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 that AMG is offering credit monitoring services to patients and notifying patients with letters last week. The cost of credit monitoring & patient notification is often provided by Privacy & Cyber Liability policies.
Employment Practices Liability – Try this as a quick test….pick up your local paper, USA Today, or Wall Street Journal. More times than not you will be able to find a company who is experiencing an Employment Practices Liability Claim. Some examples include:
a. Discrimination, wrongful termination and sexual harassment
b. Disclosure of an employee’s confidential information
c. Discrimination – age, sexual orientation, religion, pregnancy, etc…
d. Violation of FMLA
Life Insurance – September is Life Insurance Awareness Month. LIAM gives everyone a friendly reminder to discuss and review your family’s life insurance. Some great resources live at http://www.lifehappens.org/. This year, I’ll throw a different challenge to you….don’t just think “Do I have enough life insurance?” Review the purpose and ask the following questions:
a. Have any LIFE events happened this past year (or will happen next year) that changes my needs?
b. Should I consider permanent insurance (Whole Life or Universal Life)? Most people get to a point where “term insurance” runs out and the need for life insurance still exists.
i. This could be a new policy for you or a spouse.
ii. This could be done by converting all or a portion of your term life insurance to permanent life insurance.
c. Consider purchasing a policy for your children, nephews/nieces, etc… Kids are typically very inexpensive and helps protect their “insurability.” If nothing else, the policies build cash value and can help grow a small nest egg for them.
Overall, the delivery of healthcare is and will continue to evolve. New techniques, new businesses, new specialties, etc… are developed each year. With each evolution, new emerging risks will be created and some of risk of old will continue to remain!