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Liability Insurance

 
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Liability Insurance - October 4, 2009 7:09:34 PM   
eam

 

Posts: 327
Joined: February 6, 2004
From: New York, NY 10028
Status: offline
I was wondering if someone could help me out on a question I have regarding the limits for prof. liability insurance.  I am opening up a practice in NY and have contacted HPSO to give me a quote for the business.  I currently have my private policy with them.  The limits for me in NY are 1mill/3mill.  Does anyone know what the typical limits of liability are for a business?  I would imagine it is different but I am not sure.  Also, is it normal to attach the general liability and workmen's comp insurance policies as well or do you buy those as separate policies?
Thanks!
Erica
Post #: 1
RE: Liability Insurance - October 18, 2009 4:15:10 AM   
Synergy

 

Posts: 619
Joined: March 12, 2004
From: Texas
Status: offline
Erica,

I have my private policy w/ HPSO as well, but I went through a local insurance agent for my business insurance (underwritten through The Hartford).  I do believe it's normal to attach general liability and WC policies as I have done so with my OP clinic.  I don't have my policies in front of me, so I cannot comment on the limits/amounts for them, but I do think they are roughly the same as a private policy, i.e. 1 million/3million.

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Chris Adams, PT, MPT

(in reply to eam)
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RE: Liability Insurance - October 18, 2009 8:41:09 PM   
Sebastian Asselbergs

 

Posts: 2293
Joined: September 30, 1999
From: Barrie, Canada
Status: offline
Just a question in relation to this:
Does your association not have a negotiated group plan that you can get insured through? (In Canada our National and Provincial Associations have been able to negotiate and arrange decent Liability insurances, both professional and business, with rates that individual carriers can not match).

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Mundi vult decipi

(in reply to Synergy)
Post #: 3
RE: Liability Insurance - October 18, 2009 11:47:56 PM   
eam

 

Posts: 327
Joined: February 6, 2004
From: New York, NY 10028
Status: offline
Hi Sebastian,
The APTA  does recommend HPSO but does not negotiate rates for us unfortunately.  Being in NY state where we are heavily regulated, we are sort of on our own.

Erica

(in reply to Sebastian Asselbergs)
Post #: 4
RE: Liability Insurance - October 19, 2009 3:27:07 AM   
SJBird55

 

Posts: 3332
Joined: May 11, 2004
From: Michigan
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Erica,  I have HPSO.  If I remember correctly, they have both individual and business professional liability.  The business professional liability covers the professional wherever and whenever.  The costs are based on number of professionals.  If the business grows and additional professionals are employed, there is a window of grace period time in which they need to be added.  (Meaning, I think they are covered for the first 3-6 months or so?  I can't remember - ask.)  Whatever HPSO provides for business professional liability - the limits... it is what it is.  They know. 

If you happen to call around, I think you'll be pleasantly, happily surprised at HPSO rates!  Shoot... I could have paid 3 times as much for professional liability!  I think the rates are determined by our liability risk.  We have little risk.  HPSO has a report available that you can download that shares the claims they pay.

Professional liability covering the professionals within the business is not the same as general business liability.  HPSO might have that kind of a product - in fact I think they do.  I went local with my business liability - think slip and falls.  You will definitely want that liability.  Depending on your building arrangement, say like leasing, you may need to have that liability anyways because it will be in your lease arrangement. 

(in reply to eam)
Post #: 5
RE: Liability Insurance - October 20, 2009 1:28:36 PM   
eam

 

Posts: 327
Joined: February 6, 2004
From: New York, NY 10028
Status: offline
SJ,
Yes I was surprised at the rate and the limits are 1/3 million.  I applied and the rate does seem low even for New York!  I did ask for the general liability rider but I may also go local b/c I want to bundle it with renters insurance etc. 
Thanks for the reply!
Erica

(in reply to SJBird55)
Post #: 6
RE: Liability Insurance - October 20, 2009 11:05:47 PM   
SJBird55

 

Posts: 3332
Joined: May 11, 2004
From: Michigan
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Erica, the limits really will be okay.  If you look on HPSO website and download then read their paper on claims they have paid... you'll be just fine with the limits.  The other thing that is really, really nice - if you do get into a situation where you want legal advice, that company hooks you up at a moment's notice.  AND, I was very satisfied with the attorneys sent to me.  I contacted HPSO with a few questions on a deposition - the patient in question was treated 1 year prior.  I had immediate emails... then an attorney visit AND then an attorney present during the deposition!  I just happened to be one of the professionals who treated the guy and I wasn't worried about anything, but the attorneys were there.  I was impressed.

(in reply to eam)
Post #: 7
RE: Liability Insurance - December 1, 2009 4:36:24 AM   
ehanso

 

Posts: 392
Joined: September 15, 2004
From: Minnesota
Status: offline
Are there any options to HPSO? I received some info a while back from another company that provides liability and malpractice Ins for PT's. HPSO seems a bit expensive. Thanks

(in reply to SJBird55)
Post #: 8
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