Professional Insurance Archives | Page 8 of 12 | VAST
November 3, 2014

Three Phases of a Small Business – Part 2: The Growing Company

The number of companies that make it through the first four years of operation is lower than most may think, around 45%. After four years of continuous operation hopefully you are creating consistent profitability and a sense of stability throughout the organization.  Some small business owners will be very content to operate in the successful capacity that they have become accustomed to, while others strive for growth and expansion.  While both have their own unique challenges, we will focus on three critical components of successful continued growth and success. Compensation & Benefits Insurance Programs Additional Financing Options Compensation & Benefits:  … Continue reading

August 5, 2014

Three Phases of a Small Business – Part 1: The Emerging Company

Small businesses open across the country every day, and in total make up about 98% of US based companies. There are challenges to owning or managing any business, the most significant of which are those involving a newly emerging business/startup. Startup businesses face a great deal of uncertainty in infancy. There are many things to consider when developing a business plan such as: Company structure Protection of personal assets Funding sources Trusted advisor groups These items need to be addressed at a high level in order to navigate through the startup process. It takes diligent execution and planning to eventually … Continue reading

February 5, 2014

The Top Five Biggest Risks Physicians Will Face In 2014

As we exit 2013 and enter 2014, I thought I would conduct an exercise to see what lies ahead for physicians and medical practices/clinics. I Googled the following phrases to see if I would find any consistencies: Top 10 risks facing physician practices Challenges physicians face in 2014 Biggest concerns for the healthcare industry After reviewing a number of articles I settled on a top 5 “Biggest Risks of 2014” list which was, for the most part, consistent across the board. Reimbursement Levels – Every business faces revenue challenges. Medical economic challenges seem to be growing daily. Regulation – ICD 10, … Continue reading

January 24, 2014


This communication is in an effort to assist employers with compliance with Michigan State regulations. Most Michigan employers are required to post the total number of job-related injuries and illnesses that occurred in calendar year 2013 (some exceptions do apply – check the FAQ at the LARA/MiOSHA website – click the link below – for further recordkeeping instructions). Most employers must complete and post the MIOSHA Form 300A (Summary of Work-Related Injuries and Illnesses) for three months, from February 1 to April 30, 2014. The recently revised Form 300, 300A and 301 can be found on the LARA/MiOSHA website at,4601,7-154-61256_11407_30929-86277–,00.html  Note that if you … Continue reading

October 25, 2013

Managing the Chaos of the Affordable Care Act

When I recently spoke at the UP HR Fall Forum in Bark River, it was a few days prior to the 10/1 beginning Open Enrollment date for individual coverage via the federal marketplace website. Since that time, we have all come to know that there are serious issues, or glitches, as some are calling them, in the system.  Each day brings with it a new level of confusion for Americans, many of which don’t understand what is happening.  Depending on each individual and their personal situation, their attitude and emotion ranges from mildly interested to somewhat worried to all-out panic … Continue reading

September 23, 2013

Why Should I Communicate With My Employees About Life Insurance

With my 9+ years  working with individuals and businesses one thing is very common between them.  Employees (individuals) are continually looking at their employers as their main source for support, education, information, and advice on how to appropriately manage not only their “work” life but also their “personal” life.  Employers realize that employees are their most valuable asset, and with the landscape of health care changing, managing the bottom line is ever so crucial for them.  Employers are challenged with trying to stay creative in assisting their employees with their work and personal lives.  One of the ways our organization … Continue reading

September 11, 2013

3 Myths about Life Insurance

September is Life Insurance Awareness Month and therefore I have dedicated this month’s blogs to education and debunking myths about Life Insurance for the healthcare community. Life insurance is a flexible tool that can strategically used to help a physician, practice or hospital protect against risk.  However, there are often myths that are not always true today.  For example, we often hear statements that start with “20 years ago in residency I was told…” or “15 years ago the senior physician of our group said…”   Much like the delivery of healthcare, life insurance companies and the products they sell have … Continue reading

September 4, 2013

3 Must Have Insurance Policies for Today’s Healthcare Provider

We are in the midst of a changing healthcare delivery system.  Just as how care is delivered ischanging the risks facing physicians, hospitals, etc… are changing.   Any business opening in healthcare today, but consider having Cyber Liability, Employment Practices Liability, and Life Insurance.  The following are examples that outline how the risk could be insured.  While this doesn’t solve the problem, it clearly helps with managing the financial impact of the risk. Cyber Liability (often call Data Breach | Network Security) – According to the Associated Press, four computers were stolen at Advocate Medical Group (Chicago Hospital).  It was noted … Continue reading

August 14, 2013

What to Expect as a Physician in a Medical Malpractice Lawsuit

Recently a physician asked “I have never been sued, but what is it like?”  I have witnessed the legal process from Notice of Intent through Jury Trial and at first blush should be an easy question to answer… but it is not.  First, I have never been sued for medical malpractice as I am not a physician.  Secondly, I have witnessed a variety of reactions and believe it is different for everyone.  The following will outline some points for consideration as we attempt to answer “What is it like to be sued?” in common speak. Incident – Often the process … Continue reading

July 31, 2013

What to Ask When Choosing a Medical Malpractice Insurance Co. in MI

The practice of healthcare is continuously changing and evolving.  It wasn’t so long ago that physicians and hospitals would only ask questions about Tail Coverage, Claim Statistics and Financial Strength.  Clearly these are all critical questions to ask, but the complexity of Medical Professional Liability (Medical Malpractice) insurance policies are changing to meet the needs of today’s Physicians + Hospitals.  To dig a little deeper into your program, ask the following questions about your policy: Does my Medical Professional Liability (malpractice) policy provide coverage for Medicare or Medicaid billing audits?  If so, how much coverage is provided and what does … Continue reading

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