AVOIDING LIABILITY BLOG

Have You “Tech’d” Your Insurance Policy Lately?

Professional liability insurance for medical tech’s isn’t just an option; it’s a key component to protecting yourself and safeguarding your business. Malpractice Insurance along with Errors and Omissions coverage are different names for the same thing. Essentially it is coverage for allegations of negligent acts, resulting from the occupation covered.

This day and age, lawsuits are becoming more commonplace. A variety of technicians need professional liability insurance including:

  • Medical Technicians
  • Lab Technicians
  • X-ray Technicians
  • Radiology Techs
  • Medical Record Technicians

There are two types of professional liability insurance for technicians: occurrence coverage and a claims-made policy.

    1. Occurrence coverage is lifetime coverage for your policy period. This means that it does not matter when a claim is made, if the date of treatment for the incident being reported occurred during the policy period, it is covered. There are no step increases to the premium in an occurrence form policy.
    2. Claims-Made Policy only covers claims reported during the policy period. If a claim is reported after the expiration date of a policy there would need to be “tail coverage” (link to prior blog) in place in order for that claim to be covered. “Tail Coverage” can be added onto your current policy to increase the period of time claims would be covered. Claims Made policies typically start at a low premium which has step increases each year as the liability increases.

There are many general coverage benefits to your policy when you purchase professional liability insurance. You receive up to $35,000 for defense of a complaint made to your regulatory board and defendant’s reimbursements all have higher limits, to guarantee maximum protection.

Benefits of Professional Liability Insurance for Technicians Include:

  • State licensing board defense coverage
  • Deposition expense coverage
  • Medical expense coverage
  • First aid coverage
  • Assault coverage

In selecting your professional liability insurance, remember that not all policies are created equal. Choose an insurance provider that you can count on so you can rest assured that you’re protected. CPH & Associates offers the benefits you deserve and coverage you can count on.

ABOUT THE AUTHOR

CPH & Associates

CPH & Associates

Over the last decade, more than 500,000 people chose CPH & Associates for liability insurance. Because our business is specialized, we are able to focus on your liability needs in a way that bigger companies are not. Our team of associates represent over 50 years of collective experience in this field, and we are able to serve a large client base while maintaining a small-office approach.

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