By Steve Whalen According to Coalition, the leading cyber insurance company for small and midsize businesses, approximately 36% of claims reported by their policyholders occurred due to a business email compromise. These claims resulted in a range of losses, from ransomware, social engineering, and funds-transfer fraud to regulatory penalties and data-restoration costs, among others. Each
BY VANESSA ORR For the last year-and-a-half, a hard market has been unfolding in the medical professional liability sector, which provides malpractice insurance. And with a recent announcement by Lloyd’s of London, it looks like the difficulties the sector has been facing are about to get even worse. “Lloyd’s of London just announced that in
By Vanessa Orr As businesses begin to open back up, employers are facing a myriad of issues pertaining to employee and patient safety. Some employees are ready to work but are afraid of contracting the virus; others may refuse to follow CDC guidelines, despite these rules being in place to ensure a safe reopening. Still
By Vanessa Orr It was already a perfect storm: the medical malpractice marketplace was hardening considerably as a result of insurers losing money not just in Florida, but in almost every state. Claims frequency was slowly rising as claims severity rose at a rapid pace; yet pricing had been kept very low because of the
By Tom Murphy The current COVID-19 pandemic has accelerated the use of telemedicine. It has forced the sudden adoption of telemedicine by many medical practices and healthcare systems, accompanied by government and payer emergency measures that have helped to make telemedicine care easier. Most of these emergency measures will sunset, and while most physicians and
By Matt Gracey What a spicy, hot pandemic stew of lawsuits is brewing in America! This is particularly true in the healthcare world since this is a mother lode of a healthcare crisis. Simmering now and headed to a boil are incredibly strong factors: Fear; sadness; isolation; divisiveness; suspicion; and distrustfulness of authority, of others,
By Vanessa Orr It is very common in most medical practices to have advanced practice providers (APP) such as physician assistants, nurse practitioners, registered nurses, surgical assistants and more listed on the practice’s malpractice insurance. Through this policy, they may either share in the limit of liability or have a separate limit of their own,
By Vanessa Orr For the last 13 years, the Florida malpractice insurance industry has remained relatively soft, which is good news for physicians and medical practices. Unfortunately, the days of lower premiums, discounts and credits are slowly disappearing. “We haven’t seen a hardening market since 2002-07, and back then, it was really bad,” explained Medical
By Wes Caldwell Imagine you wake up in the hospital and the doctor explains that due to a slip in the shower you have a cracked skull and have been in a coma for seven days. The good news is you will more than likely make a full recovery. The bad news is that due