All medical practices generally have professional liability, general liability, and workers' compensation policies.
As the business climate changes with time, insurance coverage also needs to be updated regularly. Some essential coverage items that need to be verified and understood are:
Regulatory Liability - issues related to RAC audits, utilization, licensing, and credentialing. Defending RAC audits can be expensive and stressful without insurance.
Telehealth - issues related to legally approved telehealth visits, including jurisdictional, HIPAA, and patient-provider relationship.
Employment Practices - issues related to employment discrimination allegations, wrongful termination, employee benefits, etc.,
D&O - Directors and Officers' liability related to group management issues. This coverage is required if you manage a group practice in any capacity.
E&O - Errors and Omissions cover ancillary services, including medical directorships, IPA/ACO management positions, billing errors, and expert witnesses. If you are outsourcing your billing, billing companies usually have E&O coverage.
Cyber Coverage covers data breaches, HIPAA violations, ransomware, etc. If your EMR data resides in computers you own, you would need this coverage. If your EMR is cloud-based with an outside vendor, they usually have this coverage.
Specialty Coverage for practice-specific procedures like Ketamine Assisted Psychotherapy etc.,
It is always beneficial to audit your coverage with your insurance agent and understand your liability gaps.