospitals
- Long-term care centers
- Nursing homes
- Doctors' groups
- Clinics
- Dental groups
- Outpatient centers - dialysis, day surgery
What kind of insurance and services are needed by healthcare providers?
In addition to the standard insurance coverage of property, liability, workers' comp and group health, healthcare providers should pay close attention to the following:
- Professional liability: Administering an incorrect dose, erroneously releasing a patient's confidential information and alleged patient abuse are all common examples of professional liability exposures. There are a limited number of insurance companies that will provide professional liability for healthcare providers. Because it's a tough coverage to secure, and because professional liability claims are exorbitantly expensive, the right insurance partner can be critical. Before buying a policy, ask if the policy is claims made or claims occurrence-based. Also, check to see if prior acts are covered. Make sure that it covers all of your professional activities. At RJ Ahmann, we diligently work to understand your needs and to structure a policy that will protect you.
- Loss prevention: Workers' compensation represents a substantial exposure for hospitals and nursing homes. Choose an agency that can provide risk management advice and training — particularly in the areas of proper lifting techniques to reduce back injuries and proper documentation to reduce professional liability exposures.
- Patient transport: If a van transporting an elderly person stops abruptly and the patient tumbles out of his seat and is injured, it can be difficult to determine which insurance is responsible. Is it an auto insurance issue or a patient handling issue? An experienced agent can ensure you have the correct coverage.
- Equipment breakdown and business interruption: Equipment breakdown can be very expensive for healthcare providers. If you drive a mobile MRI unit and you're in an accident, the equipment can be damaged and, in most cases, will at minimum need to be recalibrated. A customized policy will protect you from these exposures and cover the cost of lost income due to business interruption while the unit is being repaired.
- Directors and officers: If you have a board of directors or investors, a solid D&O policy will protect their personal assets if they are sued for decisions they've made on behalf of the company.
A smart solution
Healthcare exposures require a specialized agent and a customized mix of coverage. If you need insurance for your healthcare company, or if you just want to learn more, RJ Ahmann can help. Based in Minneapolis, Minn., our specialized team helps companies grow and prosper with the right insurance protection.
Why RJ Ahmann Company?
- We are members of the American Society for Healthcare Risk Management (ASHRM ) and the Minnesota Healthcare Financial Managers Association (HFMA), so we understand the issues from your perspective.
- Our health care team is supported by the endorsed agents for the Minnesota High Tech Association (MHTA), which helps analyze and secure coverage for cyber issues.
- We have experience with and access to the leading property insurance carriers in the world.
- If you're considering an acquisition, we can assist you in evaluating associated risk management issues.
- We provide loss prevention advice and tools to help you prevent claims and prepare for disaster recovery and emergency evacuation situations.
- If you're interested in loss sensitive programs, we can help you investigate alternative approaches, such as self-insurance and risk retention groups.
Ready to Learn More? RJ Ahmann is Ready to Help with Healthcare Insurance Solutions!