Why should you choose InsureGen Brokers?
InsureGen Brokers is a family-owned agency specializing in providing the unique insurance needs of professionals. We are responsive, knowledgeable, and fully engaged in working with each individual client to put together a specific insurance portfolio unique to them.
Can you help me find coverage if I work in multiple states?
Definitely, we will help you navigate the intricacies of various state laws, patient compensation funds, and unique state requirements.
What discounts are available on my policies?
Many insurance companies offer claims-free discounts, new-to-practice discounts, discounts for those who have been in practice for a long time, and unique individual practice discounts. We will help gather the information necessary to ensure you are getting the maximum possible discounts and plan for ways to obtain future discounts.
My practice is unique. Can you help me?
Absolutely! Our consultative approach is one of our greatest strengths. We will spend the time necessary to learn about the specifics of your unique practice with you and put together a coverage portfolio just for you.
Other brokers have told me they can't find a policy for me. Can you help me?
So far, we've found quotes for every scenario we've been presented with. Because we focus on insuring professionals, we know which carrier to go to and what to ask to obtain quotes for just about every circumstance.
I have had claims & board issues; is that a problem?
Not at all! Our highly skilled team will work with you to understand your situation and get coverage.
Should I purchase a claims made or occurrence policy?
That's a great question! The short answer is that claims made may be the only option in some situations. We will review both options with you to determine which fits your insurance needs. Here are some details about both options below:
- Occurrence coverage is based on when the act occurred. This means an occurrence policy will cover any professional services rendered during the active policy period, regardless of the date the claim is reported.
- Claims-made coverage is based on when the act is reported (when the claim is actually made). This covers claims that are reported when the policy is actually in force. Professional services are covered under a claims-made policy if they occurred on or after the policy's inception or retroactive date. This means a claims-made policy may provide coverage for professional service rendered from a retroactive date through cancellation or expiration of the current policy, so long as the claim is reported to the insurer during a policy period.
- Claims-made coverage is typically less expensive than occurrence during the first few years. The premium then increases to compensate for the increased risk of receiving claims from previous years. These premium increases are often referred to as "steps." The steps represent the insured's increased risk exposure during the first few years of the policy. The steps typically cease four or five years after the policy's retroactive date. At this point, the policy will have reached its mature rate. Aside from any company-wide rate increases, the mature rate will be the rate the insured pays for the rest of the time the policy is in force.
How much does working with InsureGen Brokers cost?
Our service is free! In the commercial insurance industry, agent commissions are already included in your premium. This means that there is no cost to you to use our services, and your premium will be the same whether you use an agent to find coverage or purchase a policy through an insurance carrier directly. Let us help you find the coverage that is the best fit for you.
What is an Extended Reporting Period (Tail), & why do I need it?
Extended Reporting Period Coverage or Tail is optional insurance that provides liability coverage beyond the end of the policy period of a claims-made policy. Claims-made insurance policies only pay claims received during the effective policy period. Tail is often a good idea to purchase because some claims can take months or even years to present themselves. This can result in claims being filed when the policy is no longer effective. An Extended Reporting Period Coverage (Tail) is not necessary to purchase after the end of an occurrence policy. An occurrence policy will continue to provide coverage for professional services rendered during the policy period, no matter when the claim is reported.
When is professional liability insurance required?
Professional liability insurance, also known as errors and omissions (E&O) insurance), is typically required in professions where there’s a high risk of being sued for professional negligence or errors. These include medical professionals, financial advisors and consultants, lawyers and legal professionals, and architects and engineers.
Why is cyber liability insurance more critical in healthcare?
Healthcare organizations handle a vast amount of sensitive personal and medical data about patients, including medical records, test results, billing information, and other protected health information (PHI). A data breach exposing this confidential data can have severe consequences, including identity theft, privacy violations, and regulatory penalties under HIPAA.
Cyber liability insurance is critical for healthcare organizations to protect against the financial and reputational risks associated with data breaches, cyber-attacks, and regulatory non-compliance in an industry where the confidentiality and integrity of patient data are paramount.
What is MICRA?
The Medical Injury Compensation Reform Act (MICRA) was enacted in California in 1975 to address the rising medical malpractice insurance costs and reduce the number of malpractice lawsuits filed against healthcare providers.
Under MICRA, non-economic damages in medical malpractice cases are capped at $350,000. This amount increases by $40,000 annually through 2033 and a 2% annual inflationary adjustment thereafter. Cases involving a patient's death are capped at $500,000, with an incremental increase over the next 10 years to $1 million and a 2% annual inflationary adjustment thereafter.