Surgeon Insurance Colorado Policy Information
Surgeon Insurance Colorado. Surgery is among the most competitive medical fields. The many branches of surgery include cardiothoracic surgery, general surgery (which deals with organs within the abdomen), orthopedic surgery, and surgical oncology, to list but a few examples.
Surgeons are medical doctors who operate on human patients to remove, correct or control damage caused by a deformity, disease, or injury.
While surgery generally involves cutting into the tissues, new technologies rely on scopes and lasers that are minimally invasive for many routine procedures such as appendectomies.
Surgeons initially receive patients as referrals from other medical practitioners. Some surgeons specialize in disciplines such as cardiology, neurology, obstetrics, oncology, oral, podiatry, or pulmonology.
These may offer ongoing care for patients needing their specialized knowledge. Others are generalists, performing surgical procedures many areas of the body.
Most surgeons have a private office and affiliation with a hospital or clinic. Regardless of the field a surgeon specializes in, these doctors quite literally hold lives in their hands and play a vital role in the health care system.
Although working within this ever-innovative medical branch is highly rewarding, it is clear that surgery inherently involves risks - not only for patients, but also for surgeons.
Because unforeseen circumstances always have the potential to lead to poor patient outcomes as well as threatening the future of a surgeon's career, it is crucial for surgeons to carry the correct insurance policies.
This is true whether the surgeon works in a hospital or other medical facility, or owns and runs a private clinic. What types of surgeon insurance Colorado coverage may surgery practices need to protect themselves from the many risks they are vulnerable to, however? To discover more, read on.
Surgeon insurance Colorado protects surgery practices from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Why Do Colorado Surgeons Need Insurance?
Surgeons will need professional insurance to protect their financial interests and their reputation, as well as to meet legal obligations. CO surgeons are vulnerable to a number of perils, after all, each of which can have grave consequences.
The primary peril surgeons will have to consider lies in allegations of medical malpractice.
While surgeons will always strive to provide an excellent level of care, the reality remains that situations do not always unfold as planned. Regardless of a surgeon's skill and technique, and despite doing everything in their power to attain excellent results, a patient may suffer complications during a surgery.
In some cases, patients will die. In the aftermath, patients or their relatives may decide to file a lawsuit against the surgeon in which they allege that the poor patient outcome was the surgeon's responsibility.
Surgeons will further have to prepare for situations in which they can no longer carry out their jobs. An accident may lead to such impairments that a surgeon no longer has the complete control of their hands they need to perform operations, for example, or a medical condition may cause them not to be able to work at all any longer.
Surgeons who run private practices, meanwhile, additionally face some of the same risks any business owner would - including the possibility that an act of nature, theft, vandalism, or accident damages their physical building and its contents.
Armed with a comprehensive surgeon insurance Colorado program, surgery practices can rest assured that they have done everything they can to protect their career, finances, and business interests even in the event that disaster strikes.
What Type Of Insurance Do CO Surgeons Need?
The types of coverage that any individual surgeon needs will largely depend on whether they are employed in a hospital or other health care facility, or run a private practice.
A commercial insurance broker who specializes in the health care sector will be able to design an individualized insurance plan, as well as helping surgeons choose the right insurance company.
With that in mind, here is a look at some types of surgeon insurance Colorado needed, as well as some uniquely suited for those who own a private practice:
- Medical Malpractice: Also called professional liability and essential for any medical doctor, these policies cover scenarios in which (former) patients allege medical malpractice - including wrongful diagnosis, negligent care, and HIPAA violations. Medical malpractice insurance provides coverage for a surgeon's legal defense and settlement costs in these cases, with each policy defining an upper limit.
- Hand/Disability Insurance: Should a surgeon suffer injuries or be diagnosed with a medical condition that renders them unable to continue performing surgeries, these types of surgeon insurance Colorado can both help cover the income lost as a result. Hand insurance for surgeons and disability insurance alike can both cover short-term conditions and injuries as well as long-term loss of function.
- Commercial Property: Surgeons who run private practices will need commercial property insurance to guard them against financial losses resulting from perils that lead to property damage or loss, such as theft or acts of nature.
- General Liability: A surgical practice will also require general liability coverage to protect them in case of third party property damage or bodily injury claims not related to medical practice.
- Workers' Compensation: Surgeons who own private practices should carry workers comp in the event that an employee sustains an occupational illness or injury. This type of insurance will cover such employees' medical expenses and any lost income.
Although these kinds of insurance can all be essential to surgeons, depending on their workplace, keep in mind that some surgeons will need additional forms of insurance not covered here.
That is why it is so important to consult a commercial insurance broker, who will be able to answer any questions you have about your surgeon insurance Colorado options.
CO Surgeon's Risks & Exposures
Premises liability exposure is moderate due to patient access to the premises. To prevent trips, slips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure.
Steps should have handrails, be illuminated, marked, and in good repair. Parking lots should be maintained free of ice and snow. Housekeeping should be excellent and spills must be cleaned up promptly.
Patients will generally visit the surgeon's office for post-operative follow-up care. As patients may be physically impaired following surgery, escort procedures must be clear for all personnel.
Maintaining a patient's privacy is critical. Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's' confidential information.
Professional exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more life threatening that the procedures are, the higher the degree of exposure.
For example, an orthopedic surgeon's exposure is generally not as severe as that of a cardiac surgeon. A patient's medical history must be checked prior to prescribing medications. Very serious losses may result from failure to secure patient approval before performing procedures.
Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS.
On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic. All medical equipment and supplies used during the surgery must be accounted for before any incision is closed to prevent being left in the patient's body.
Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposure is due to possible transmission of disease from a patient. Gloves and masks should be worn at all times during surgery and when working around any bodily fluids. Cuts and puncture wounds are possible from the use of sharp equipment such as scalpels or needles. Employees should have access to vaccinations to prevent diseases.
Back injuries can occur due to the mobility limitations of many surgical patients that often require lifting or support. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays.
Because patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Property exposure is moderate due to the use of expensive diagnostic and medical equipment. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained. A small fire which produces smoke can cause considerable damage when sterile equipment and environments are compromised.
If pharmaceuticals are kept on premises, theft is a concern. These items should be inaccessible for unauthorized use and stored in a protected area after hours. Most property items are better covered on inland marine forms such as a computer form or the physicians and surgeons floater.
The business income and extra expense exposure is generally light as surgeries are performed from hospitals or clinics, not at the doctor's office. If the surgeon has diagnostic equipment at the office location, the exposure will increase.
Equipment breakdown exposures may be high if operations are dependent on expensive medical equipment being available on the premises, particularly if the surgeon specializes in a particular field such as cardiology. All equipment should be maintained on an ongoing basis.
Crime exposure is from employee dishonesty of both money and inventory, including pharmaceuticals. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. Rigid controls must be maintained including inventory control and limited access to storage areas.
All ordering, billing, and disbursement must be handled by separate individuals. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposure includes accounts receivable if the surgeon bills for services, computers, physicians and surgeons equipment floater (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information.
Computers are used for patients' records and other office purposes, but some medical equipment, such as video equipment and X-ray machines, is now also computerized. Physicians and surgeons floater includes items that the surgeon may take off site to handle emergencies. Duplicates of all records and programs must be kept off site.
Commercial auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.
Surgeon Insurance Colorado - The Bottom Line
To protect your practice, employees and your patients, having the right surgeon insurance Colorado coverage is vital. To learn what the options are available to you, how much coverage you should have and the associated costs - speak to a reputable commercial insurance broker who understands medical malpractice insurance.
Colorado Economic Data & Business Insurance Information
If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.
Business Economic Trends In The State Of Colorado
According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.
It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.
In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.
In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2022.
In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2022 fiscal year.
Regulations And Limits For CO Commercial Insurance
The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.
The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Health Maintenance Organizations
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business Insurance
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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Also find CO local small businesses by General Liability Class Code and learn about Colorado small business insurance requirements for general liability, business property, commercial auto & workers compensation including CO business insurance costs. Call us (720) 500-2051.