D & O insurance is an essential part of owning and managing any type of healthcare industry business. Whether you are a doctor or you oversee a group of medical providers, the right insurance helps safeguard your investment of time, money and expertise into the company.
You likely strive to have a comprehensive professional liability plan in place, but is it enough? Do you have the right amount and type of protection in case something goes wrong? In a time where suing a doctor is quite common, you need to maintain proper coverage.
Decisions Can Cost You
The largest risk to those who own or operate a healthcare business is the decision. You make very big decisions on a daily basis. Most of the time, you make the right decision and the outcome is favorable. Sometimes though, the decisions you make may not have an ideal outcome. And in some cases, there is no decision that is going to be effective. However, the results of those decisions can cost you both personally, as well as professionally. They can impact your reputation, your organization's reputation and financial security. D & O insurance helps to mitigate some of those potential losses.
How Does D & O Insurance Impact You?
As a key type of business insurance, this is a type of professional liability insurance designed to minimize the financial impact to you personally when an incident occurs. It aids in protecting the company's directors and officers and specifically applies to instances in which there is a loss of some type, such as losses related to damage claims or defense costs. These can come from instances in which wrongful acts occur while you are representing the organization.
It's important to realize D & O insurance is not just for the big guys. It is very important to small- and medium-sized companies, private companies and any company within the healthcare industry. You may be sued by your patient, your supplier, an employee or even a creditor. This coverage can step in and provide you with the financial security you need. Don't overlook its importance in every type of healthcare industry and business.
Get the right coverage for your business. Call U.S. E&O Brokers at (800) 460-6424 for more information on Directors and Officers insurance for the insurance industry.