Market Insights

Managing Increasing Sexual Misconduct Liability Claims in Healthcare

In the medical professional marketplace, carriers are increasingly reducing or removing coverage for Sexual Misconduct Liability (SML). What was once a straightforward sublimit within a professional liability tower—or even a separate tower—now requires additional underwriting scrutiny for limits above $100,000.

Top 5 Items to Consider in Healthcare M&A

Private equity (PE) investment in the healthcare sector has risen significantly over the past decade. To help structure the necessary coverage, negotiate market options and adequately protect all parties, you will want to work with a broker that specializes in the healthcare sector. Here's why.

Healthcare Firms Confront 'Perfect Storm' of Post-Pandemic Liability Issues

The healthcare management liability market is experiencing rapid growth, fueled by rising healthcare expenditures and higher employee wages. With significant changes on the horizon, what underlying issues and factors in the healthcare management liability market are causing concern for professionals?

Home Health Care Agencies Can Avoid Insurance Blame Game with Auto Liability Coverage & Risk Management

In the Home Health Care arena many agencies require employees to transport clients throughout the day using their personal vehicles. To protect agencies from liability exposures related to Non-Owned and Hired Auto, we recommend they implement a written Risk Management policy. In this article we highlight a few topics that should be included in such a policy.

AI in Healthcare – What we know and how we are responding

Underwriting for healthcare accounts leveraging AI is determined by what method of AI is being used and how the information gathered through AI is being processed. In this article, we explore what insureds taking advantage of the benefits of AI should consider.

Mass Exit: Coverage in the Human Services Industry Increasingly Hard to Come By

The foster care and social services market is undergoing significant change. Examine how the ongoing shift in insurance dynamics, coupled with evolving legislative landscapes and external pressures, underscore the need for proactive risk management strategies.

Social Services Look to E&S Amidst Change in Admitted Marketplace

Coverage for social service entities – traditionally written directly by admitted, retail-direct carriers – is shifting to E&S markets. Learn how growing claims and the rise of social inflation have resulted in exponential premium increases, if renewal is offered at all, and what insureds can do to obtain coverage.

Safe Haven: Best Practices for Exceptional Care and Risk Mitigation in Nursing Homes

Providing quality care and protecting vulnerable residents should be the top priority for any nursing home. However, even facilities with the best intentions face risks that could lead to incidents, accidents, or liability issues.

Code Blue for Cyber Threats: Securing Patient Safety in the Digital Age

The healthcare industry increasingly relies on digital technology and interconnected systems to provide efficient, quality care. However, this digital transition also exposes healthcare organizations to growing cybersecurity threats. As cyberattacks become more frequent and sophisticated, there is a critical need for cyber insurance to protect healthcare businesses and patient safety.

Risk Management in Healthcare Staffing: The Importance of Excess Liability Coverage

Specialized healthcare staffing agencies play a crucial role in the healthcare industry by deploying skilled medical professionals across various settings. However, by nature, their work exposes both individuals and staffing agencies to numerous risks daily.

Mastering Managed Care: How State Variations Impact Insurance Agents

Clients seek agents who understand their needs and demonstrate a deep understanding of the healthcare landscape. Educating yourself about state-specific changes will help empower your clients and solidify your position in a competitive market.

Customizing Coverage: The Vital Role of Tailored Professional and Management Liability Insurance

The unique challenges and diverse needs of healthcare providers require professional and management liability insurance solutions crafted to address their needs. Insurance agents play a crucial role in guiding healthcare professionals through their options and regulations.

State of the Market 2024 Outlook

While some segments are seeing softening, others face the hardest market conditions in decades. In this State of the Market report, Amwins specialists share market intelligence spanning rate, capacity, and coverage trends across lines of business and industries.

The Essential Role of Insurance for Nursing Homes

Nursing homes are vital in providing care and support for our aging population. The complexities of healthcare and the industry’s unique challenges illustrate the importance of comprehensive insurance for nursing homes. Understanding the risks that nursing homes face can help you build the coverage that suits their needs.

Data Protection Strategies for Healthcare Providers

Healthcare data, which includes a wide range of patient information, is the lifeblood of the medical industry. From medical records and treatment plans to personal identifiers, this information is a target for cyber threats. In recent years, the healthcare sector has witnessed a surge in data breach incidents that call for more intense data protection in healthcare facilities. Insurance agents should understand the implications of data breaches and the essential strategies for safeguarding information, including cyber insurance.

State of the Market: A Focus on Healthcare

With a blurring of lines between some risk retention groups (RRGs) and commercial lines carriers, as well as a trend to define standard coverage vs. E&S, the healthcare marketplace has become difficult to navigate. In this State of the Market report, our specialists dive into current market trends, impacts to capacity and pricing, and specific classes that are facing notable challenges.

Top Healthcare Staffing Agency Risks and How to Overcome Them

Healthcare staffing firms provide skilled professionals to fill staffing gaps in hospitals, clinics, and other healthcare facilities. However, these agencies face unique liability risks that can have far-reaching consequences.

Tail Coverage: A Safety Net for Professionals in Transition

Whether changing jobs, retiring, selling a practice, or simply ending their insurance coverage, professionals may undergo significant changes during their careers. Such transitions can have substantial implications, particularly regarding liability insurance, highlighting the need for tail coverage.

What Is Managed Care Errors and Omissions Coverage?

In the changing healthcare landscape, managed healthcare organizations play a crucial role in efficient and cost-effective healthcare delivery. However, like any sector, the world of managed care has its challenges and potential pitfalls. Managed care errors and omissions coverage comes into play.

Exploring the Intersection of Cybersecurity and Managed Care: Challenges and Opportunities

The healthcare industry is undergoing a unique transformation where data and technology take the spotlight. As healthcare systems go digital and see the benefits of digital health records and telemedicine, patient care is more efficient and accessible than ever. Unfortunately, the digital transformation also brings cybersecurity risks to healthcare systems. Understanding the risks they face and the cyber insurance tools available to mitigate those risks will help you provide them with the coverage they need.

The Growing Need for Professional Liability Insurance in Healthcare

The increasing demand for professional liability insurance within the healthcare sector cannot be emphasized enough. This coverage is pivotal in shielding healthcare providers from potential legal challenges. Given the intricacies of the healthcare industry, providers greatly benefit from the expertise of agents who can adeptly navigate the insurance landscape.

Emerging Technologies in Managed Care: Enhancing Efficiency and Patient Outcomes

By incorporating technology into a managed care practice, there is an opportunity to improve patient outcomes, efficiency, and security. Technology provides a way to streamline collaboration and communication, expand data collection and analysis, and optimize network design to promote company goals. Although beneficial for growth, technology needs support in addressing risks, making cyber insurance an important part of a management strategy.

Meta Pixel Class Action Lawsuits Focus on HIPAA – For Now

With so many questions about Meta Pixel liability unanswered, insureds need to be prepared. In this article we look closely at the impact online tracking technology has had on the healthcare industry and how you can help your clients mitigate their risk.

The Role of Technology in Revolutionizing Healthcare

Recent technological advancements have transformed the management and delivery of healthcare services with improvements in patient care, efficiency, and procedural methods. Insurance agents should fully understand how technology influences the healthcare sector to provide comprehensive insurance options to healthcare providers.

Cybersecurity in the Healthcare Industry: Protecting Patient Data

The digital age has introduced new threats and concerns for patient data security in the healthcare industry. The risk of cyberattacks and data breaches threatens significant harm by compromising sensitive patient records and devastating healthcare provider reputations. Insurance agents in the healthcare sector need to understand and emphasize the importance of cybersecurity measures to protect patient data.

Trends and Challenges in Hospital Insurance: Adapting to an Evolving Landscape

The healthcare industry has always had its nuances and continues to change and evolve. That makes it especially important for insurance agents to maintain a pulse on the industry to ensure clients get the right hospital insurance coverage, which helps protect medical facilities against liabilities to provide financial security.

Understanding Managed Care: A Comprehensive Guide for Insurance Agents

In an era of escalating health expenditures, a growing consensus among patients, physicians, and insurance companies has emerged, advocating for a departure from the conventional fee-for-service models toward the adoption of managed care. This healthcare system places a strong emphasis on optimizing quality, controlling costs, and efficiently utilizing resources to curtail unnecessary services while maximizing positive patient outcomes.

Legal Defense Costs in Professional and Management Liability

In this article, we will delve into the many advantages of professional and management liability insurance, exploring how it can offer critical financial protection and aid in covering legal defense costs. By sharing with your clients the comprehensive benefits this insurance provides, you can help them make informed decisions to safeguard their business and professional reputations.

The Importance of Healthcare Staffing: Ensuring Quality Care and Mitigating Risks

Adequate staffing in the healthcare industry ensures that medical facilities do not have employee shortages and reduces the risks associated with inadequate staffing levels. We will look at the essential traits of healthcare staffing. Additionally, we will focus on how it benefits insurance agents and helps mitigate risks such as Medical Professional Liability and General Liability.

Emerging Trends in Managed Care

As the healthcare industry continues to evolve, insurance agents face the challenge of staying up to date with emerging trends in managed care. The concept of managed care has become increasingly crucial in navigating the complex healthcare landscape. Here, we will explore the evolving trends in managed care.

Understanding Professional and Management Liability in Healthcare

One of your jobs as an insurance agent is understanding the intricacies of professional and management liability insurance for healthcare providers. Professionals in the healthcare industry will face many challenges and risks requiring specialized insurance coverage. We will dig into the importance of this coverage and how Amwins can assist insurance agents in meeting their client’s needs effectively.

Healthcare Cybersecurity Strategy: Strengthening Defenses Against Cyberattacks

Explaining Reinsurance in Healthcare

Reinsurance is a term many in the insurance industry are aware of, and it also plays a role in healthcare. When a tree falls through a homeowner’s roof or a business suffers a cybersecurity breach, they rely on their insurance companies to pay for the damage. However, this presents a conundrum: Who protects insurance companies if the risk of insuring is too significant?

Healthcare Reform and Its Impact on the Insurance Industry

The healthcare landscape is continually changing, and healthcare reform is a critical driver of change. As an insurance agent, understanding the impact of healthcare reform on the insurance industry is crucial to navigating the ever-changing policies and providing the best coverage options to your clients.

Explaining Professional Liability in the Healthcare Industry

The healthcare industry faces professional liability daily and must understand how to care for millions of patients. Among the typical challenges inherent in medical care is the knowledge that a mistake or oversight can result in potentially devastating results. With the life-or-death scenarios that are a part of the daily routine of healthcare, professional liability takes on a much more severe level of importance.

Why Healthcare Providers Need D&O Insurance

Directors & Officers (D&O) Insurance is essential in the healthcare industry and a good policy for providers. Healthcare is a challenging and complex industry with intense standards and regulations. Ultimately, risk management is necessary to provide patients with optimal care and for facilities to survive in the industry.

What are Fronting Programs?

For those providing insurance to healthcare providers, fronting programs are an option to ensure they meet financial responsibilities without additional risk transference. Sometimes, self-insurers or captive reinsurers benefit from this form of program. The insurance market continues to look for ways to prevent excess risk with operations.

State of the Market - Q1 2023

While some segments are seeing softening, others face the hardest market conditions in decades. In this State of the Market report, Amwins specialists share market intelligence spanning rate, capacity, and coverage trends across lines of business and industries.

Why Healthcare Providers Need E&O Insurance

Errors & Omissions (E&O) Insurance is a professional liability insurance product designed to protect medical professionals from lawsuits from workplace mistakes. No industry operates 100% free of mistakes. Human error is always possible when people are a part of the equation. In the medical profession, mistakes can impact patients and have costly repercussions for healthcare providers.

The Basics of Medical Professional Liability Insurance

In the U.S., only seven states require doctors and healthcare professionals to maintain medical professional liability. However, many hospitals require physicians to carry professional liability or malpractice insurance. You should carry malpractice insurance if you operate a healthcare practice or see patients.

10 Predictions for Healthcare in 2023

If you’re wondering what healthcare will look like in the coming year, there are several trends to look out for. Experts are forecasting changes affecting patients, providers, and insurers alike.

What is Captive Management and Captive Insurance

Captive management insurance is a policy that allows businesses to cover their own interest rather than relying on an intermediary.

What is Risk Management for the Healthcare Industry?

Risk management is an essential tool the healthcare industry can utilize to help weed out adverse outcomes that may plague their interests. It is impossible to prevent risk. However, it is possible to manage it through innovation, diversification, development, and strategic planning. Risk management is essential in the healthcare industry because lives are at stake.

Top Professional Liability Issues for Healthcare Providers

Healthcare providers face professional liability issues daily and strive to mitigate the risks to thrive and prosper. The healthcare industry is among the largest sectors of the U.S. economy. This industry indeed generates enormous profits, but it’s also true that liabilities can threaten these profits and compromise healthcare providers’ ability to serve patients. Indeed, many healthcare liability issues can escalate to cause professional and management liability problems.

Benefits of Having Captive Management Insurance

Captive management insurance policies are a unique option for insureds who want autonomy in addressing risks. An insurer who assumes risk issues a traditional insurance policy based on the characteristics of their client. The client then pays monthly premiums in exchange for coverage. Conversely, a captive management program provides similar coverage options, but the insured owns and manages the policy. Although this type of coverage is unconventional, it can benefit businesses and insurers.

Cybersecurity Awareness Month: The Things to Know

Since 2004, the United States has recognized Cybersecurity Awareness Month every October. Data breaches affecting businesses and customers have become more pervasive in recent years. Companies can take meaningful steps to thwart cyber criminals and protect their customers’ data with greater awareness and resources.

Cybersecurity for Healthcare Providers is Getting Worse

Cybersecurity for healthcare providers is getting worse, and the healthcare industry has issues to resolve. All industries have had to contend with a growing number of cyber attacks. Likewise, the healthcare industry has faced a particularly significant spike in incidents over the past two years.

How to Address Mobile Cybersecurity Issues in Healthcare

There are mobile cybersecurity issues in healthcare, and the medical industry must solve them before it causes extensive damage. Cybersecurity threats are everywhere, but few sectors are as vulnerable as the healthcare industry.

Cybersecurity Attacks Ongoing in the Healthcare Industry

Cybersecurity attacks are increasing among the healthcare industry and it’s essential to understand the dangers that arise from it.

Pull Cords: Benefit or Liability for Senior Living Facilities?

Some carries have begun to deny coverage for properties where pull cords are installed and other carriers are following suit, leaving retailers scrambling to find coverage for their clients. This article will address how underwriters analyze the risks associated with pull cords, and what you can do to help your insureds find coverage for properties where pull cords are installed.

Huge Breach Threatens 2 Million Patients

A huge breach of data can cause devastating effects for any business, and it amplifies when it affects the healthcare industry.

Third-Party Litigation Funding Is Fueling Social Inflation

Though once prohibited, third-party litigation funding allows hedge funds, private equity, and other financiers the ability to invest in lawsuits in exchange for a percentage (usually large) of any settlement or judgment received. Although most are privately owned funds, several publicly traded companies are currently involved in this practice.

Market Disruptions Cause Greater E&O Exposure for Real Estate Agents

Independent agents who write real estate agent professional liability (E&O) insurance should take note: High inflation and the resulting higher interest rates are creating ripples of disruption in the real estate marketplace.

Ransomware Continues to Attack Healthcare Units

Ransomware continues to serve as a threat to healthcare units across the country as technology evolves over time. Medical institutions could find themselves held hostage, shut down by harmful software programs that halt their systems. These programs, known as ransomware, damage files, limit activity, and prove a veritable threat to organizations and their patients. Technology restoration may only occur after someone pays the ransom, giving institutions back control.

When Are Risk Retention Groups the Right Option for Medical Professional Liability?

The market for medical professional liability has hardened. While alternative risk vehicles, such as risk retention groups (RRGs), can be a great choice for certain insureds, they aren't a good fit for everyone. This article will help retail brokers understand how RRGs function, the benefits they can offer insureds, and how to help choose the right RRG to meet their clients' specific needs.

Healthcare Cybersecurity Act Introduced

he Healthcare Cybersecurity Act of 2022 was introduced in March with the goal of strengthening connections between the United States Department of Health and Human Services (HHS) and the Cybersecurity and Infrastructure Security Agency (CISA). The act calls for an agreement to be drafted by both agencies, outlining plans to improve the infrastructure of cybersecurity throughout the healthcare field.

Healthcare Cybersecurity Gaps to Address Immediately

The healthcare industry is a prime target for cybercriminals due to the attractive amounts of sensitive data up for grabs that can yield high dollars on the dark web. While healthcare cybersecurity is particularly critical in an industry where ransomware attacks and data theft can potentially result in loss of life, organizations notoriously under-fund and under-prioritize their cybersecurity infrastructure.

What Medical Professionals Should Know About Risk Retention Groups (RRG)

The US medical professional liability (MPL) marketplace has hardened with many commercial carriers raising rates and tightening coverage terms and conditions. As a result, some MPL insureds are moving from the traditional insurance marketplace to alternatives like risk retention groups (RRG). This article covers 4 common concerns that should be considered before moving to an RRG.

Telemedicine: Are Your Insurance Policies Due for a Checkup?

The global telemedicine market is projected to reach $52.3 billion by 2022, with predicted growth in behavioral health and substance abuse, outpatient virtual visits and critical care. While telemedicine has many advantages for patients, such as increased access to care and reduced costs, there are also new exposures for healthcare practitioners. This article address those risks and discusses insurance coverage considerations for them.

COVID-19’s Impact on Medical Professional Liability Litigation

As of May 2021, the U.S. has documented millions of COVID-19 positive cases, resulting in hundreds of thousands of deaths. With the increasing perception that these deaths were preventable, comes the specter of litigation. This article analyzes current trends impacting the Medical Professional Liability industry as well as factors, such as state and federal immunity laws, that will contribute to potential outcomes.

Health Insurance Market Trends Through 2027

Assisted living facilities offer a much-needed service to senior adults and others who need daily help with tasks. For many, though, the expense of an ALF can be cost-prohibitive. Many residents of such facilities can afford it because of Medicare and Medicaid coverage, the health insurance market is constantly changing, and assisted living facilities need protection beyond what their residents’ health insurance can provide. ALF risk management coverage can help your assisted living clients minimize liability that could result from healthcare insurance market trends projected to continue through 2027.

Healthcare Wage & Hour Exposure and the COVID-19 Pandemic

The COVID-19 pandemic has, and continues, to put strain on the healthcare industry, causing new and increased Wage & Hour exposure. Even in these extraordinary circumstances, our frontline healthcare workers are subject to fair work standards set forth by the U.S. government and healthcare employers are subject to claims and enforcement action. This article examines how Wage & Hour exposures have been impacted due to COVID-19 and what employers need to know to mitigate their risk of claims.

Insuring Testing Labs: Top 4 Policy Considerations

Businesses of all types rely on the laboratory testing services industry to perform tests on items ranging from consumer goods and food products to construction materials and industrial components. Since testing labs span numerous industries, each with their own regulation standards and risk factors, insureds need a policy that is designed to specifically address their unique needs. This article highlights four areas that should be thoroughly considered when developing a coverage plan for testing labs.

Silent Cyber: An Issue Making Noise Across Industries and Coverage Lines

Cyber events don’t always just result in financial loss but can also cause first or third-party bodily injury or physical damage. In response, many insurers have adopted various exclusions, sub-limits and changes to non-cyber insurance policies. This issue of non-affirmative coverage for cyber events is known as silent cyber. Through various claim scenarios across coverage lines and industries, this article explores the wide range of insureds that are at risk of a silent cyber incident.

The Ripple Effect of Social Inflation and Nuclear Verdicts on the Insurance Industry

Social inflation is an issue that continues to gain intensity. The term describes the convergence of societal and legal trends resulting in increased litigation and larger jury awards. As these cases are tipping in the plaintiff’s favor, social inflation is adversely impacting insurance capacity and increasing pricing. This article explores the issues driving social inflation, mitigation strategies and what the future holds for impacted sectors.

Insurance Impacts of COVID-19 on the Healthcare and Senior Living Industry

As the healthcare industry remains on the front lines of battling the COVID-19 pandemic, staying abreast of the changing landscape and how the insurance market is adapting is critical to ensure new exposures are covered and renewals are successfully placed. In this article, our specialists share what they are seeing in the Healthcare and Senior Care markets, tips for risk control and mitigation, and how to get the best results for insureds.

The Insurance Needs of Real Estate Brokers vs. Real Estate Agents

The very nature of the real estate business leave brokers and agents subject to any number of potential lawsuits and claims, merely as a result of their daily business activities. A simple mistake or bad advice given to a client can result in a costly lawsuit. In order to determine the best insurance products for real estate agents and brokers, we should first examine the differences between the two titles.

How Vicarious Liability Functions in Real Estate

Vicarious liability is a form of secondary liability that arises under the common law doctrine of ‘agency.’ In the real estate industry, vicarious liability is typically assigned to a firm or broker whose agent has been sued for misconduct. Vicarious liability can also be assigned to a buyer or seller for misrepresentations by their real estate agent.

Key Exposures for Real Estate Firms

While risks apply to every business, real estate agents operate in an industry that is particularly highly technical and regulated. Agents often have to balance risks that they are not even able to control, such as market price fluctuations, housing demand or availability and more.

The Growing Allied Health Care Industry Requires Insurance Expertise

The allied health industry is defined as “a distinct group of health professionals who apply their expertise to prevent disease transmission, diagnose, treat and rehabilitate people of all ages and all specialties,” according to the organization of International Chief Health Professions Officers (ICHPO). There are hundreds of different types of allied health professions with over six million people employed in the allied health industry. Jobs in the allied health industry include; physical and occupational therapists, speech and language pathologists, radiologists, respiratory therapists, audiologist, phlebotomists, medical assistants and so many more.

How To Protect Your Clients From Evolving Healthcare Regulations

The False Claims Act (FCA) is a law that imposes liability on persons or companies who have defrauded government programs and is the primary litigation tool used in combating fraud against the government. These tips and trends will help you navigate the changing healthcare landscape under the FCA.

3 Factors Threatening the Nursing Home Liability Market

With ample capacity in nursing home and long-term care liability insurance, competition remains strong among carriers. However, the convergence of three separate events are threatening to create a perfect storm in the marketplace.

Two Tips for Senior Care Facilities to Reduce Insurance Risk Due to Soaring Number of Elderly Baby Boomers

In the next 15 years, the population of seniors will nearly double, with more than 20% of the population being 65 or older. With loss rates per occupied bed, claim frequency, and claim severity on the rise, this changing landscape will have a huge impact on senior care facilities.