It’s not just the clocks going back that we have to worry about. The structure of the NHS is constantly changing, with an increase in practices merging or having to implement new services, requiring additional staff and facing new challenges.
In the event that things go wrong, you could be held accountable. With this in mind, it is now more important than ever that healthcare businesses and practices are protected with robust insurance cover in place.
Are you covered?
This protection falls outside of treatment risk (i.e clinical negligence) and relates more to how a partnership or practice is being run. Ultimately those in a position to make the decisions around practices, protocols, employee welfare, contracts undertaken, pay and the working environment, can be held personally liable (or the business itself could) should a claim arise.
Why do you need Management Liability cover?
A management liability policy will cover the legal cost of any court action as well pay fines in a multitude of areas should a decision be upheld.
The key areas to consider are:
Employment Practice Liability – This is an area that has increased in importance, as employees are experiencing significant pressures at work and the disgruntled ones may attempt to pursue a grievance against their employer.
Regulatory action – which can be brought against a practice/partnership or healthcare limited company. A business could easily fall foul of all the government legislation, so it is no surprise that this could then lead to failing an inspection
Directors (partners) – could be risking their personal assets should a claim be brought against them as individuals. If there is no treatment risk involved, then this will not be covered by a Medical Malpractice policy or the clinical negligence scheme for general practice (CNSGP)
Administrative functions – are often not covered under any other policy. At a time when the health care sector and the structure of a business is becoming more complex, errors can easily be made. Management Liability cover takes away this stress.
Bridging the gap
We can provide expert advice and guidance around new contracts. Speak to us about an all-encompassing policy which bridges the gaps in cover which may exist outside of your standard practice insurance and medical malpractice cover. We can offer a very comprehensive policy package which can typically replace your conventional covers all rolled into one.
The three main areas of cover are as follows:
Directors & Officers Liability – This will cover the legal costs, awards and settlements of any action brought against any directors of the business. It includes cover for shareholders and any regulatory disputes. Each director will have their own liability therefore the policy can look after inter Director and inter partnership disputes. It provides Worldwide cover with Nil policy excess.
Company Legal (or Corporate) Liability – Protection against the company itself for any wrong doings I.e., HRMC or investigations from regulatory bodies. This will also encompass cover for company data breaches or poor advice which could be given to some of your practices or patients (members of the public) throughout the management of contracts or services. This cover is also suitable for Charities & Associations.
Employment Practices Liabilities- This covers any employment contract disputes. Particularly useful for GP practices who are increasingly experiencing employee action. The MIAB solution provides access to Radar, which is a free service for Human Resources. They have a Legal Team available to assist you with expert Legal Advice. This is an excellent way of mitigating losses and removes the need for outsourcing an independent HR company. Use of Radar when dealing with your claim will also mean a NIL policy excess. You also have the ability to use a solicitor of your own choice.
You can get a quote here
MIAB policies are written on an ‘Any One Claim’ basis, which most policies on the market are unable to do. This means that you can make unlimited claims as long as you do not breach your Limit of Indemnity in any one incident.
You will benefit from wide ranging cover which will also provide Cyber Liability and Staff Dishonesty cover up to £100,000. In addition, you have the option of a Crime Extension add on, to protect you if your systems are fraudulently accessed, which could result in loss of income to the practice.
To discuss a stress free and competitive way of managing the main liabilities of your business call MIAB now on 01438 547044 or fill in this form to arrange a call.
MIAB is a trading style of Lloyd & Whyte Ltd who are authorised and regulated by the Financial Conduct Authority under register number 306077.Lloyd & Whyte Ltd registered in England No. 03686765. Registered office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA