Business Insurance for Hospitals from Massachusetts Specialists

Roger Keith & Sons

What Policies Offer Business Insurance for Hospitals?

Hospitals are large and complex organizations that provide potentially risky medical procedures, and this mixture leaves them exposed to many potential perils. Several companies in Massachusetts offer business insurance for hospitals that may help these healthcare facilities shield themselves from a variety of covered risks.

Policies that offer business insurance for hospitals are highly specialized commercial policies that have been developed specifically to help mitigate some of the risks that large healthcare facilities face. In order to provide robust protection, most policies are underwritten as package policies that come with multiple protections.

Because the risks that hospitals face are so substantial and the insurance policies they need so complex, organizations that need a hospital business insurance policy should work closely with a specialized agent when comparing quotes. An experienced agent who’s familiar with these policies will be able to provide informed guidance when looking at and selecting coverage options.

What Organizations in Massachusetts Need Hospital Business Insurance?

Broadly speaking, the vast majority of hospitals in Massachusetts ought to carry this type of insurance. Nearly every hospital is exposed to substantial risk, and hospital business insurance is normally the most appropriate type of policy for these organizations.

Whether smaller organizations, such as outpatient clinics and specialty practices should get a hospital business policy or other type of policy depends on exactly what protections the clinic or practice needs. A knowledgeable insurance agent can help organizations in this position determine what type of commercial insurance is best for their situation.

What Coverages Are Available Through Hospital Business Insurance Policies?

As mentioned, there are many coverages that a hospital business policy might provide. Some of the protections a hospital may want to specifically seek out include:

• General Liability Coverage, which may cover common accidents occurring on a hospital’s property
• Healthcare Provider Coverage, which may cover scheduled providers who are listed as insured parties
• Medical Directors, Peer Review and Credentialing Activities Coverage, which may cover personnel who take on directorial, peer review or credentialing roles
• Vicarious Liability Coverage, which may cover claims related to errors made by someone whom a policyholding hospital is responsible for
• Professional Conduct Review Coverage, which may cover times when a provider must appear before a disciplinary board
• Cyber and Regulatory Liability Coverage, which may cover data breaches of confidential patient information
• Consent to Settle Coverage, which may give a hospital authority to accept or decline settlement offers for claims
• Excess Liability Coverage, which may cover especially expensive claims with supplemental liability protection
• Worldwide Coverage, which may extend protections to claims brought within the United States and Canada

In addition to these, hospitals might also want sexual misconduct legal expense coverage, employee benefits liability coverage, umbrella coverage and many other protections. An agent can help hospitals choose the protections that are right for their situation.

What is Slot Coverage in Hospital Business Insurance Policies?

Some hospital business insurance policies come with slot coverage. While this coverage is subject to a policy’s specific language, the protection usually applies coverage to a position within a hospital rather than any one individual. With this option selected, the policy will likely cover whoever is employed in the “slot” regardless of how much turnover there might be.

The main benefit of having this coverage is that hospitals normally don’t need to adjust their coverage every time a position is emptied and filled.

How Can Organizations in Massachusetts Get Business Insurance for Hospitals?

For help insuring a hospital in Massachusetts, contact the independent insurance agents at Roger Keith & Sons Insurance. Our agents are familiar with the policies that offer business insurance for hospitals, and we’re ready to assist your organization.