What’s Happening With Claims in COVID-19
COVID-19 caused the closing of state licensing boards and civil courts for many months, depending on the state, some are still recovering. Historically, our experience has shown that state licensing boards normally require on average 8 to 15 months to resolve a case. With COVID-19 delays, we are now looking at years.
The Insurance Outlook for 2021
According to the Deloitte Center for Financial Services, Deloitte Insights’ survey of 200 industry leaders reported on December 3, 2020, the pandemic from COVID-19 hurt the property and casualty insurance business significantly. The trend will continue perhaps into Q3 2022.
Be Aware, If You Care … Insurance Distribution Awareness Can Save You Money
Whether it is life, health, hospital, dental, vision, accident, property, casualty, auto, renters, homeowners, mortgage, credit, or liability, insurance is a part of everybody’s life. So, like it or not, you are an insurance policy customer, and you should know how the insurance distribution process works. It will save you money.
Insurance Policy Limits, Sub-Limits, and Deductibles
When you are renewing or buying a liability insurance policy such as a professional liability policy, a general liability policy, a cyber liability policy, or any other insurance policy for that matter, we recommend that you read and review your coverage. Make your insurance coverage review a standard part of your practice administrative support tasks.
The Perils of Cyber Liability
The Preferra Insurance Company RRG’s Cyber Liability insurance suite covers the major cyber liability perils specified under the 45 CFR Part 160 HIPAA HITECH Law. These are “Third-Party” liability records breach incidents. These perils include legal defense, state and federal fines and penalties, damages to clients, the required security breach audit, client notification costs, and the required ID theft protection subscriptions for victims. Professional Liability policies do not cover these “Third-Party” perils.
Social Workers Instead of Police – a New Risk Paradigm?
The social worker profession is indeed a noble one, founded on service, integrity, and clinical expertise. At times, it can be a stressful and hazardous occupation. The nation is grateful for what you do, thank you!
This article shares some brief research about the growing trend that shifts some police risk to the social workers and shares some detail regarding how the Preferra Insurance Company RRG, insures its practitioner policyholders for bodily injury and damages sustained by its practitioners.
The Cyber World and Your Liability
While the use of teletherapy and online-therapy has been increasing as alternative treatments in the Allied Health profession, the COVID-19 pandemic has accelerated their use, and they have become top-of-mind discussion topics. These therapies have essentially become based on and enabled by virtual catalysts as agents of significant change.
COVID-19 Pandemic Sparks Alternative Treatments
The COVID-19 pandemic has caused Preferra Insurance Company and the Preferra Insurance Company RRG, (“Preferra”), to receive many phone calls from mental health professionals asking about alternative treatment methods including teletherapy and online therapy. It is the Preferra’s priority to protect its policyholders since they are owners of the Preferra, and the Preferra wants to help its policyholders to be able to continue serving their clients and communities.
COVID-19 Pandemic Virus UPDATE
The COVID-19 pandemic has caused Preferra Insurance Company and the Preferra Insurance Company RRG, to receive an inordinate number of phone calls from social workers asking a variety of questions. We have found that most of the calls relate to remote practice methods. With the immediate social distancing shift away from in-person therapy, many social workers are asking how to begin online and telehealth therapy and requisite guidelines.
Insurance – A Brief History … 5,000 Years on a Page.
We buy insurance for many reasons to mitigate our risk. Insurance policies come in many forms, variations, and sizes, such as risk protection for life, health, auto, home, and liability. The one thing that they all have in common is shifting risk to another party in exchange for premiums paid.
Insurance Regulation
We buy insurance policies in one form or another to protect ourselves against our risk of perils. We shift certain risks to the insurance carrier when we buy an insurance policy contract. So, what is happening behind our policy purchase at the insurance company?
What’s in Your Insurance Portfolio?
The New Year marks the start of new goals like pledges to be more organized, to lose weight, to manage income better, or to engage in other healthy actions. It is also an excellent time to complete another important healthy action: conduct an insurance review. Basically, this is a security review to assess your risk exposures.