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Glossary of Medical Practice Insurance Solutions

Confused about covering risk exposures in your practice?

Here’s a Glossary of Medical Practice Insurance Solutions!

As a physician-owned and -led Insurance Agency, we know your focus is on managing your practice and providing quality patient care. Insuring your practice for a variety of potential liabilities can be confusing. In addition to your medical professional liability insurance there are other insurance programs you should consider. How can you sort out your options? MAG Mutual can help you decide what you need and we hope this glossary of insurance coverages will help.

Medical Professional Liability Insurance – Protects your assets and reputation against claims of negligent acts or omissions that result in injury or harm to your patients.

Physicians Regulatory Liability – Covers fines, penalties and related limited defense costs for government audits (Medicare/Medicaid). Also provides limited defense costs for HIPAA, STARK and EMTALA violations.

Businessowners Policy – Combines your property, general liability and business income coverages into one policy.

Personal Insurance – Automobile, home and personal umbrella protection for individuals and families.

Workers’ Compensation – State mandated medical coverage for your employees when injured at work. Requirements may vary by state.

Cyber Liability – Provides protection for various computer based risks, including network security, privacy, viruses, digital media and notification of breach, etc.

Employment Practices Liability – Provides defense costs and indemnity protection from employee allegations of discrimination, harassment and other employment law claims.

Directors & Officers Liability – Covers defense costs and indemnity protection for the officers and directors of your practice for claims from employees, patients, vendors and creditors.

Fiduciary Liability – Protects your employees who have discretionary authority over a benefit plan or assist in its administration.

Commercial Umbrella Liability – An additional layer of coverage which increases your general liability protection.

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   Medical Professional Liability Insurance

   Medical Office Package

   Employment Practices Liability Insurance

   Workers’ Compensation

   Home/Automobile/Umbrella Coverage

   Directors and Officers Liability Insurance

   Managed Healthcare Liability Insurance

   FFActs Physicians Regulatory Insurance

   Medical Practice Office Insurance

   Healthcare Facility Liability Insurance

   Cyber Liability Insurance

   Long-term Care Insurance

   Individual Disability Insurance

   Payroll Deductible Life Insurance

   Health Insurance/ Employee Benefits