As we reflect upon this past holiday season, we hope that you created wonderful memories to cherish with your loved ones over good food, laughter and song,
Every year brings new trends and more opportunities to best protect your business. As we enter 2020, it’s important to pay attention to the major advances being made around identifying and quantifying insurance risk and the impact these capabilities will have on your healthcare business. Part of ringing in the New Year provides you with a fresh outlook and thirst for taking advantage of new beginnings.
At ProAction Insurance, we are here to help you get a head start, offering our own version of New Year’s Resolutions to best protect your business or commercial property:
1) Risk Management: Risks to patients, staff, and organizations are prevalent in healthcare. Thus, it is necessary for an organization to assess, develop, implement, and monitor risk management plans with the goal of minimizing exposure. There are many priorities to a healthcare organizations, such as finance, safety, and most importantly, patient care.
2) Purchase Cyber Liability Insurance to protect your business in the event sensitive patient information is compromised. This policy can cover legal costs and provide essential resources. This policy provides liability coverage related to data breach lawsuits.
3) Purchase Employment Practice Liability Insurance to cover you in case of a lawsuit for wrongful employment practices
4) Be mindful of reviewing your insurance policies. It’s common for small businesses to start out with a basic insurance package but as your business grows and evolves, coverage needs do, too.
5) Purchase Commercial Umbrella Policy or increase your limits to cover your defense costs in the event of a lawsuit. We live in a very litigious society and defense costs are rapidly increasing
For more detailed information, please contact us so we can help you get 2020 off to a great start! We wish you a Happy and Healthy New Year!