As reported in an August 2014 article on the medical news website Newsmax Health, renowned pharmacy professor and medical author Joe Graedon, who has personal experience with a medical error resulting in the death of a loved one, says that mistakes throughout the medical community adds up to approximately 500,000 Americans annually. A huge number, Graedon attributes the majority of these mistakes to misdiagnosis.
Your clients in the medical field have a true challenge,..
In today’s society, it’s important to do all that you can to avoid professional liability claims. This is no different in the insurance industry. Insurance agents provide a valuable service to their customers, and may be held just as liable for a mistake or omission as any one of their service clients.
While the only sure-fire way to protect yourself financially from a claim of this type is with Professional Liability Insurance (also called errors &..
Earlier this year, we took a look at how the Affordable Care Act (ACA) may affect medical malpractice cases, citing the concerns over doctors seeing a much higher patient volume than in the past, leaving them potentially overwhelmed. According to various opponents of the ACA, the healthcare reform has not done anything to protect physicians and hospitals from potential malpractice claims or to deter the costs of defensive medicine.
According to a 2012 Oppenheim..
Financial Institution’s E&O
Weathering the Storm
Thursday, September 18 5:30 - 8:00 p.m.
Registration begins at 5:00 p.m.
Seminar 5:30 - 7
Reception 7 - 8 Vanderbilt Suites Hotel
MetLife Bldg, New York, NY 10166 This course has been approved for 1.5 CLE credits in New Jersey and New York through Winget, Spadafora & Schwartzberg, LLP.
James Kirtland, Vice President, Corporate Risk Management;
Mary McIvor, Global Head of Financial Institutions Claims;
American International Group
In a blog post earlier this year, we discussed why IT Consultants need professional liability insurance, such as in the case of a website glitch occurring and preventing their clients from being able to access their own data. Since this could result in severe financial loss for your clients’ customers, a lawsuit is definitely a possibility.
The good news is, it is possible to keep lawsuits at bay. Of course litigation is not entirely preventable,..
When it comes to obtaining insurance coverages, whether it’s for Professional Liability or Employment Practices Liability (EPL), it’s important for your prospective clients to understand that no business is immune to a lawsuit. It’s a common misconception that a business won’t get sued, or if it does your client can handle the financial repercussions on their own.
The problem with having this reactive attitude rather than a proactive approach, though, is that businesses are often surprised when a..
According to LinkedIn specialist Kate Nankivell, many of today’s insurance agents and brokers are potentially missing out on a great opportunity to grow their network and expand their business by ignoring the power of their LinkedIn profiles. Nankivell shared with Insurance Business that LinkedIn has become a vital asset in the range of marketing tools available to insurance agents and brokers, and by not utilizing this resource they are effectively losing business opportunities.
Nankivell estimates that while most insurance brokers..
A huge part of managing professional liability risks is how you and your clients engage with customers. An individual can sue for any type of negligence, bad business advice, or error that they feel fit, and even if the claim is unfounded, the business facing the lawsuit could face devastating losses. Overall, whether it’s your client or their customer, they have certain expectations. These expectations can only be met if they are reasonable, and claiming you can..
In a blog post last year, we explored some of the common reasons for professional liability claim against accountants. Understanding the risks they face could potentially help your clients reduce their accounting professional liability risks. However, there is much more to a comprehensive risk management program that simply knowing what risks exist; all accountants should take adequate steps to potentially mitigate their losses.
Below are some examples from AccoundingWeb.com of risk management strategy steps your clients can take.
With the increasingly litigious society of today, employers are consistently finding themselves defending against professional liability claims, even if unfounded. A lawsuit against any type of business, no matter the size, can be financially devastating, as the employer will have to pay defense fees, legal costs, and of course a settlement or damages if they are found guilty of the alleged claim. Of course, there is no fool-proof way for your clients to avoid professional..
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