Healthcare and Human Services
The Healthcare and Human Services industries are rapidly evolving to remain competitive and meet the consumers changing needs. Telehealth has changed the way organizations operate. Consolidation has also played a major role in the growth of many healthcare providers. As the industry is evolving, so are their risk exposures.
Healthcare organizations have many unique risks that, if not addressed, can greatly hinder their operational success. Some of the more traditional risks include medical malpractice and general liability exposures.
The primary emerging risk for healthcare organizations is cyber. This is due to the vast amounts of sensitive information they handle combined with their increasing dependence on technology.
In addition to coverage expertise, these entities need to work with insurance professionals that are experienced and well versed in managing insurance program consolidation resulting from an acquisition or merger. There are countless insurance issues resulting from mergers/acquisition. Our team will take the time to understand the strategic objectives and develop an insurance strategy that addresses these objectives.
We work with many different types of healthcare organizations including:
- Long term care
- Physician offices
- Durable medical equipment
- Managed care
- Medical technology
The education field continues to face a variety of challenging exposures. Some of the traditional risks include sexual abuse and molestation, professional liability, and general liability. While organizations continue to deal with the traditional risks, new risks have emerged as this sector embraces technology and adapts to remote learning. The primary emerging risk is cyber. These organizations are now a prime target for cyber-attacks due to their vulnerability and potential interruption of operations.
In addition to cyber risk, educational organizations are expected to see an increase in claims as a result of COVID-19. The implementation of remote, in person, and hybrid learning/working puts these organizations at much greater risk of employment practices, director and officer, and due process claims.
Our team of experts understand the risk landscape of these organizations. We also understand that educational institutions have limited access to capital for technology investment compared to for-profit organizations. As a result, we develop innovative insurance programs that provide comprehensive protection while minimizing their cost.
Financial and Professional Services
The most severe exposures that financial/professional service organizations face are professional liability and cyber liability.
Professional Liability policies often need to be tailored to cover the specific services that organizations provide. To properly protect organizations, we take the time to fully understand the scope of their services. This process is essential in developing a comprehensive professional liability policy.
We have experts who specialize in professional liability. They understand the most cost effective and comprehensive ways to protect our clients. We will also make recommendations on policy limits and retentions, based on trends within specific industries.
In addition to professional liability, financial organizations also deal with the more common coverages such as workers’ compensation, property, general liability, and crime. Financial services organizations have specific crime exposures that require individualized coverages.
We have extensive experience working with the following types of organizations:
- Law firms
- Accounting firms
- Investment advisors
- Private equity