High-Volume Practice? Review Your Liability Coverage

Having an abundance of customers is a sign of success, but it also comes with its fair share of risks. Seeing more patients increases your earning potential and the likelihood of encountering professional liability claims. If you’re managing a high-volume practice, reviewing your liability coverage with your current insurance can protect your career.

Recognize the Risks

High-volume practices often have back-to-back appointments, which can sometimes lead to fatigue among staff members. Even if you maintain a flawless professional record, the chances of facing a claim grow with the number of patients you see.

Patients expect their care providers to go above and beyond, making even minor misunderstandings or complaints a potential liability. Adequate liability coverage protects you from unforeseen claims that could otherwise lead to financial losses and reputational damage.

Evaluate Your Coverage

Does your current malpractice insurance align with the increased workload and broader responsibilities of a high-volume practice? Many practitioners discover that their existing policies only scratch the surface of their coverage needs.

If you’re a chiropractor, you may want to make sure your current chiropractic malpractice insurance covers defense costs outside the limits of liability. Start by identifying your coverage limits and understanding the scope of protection offered. You’ll want to know if your policy includes comprehensive defense costs, trial reimbursements, and a medical board defense.

Consider Specialized Coverage

Not all malpractice plans account for the unique exposures that high-volume practices face. Specialized policies are customizable to your specific circumstances. Occurrence policies and claims-made policies provide flexibility, while coverage for additional procedures, such as acupuncture or MUA, ensures add-on services fall under your legal protection.

Managing High Patient Counts

Insurance is only part of the equation. Implementing risk management by thoroughly documenting every patient interaction and obtaining informed consent can complement your defense in the event of claims. Insurance agencies, like Baxter & Associates, can help you find the best insurer with useful advice to avoid claims arising in the first place and qualify you for policy discounts.

Don’t Under or Overestimate

Overinsuring raises your premiums, while underinsuring leaves you vulnerable to substantial financial exposure. Strike a balance by consulting insurance professionals who understand the needs of high-volume practices. Exploring your policy options and getting expert advice can make all the difference in guaranteeing your coverage has no gaps while remaining affordable.

Be Prepared

Reviewing your liability coverage is a primary step in managing a high-volume practice. Choosing the right insurance partner is easy through Baxter & Associates, as we specialize in guiding healthcare professionals through complex liability concerns. We offer access to A-rated insurers and customized policies that cater to the diverse needs of various practices and specialties. If you’re unsure whether your current policy aligns with your high-volume practice, contact us to discuss and explore all your options.