The health care professional liability insurance of HPSO covers negligence claims made by clients alleging that you were negligent in rendering or neglecting to give, professional health care services, such as the cost of medical defense, treatment, or hospitalization. The claim may also include other services, like cosmetic services, or treatments not related to physical illness. If you provide health care services, then HPSO is an appropriate insurance policy for you to consider. It provides you with peace of mind that your business will be protected against negligence claims.
There are many types of claims that may be covered under HPSO. The type of coverage you select will depend on the nature of your health-care industry, the risks involved in operating your business, and the amount of liability you expect to cover. A few of the most common types of claims that might be covered include: personal injury claims, property damage claims, and medical expenses claims. Depending on the state you live in, some states require a separate rider to be added to your HPSO policy that requires a certain percentage of the medical expenses or property damage that you are liable for to be reimbursed to your clients.
In order for the HPSO coverage to have legal merit, it must cover both the claims and the deductibles. Deductibles are the costs that you agree to pay, upfront, before the insurance kicks in to cover any legal fees. You might pay nothing upfront for your defense attorney, but in order for the coverage to be binding, you must pay the deductible. The cost of your legal fees and the legal fees of your defense attorney will often vary widely depending on the state where you live. In addition, the costs of responding to the claims and other expenses, like depositions and other forms of discovery, will often have an impact on the overall cost of liability coverage.
Some states require third party liability coverage, which is the most basic form of HPSO and the one that is most often required by insurance companies. This form of liability coverage will cover your clients' claims up to a certain amount, known as the annual aggregate. If your firm has a large number of insured and uninsured clients, the annual aggregate may be set higher, which will help you keep your premiums lower.
While many attorneys and other professionals may not think that they need HPSO, you should. By covering just claims above a certain amount, you will help protect your business and your personal assets. If you work in the insurance industry, HPSO may even save you money by reducing your risk. For instance, if you don't have personal injury coverage, your business could be sued for large medical bills and you may be sued for not properly protecting your business.
HPSO is not a mandatory requirement, but it is advisable for all health care professionals who provide any type of health care. If you are an inpatient facility, you need to have it. If you provide services outside of inpatient facilities, you may consider purchasing additional coverage. Health care workers are especially vulnerable to the threat of lawsuits as they may end up treating patients without verifying their backgrounds or ensuring that they were adequately insured. Without proper health care professional liability coverage, health care providers may be forced to shut down their practices and large claims could be awarded to the patient's family.
There are many types of claims that may be covered under HPSO. The type of coverage you select will depend on the nature of your health-care industry, the risks involved in operating your business, and the amount of liability you expect to cover. A few of the most common types of claims that might be covered include: personal injury claims, property damage claims, and medical expenses claims. Depending on the state you live in, some states require a separate rider to be added to your HPSO policy that requires a certain percentage of the medical expenses or property damage that you are liable for to be reimbursed to your clients.
In order for the HPSO coverage to have legal merit, it must cover both the claims and the deductibles. Deductibles are the costs that you agree to pay, upfront, before the insurance kicks in to cover any legal fees. You might pay nothing upfront for your defense attorney, but in order for the coverage to be binding, you must pay the deductible. The cost of your legal fees and the legal fees of your defense attorney will often vary widely depending on the state where you live. In addition, the costs of responding to the claims and other expenses, like depositions and other forms of discovery, will often have an impact on the overall cost of liability coverage.
Some states require third party liability coverage, which is the most basic form of HPSO and the one that is most often required by insurance companies. This form of liability coverage will cover your clients' claims up to a certain amount, known as the annual aggregate. If your firm has a large number of insured and uninsured clients, the annual aggregate may be set higher, which will help you keep your premiums lower.
While many attorneys and other professionals may not think that they need HPSO, you should. By covering just claims above a certain amount, you will help protect your business and your personal assets. If you work in the insurance industry, HPSO may even save you money by reducing your risk. For instance, if you don't have personal injury coverage, your business could be sued for large medical bills and you may be sued for not properly protecting your business.
HPSO is not a mandatory requirement, but it is advisable for all health care professionals who provide any type of health care. If you are an inpatient facility, you need to have it. If you provide services outside of inpatient facilities, you may consider purchasing additional coverage. Health care workers are especially vulnerable to the threat of lawsuits as they may end up treating patients without verifying their backgrounds or ensuring that they were adequately insured. Without proper health care professional liability coverage, health care providers may be forced to shut down their practices and large claims could be awarded to the patient's family.
