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Avoiding Malpractice Tips

Value is a Function of (Price + Satisfaction Benefits)

Oct 1, 2022 | Avoiding Malpractice Tips

Value is a Function of (Price + Satisfaction Benefits)

The social work profession is noble and founded on service, integrity, and clinical expertise. At times, it can be a stressful and dangerous occupation. The nation is grateful for what you do, AND SO ARE WE! Thank you!

Let’s discuss the value of packaging yourself while partnering with your insurance carrier.

“Price becomes the issue in absence of value.
Price replaces value when there is an absence of innovation.
Price is what the client pays; value is what the client receives.”
(Rough Notes, August 2022, p.- 24)

The classic marketing definition of value is based on the price paid for the good or service and the satisfaction derived from the benefits. Leading marketers, including insurance companies, sell their products and services as “benefits packets” or bundles of benefits. As crucial as selling “purchase value,” they sell “usage value.” (Kotler, Postcron.com) This philosophy applies to insurance coverage and therapy services because both are considered a package of benefits.

First, think of it this way. You are a value provider. As a value provider of therapy and social services, consider yourself an investment. Stocks and bonds are an investment. But their value is subject to the open market price determined by sellers and buyers and the “house” odds like a casino.
On the other hand, the best investment you can make is in yourself because you become the “house.” You own the “house.” Through self-improvement garnered by education and experience, you are not subject to market manipulation because you control your intrinsic stock value as the “house.” You, therefore, are the engine of your success.

Second, to fuel your engine and build the value of your intrinsic stock, you need academic training, skills, degrees, licensing, practice experience, continuing education units, and a robust support resource. CEUs earned through education bolstered by support resources are where the Preferra Insurance Company RRG, formerly NASW Risk Retention Group can help you to invest in your success engine.

Along with high-value, low-priced comprehensive liability insurance products, the Preferra Insurance Company RRG, formerly NASW Risk Retention Group provides practice education with CEU opportunities, best practices, and risk education training through live webinars, online self-study, and a live Help Line. These tools are a robust foundation for professional self-improvement and risk protection practitioners.

The RRG brings both innovation and value at a low price, which is a unique anomaly in all service and product markets. It is rare for professional liability policy owners to own the insurance company that insures them. That is why Preferra Insurance Company RRG, formerly NASW Risk Retention Group policyholders who own the Preferra Insurance Company RRG, formerly NASW Risk Retention Group benefit exponentially. They get great comprehensive insurance products, robust education and support resources, and the lowest prices in the market, which are the keys to your success that the Preferra Insurance Company RRG, formerly NASW Risk Retention Group brings.

Relationships…

As a service provider, you build professional therapeutic relationships with your clients. You have a risk transfer relationship with your insurance carrier as an insured. Likewise, in both contexts, there is a connection and interaction based on mutual trust and respect.

Open bilateral communication and access are critical. In other words, just as your client needs your empathy and understanding during therapy, you require the same standards from your insurance carrier, especially when you receive a subpoena, a deposition, a licensing board complaint, or named in a lawsuit. An emotional jolt to the insured practitioner, these incidents can be likened to a critical incident stress debriefing with a client. So, an empathic insurance carrier is vital to you.

You need an insurance carrier that helps you build your intrinsic stock value, provides comprehensive liability protection and risk coverage, and has the infrastructure and resources to answer your needs for understanding and empathy.

It is also why the Preferra Insurance Company RRG, formerly NASW Risk Retention Group is among the leading insurance carriers in customer loyalty and retention. Most Preferra Insurance Company RRG, formerly NASW Risk Retention Group insureds stay with us because they become more than just “customers.” They become part of the “ownership family” and depend on the resources and protection the Preferra Insurance Company RRG, formerly NASW Risk Retention Group offers to improve their lives.

As an affiliate of the NASW Enterprise, the Preferra Insurance Company RRG, formerly NASW Risk Retention Group is keenly aware of social workers’ needs and challenges.

“Excellence” is our mantra. Our mission is to be the best for our policyholders’ lives, protect them, and help them overcome challenges to heighten their success.

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COVID-19 Notice

Preferra Insurance Company RRG, formerly NASW Risk Retention Group (NASW RRG) shares information based on our helpline inquiries, corresponding claims history, and an understanding of a varying nationwide professional state regulatory environment.

Due to COVID-19, many states have implemented or waived specific regulations; it is the individual professional's responsibility to research, implement, and monitor those regulations; and apply our risk management content as a consideration in your practice environment. Do not interpret this risk management material as any means to alter professional training, standards, nor any ethics information provided by your professional association.

Please understand, the Preferra Insurance Company RRG makes no representations or warranties other than those stated to our current policyholders in the insurance policy contract. Please contact us if you have further questions.