You’ve worked hard to
build your dream into a thriving medical office. Let The
Hartford build a business insurance plan to protect that
hard-won enterprise.
We’ve made it our goal
to understand the unique exposures and important issues
that need to be considered when customizing an insurance
package for a medical office like yours. And The
Hartford has the broad array of coverage products to
meet those needs at a competitive price.
Business Owners Policy
Your administrative
functions are highly computerized.
You may use special software to
track patient scheduling, order tests, flag possible
drug interactions, suggest diagnoses, retrieve and
update medical records, bill insurance carriers and
patients and reconcile payments. Software must be
updated on a regular basis due to rapid advances in
technology.
Spectrum includes
computer equipment as covered business personal property
and protects your investment in computer technology by
reimbursing you for physical loss or damage to your
computer hardware.
Coverage is extended with a $10,000
limit to loss of or damage to data or computer software
– including electronic patient records.
Our optional Computers and media
coverage form provides built-in coverage for virus
damage to computer equipment, software and data. Limits
are available up to $2 million. Additional limits are
provided within the blanket limit included in our Super
Stretch and Premium Stretch endorsements for Healthcare
Professionals.
Laptop computers may be
playing a big role in helping you stay on top of medical
advances.
Doctors are embracing
e-technology at a faster rate than the general public in
order to access information more quickly and to stay
organized. These devices are susceptible to loss when
doctors shuttle between their offices and local
hospitals.
Coverage for laptop
computers is provided under the Stretch endorsements;
there is a $5,000 limit on the Stretch form and a
$10,000 limit on the Super Stretch and the Premium
Stretch for medical, Dental and Healthcare Service
Providers forms.
Payments from health
insurance carriers may not be received for several weeks
after a patient’s visit; health insurance carriers often
dispute or deny reimbursement requests.
in a recent American medical
Association survey, one-third of doctors claimed that
reimbursement was not forthcoming within the 45 day
legal limit. Accounts receivable exposure is significant
for this industry.
Spectrum has a
$25,000 limit for Accounts receivable coverage built
into the form for both on and off premises exposures.
This limit may be increased up to $2 million. Additional
limits are provided within the blanket limit included in
our Stretch endorsements.
Accounts receivable coverage responds to
losses caused by the inability to collect outstanding
balances as a result of lost or damaged records. This
coverage is important for practices carrying large
account receivables balances while waiting for health
insurance carrier payments.
Healthcare is a highly
competitive sector and doctors are increasingly looking
to retain revenue derived from specialized equipment
rather than referring patients elsewhere.
many practices house their own
medical Diagnostic equipment including mris, PeT scans,
CT scans, and CAT scans. This equipment is subject to
severe damage from power surges as well as mechanical
failure. Typically the replacement cost value ranges
from $750,000 to $3,000,000 per item. equipment
breakdown coverage, included in the Spectrum Specialty
Property Coverage Form, provides valuable protection for
your equipment exposure.
Coverage includes
electrical arcing or artificial electrical current as
well as mechanical breakdown for computer equipment,
phone systems, and medical equipment such as mris, CT
scans, etc.
Bio-waste disposal creates exposure to
loss. Bio-waste disposal is strictly regulated. When
laws governing the proper disposal of medical waste are
accidently violated, you may be exposed to loss.
State medical boards regulate the
practice of medicine.
State boards may respond to complaints
about doctors and hold hearings when warranted.
The optional reimbursement of Legal
expenses for Disposal of medical Waste and reimbursement
of
Legal expenses for Court or review
boards coverages* are available for chiropractors,
doctors, physiotherapists and laser eye surgery centers.
These optional coverages reimburse legal expenses if:
• The insured is involved in certain
types of legal proceedings in which a violation of a law
or regulation governing the disposal of medical waste is
alleged. We will reimburse the insured for legal
expenses up to $50,000.
• Disciplinary action is brought against
the insured before any court or state review board.
Spectrum automatically includes a $5,000 limit and there
is an option to purchase additional limits up to
$75,000.
You may store supplies
of perishable medicines.
Whether you store pharmaceutical samples
that the practice would have to pay to replace, or
medicine purchased by the practice to treat or inoculate
patients, i.e., flu vaccine or allergy shots, you may
have supplies of perishable medicines on hand.
Our optional Super Stretch and Premium
Stretch endorsements tailored for medical, dental and
healthcare service providers bundle Spoilage-Perishable
medicines and medical Supplies coverage in a blanket
limit along with five other important coverages.
The primary focus of the majority of
healthcare providers is taking care of their patients.
business issues, including
purchasing insurance coverage and doing paperwork, are
secondary and take time away from caring for your
patients. You want quick and hassle-free service with
minimal paperwork to save time.
Business income and extra expense help
reimburse medical practices for actual loss of earnings
for up to 12 months after a covered loss and extra
expense coverage needed to continue business operations
during the period of restoration resulting from a
covered property loss.
Healthcare professionals asked us to
develop options for the adjustment of these claims that
required less paperwork to save them time. We responded
and are pleased to offer not one but three alternatives
which are included in both the Super Stretch and the
Premium Stretch endorsements for Healthcare
Professionals:
• Daily Average Limit: For the first 10
business days of the period of restoration we will make
payment based on the insured’s daily average business
income.
• $500 Daily Limit: For the first 10
business days of the period of restoration we will pay a
daily limit of $500.
• Business income For interruption of
Practice Daily Limit: A predetermined daily limit ($500
- $5,000) up to 25 business days if a policy also
includes the business income For interruption of
Practice endorsement.
Workers’ Compensation
Estimates indicate that each year, one
in ten healthcare workers is accidently stuck by a
contaminated sharp – mostly needle sticks.**
Sharps injuries may result in
life threatening HIV, Hepatitis b or Hepatitis C.
Hepatitis b and C are spreading rapidly through the U.S
population. Together they have infected more than 5
million Americans – that’s 1 in 60 carrying a
contagious, possibly fatal disease.
The Hartford Workers’ Compensation
policy includes payment for the initial cost of testing
the injured healthcare worker and provides reimbursement
for initial blood testing of the source patient,
benefiting the healthcare worker in a number of ways:
• may identify medical issues faster so
an appropriate treatment plan can be determined
• may reduce or eliminate additional blood tests and
precautionary drug treatment
• may reduce anxiety
Cash flow can be
problematic for the medical profession.
Payment from health insurers may not be
made for several weeks and at times may be disputed.
The Hartford offers a convenient way to
manage cash flow with XactPAY®, our patent pending
payroll billing solution for The Hartford’s workers’
compensation policyholders. benefits to small business
owners include:
• no large down payment/p>
• Pay-as-you-go premium charges based on
actual payroll
• mitigation of audit surprises at the
end of the policy period
Like many small business owners, you may
regard employees as an extension of your family.
You want to make sure employees
injured on the job are well cared for but you also want
workers’ compensation premiums to be competitive.
As one of the largest and most
experienced workers’ compensation carriers in the
country, we offer:
• Access to a nationwide network of over
400,000 healthcare providers skilled in handling
workplace injuries and helping injured employees get
back to work. These network resources, combined with
contracted network discounts, help The Hartford get the
most out of every healthcare dollar.
• Assistance in getting injured workers
back on the job as soon as medically appropriate through
our Team
•Work® return-to-work program and nurse case managers
for complex cases.
• Help in managing claim expenses by
reviewing medical bills and prescription treatments for
accuracy.
Commercial Auto
Our broad Form
endorsement is automatically added to most policies at
no cost to you. medical practices find many of its
provisions beneficial.
Many times employees use their own
automobiles to run business related errands during their
lunch break or after work.
A significant non-owned auto
exposure exists.
Employees as insured's – if an employee
has an accident while driving their own car on company
business, personal liability coverage is provided to the
employee in excess of the employee’s own personal auto
insurance.
Your medical office may lease or
purchase expensive vehicles.
Vehicles depreciate quickly and
in the event of a total loss the outstanding value of
the lease may exceed the actual cash value of the
vehicle.
Lease gap Coverage – in the event of a
total loss to a covered leased auto for which the lessor
has been added as an additional insured, we will pay the
outstanding balance of the lease if it exceeds actual
cash value.
Loan gap Coverage – in the event of a
total loss to a covered auto for which the insureds
outstanding loan balance is greater than the actual cash
value of the vehicle, we will pay the difference between
the outstanding loan balance and the actual cash value.
Like other professionals, you may want
your next car to be a hybrid.
many professionals are drawn to
the clean energy and high mileage aspects of hybrid
cars. if a non-hybrid auto is a total loss, and is
replaced by a hybrid auto, we will pay an additional 10%
of actual cash value up to a maximum of $2,500.
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