Google
Navigation

Insurance for:

Insurance for:

Monthly Archives: September 2013

Excess and Surplus Lines Insurance for Dentists


If a dental malpractice insurance company in Florida is referred to as a “standard” carrier, it means that it is licensed with the Department of Insurance to write business in Florida. If a person cannot be written in the standard marketplace, because it is too big, too unusual, or too risky, it is placed with an insurer that is not licensed in the state. The Excess and Surplus Lines insurer can design insurance coverages and negotiate pricing based on the risk without having to file with the state Department of Insurance. Since these companies are not strictly regulated by the state, they are freed from the form or rate regulations imposed on licensed insurers. This gives them the freedom to design and price their policies, and, therefore, accept dental malpractice insurance risks that others will not accept.

Dental Surplus lines insurance companies are monitored for financial stability in the state where they are located. This is important because, if the insurer were to fail, there is no guaranty fund to protect the consumer. State insurance departments require surplus lines carriers to submit financial information, articles of incorporation, list of officers, and other general details. They also cannot write insurance that is typically available in the admitted market, are not protected by the state guaranty fund, may pay higher taxes, may only write a policy if it has been rejected by three different admitted carriers, and only when the dental malpractice insurance agent placing the business has a surplus lines license. States keep a list of approved Dental Surplus Lines carriers, and business may only be placed with those approved carriers.

In order to purchase a Dental Malpractice Surplus Lines insurance policy, you must locate a surplus lines agent. These agents have extensive experience in placing business with surplus lines carriers, and can help you tailor insurance coverage to fit your needs.

Gracey-Backer, Inc. is experienced in placing Dental Malpractice insurance policies with Surplus Lines carriers.

John Gracey Backer, CPA


John Gracey Backer, CPA, is the Treasurer of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Malpractice, Professional and Personal Insurance for the Healthcare Provider. He can be contacted at 800-272-6055 ext 128, or at john@gbifl.com.

Malpractice Insurance Coverage for an Esthetician in a Medical Office


Physicians, especially Dermatologists, routinely employ estheticians as independent contractors to augment their customary services. An esthetician may provide everything from waxing and facials, to chemical peels and microdermabrasion. In a business that works so closely and physically with each client, it is important for both the physician and the esthetician to be protected from a lawsuit. A medical professional liability policy covers the physician if he or she is sued for acts of the esthetician. The esthetician, however, should have their own professional liability and general liability policies.

Professional Liability insurance, also known as malpractice, protects you and your business for loss or expense resulting from claims of professional errors, mistakes, or failure to perform professional duties committed or alleged to have been committed by the insured in his or her professional activities.  For example, if the esthetician, in performing a brow wax, burns the client, disfiguring them and causing them to miss work, the malpractice policy would respond if they are sued for lack of skill or competence.

General Liability is a form of insurance designed to protect practitioners from liability exposures arising out of accidents resulting from the premises such as slip and fall. In addition, the policy will protect the esthetician for claims arising out of products or completed operations. For instance, if the esthetician performs a facial and sends the client home with a product, and later the product causes a skin rash, that client could bring claim for damages, blaming the esthetician for providing a faulty product. A general liability policy would protect the esthetician against third-party claims for bodily injury and related medical costs.

Barbara Gracey Backer


Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at 800-272-6055 X118 or at barbara@gbifl.com.

Malpractice Insurance Coverage for an Esthetician in a Dental Office


Dentists routinely employ estheticians as independent contractors to augment their customary services. An esthetician may provide everything from waxing and facials, to chemical peels and microdermabrasion. In a business that works so closely and physically with each client, it is important for both the dentist and the esthetician to be protected from lawsuit. A dental professional liability policy covers the dentist if they are sued for acts of the esthetician. The esthetician, however, should have their own professional liability and general liability policies.

Professional Liability insurance, also known as malpractice, protects you and your business for loss or expense resulting from claims of professional errors, mistakes, or failure to perform professional duties committed or alleged to have been committed by the insured in his or her professional activities. For example, if the esthetician, in performing a brow wax, burns the client, disfiguring them and causing them to miss work, the malpractice policy would respond if they are sued for lack of skill or competence.

General Liability is a form of insurance designed to protect practitioners from liability exposures arising out of accidents resulting from the premises such as slip and fall. In addition, the policy will protect the esthetician for claims arising out of products or completed operations. For instance, if the esthetician performs a facial and sends the client home with a product, and later the product causes a skin rash, that client could bring claim for damages, blaming the esthetician for providing a faulty product. A general liability policy would protect the esthetician against third-party claims for bodily injury and related medical costs.

John Gracey Backer, CPA


John Gracey Backer, CPA, is the Treasurer of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Malpractice, Professional and Personal Insurance for the Healthcare Provider. He can be contacted at 800-272-6055 ext 128, or at john@gbifl.com.

Malpractice Insurance for Medical Directors


Medical Directors have more liability exposure than one might think and need to be covered by medical professional liability insurance. Medical Directors wear many hats—credentialing, supervising, overseeing compliance, establishing patient protocols, directing patient care, conducting chart review and other administrative functions. They work in a variety of settings: nursing homes, hospitals, medical spas, weight loss clinics, surgery centers, etc. Often, they receive a stipend. The position is prestigious. His responsibilities, however, are usually excluded on a standard medical malpractice insurance policy. Their potential claims can come from disgruntled patients, employees, and even employers.

Since most Medical Directors do not have direct patient contact, the exposure is more from errors and omissions rather than medical care negligence. Because of this difference, it is imperative that you be covered by a medical professional liability policy designed especially for Medical Directors. Ordinarily, companies will cover the patient services but exclude the directorship services.

All policies vary, but an example of the Medical Directorship exclusion is as follows:
“Liability arising from your activities as a medical director, proprietor, superintendent, executive officer, director, partner, trustee, agent, shareholder, manager, or employee of any enterprise not named under this Policy.”

It is best to check with a qualified medical malpractice insurance agent regarding your specific situation. He or she will be able to direct you, so that there are neither gaps nor overlaps in your professional liability coverage.

Barbara Gracey Backer


Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at 800-272-6055 X118 or at barbara@gbifl.com.

Cyber Liability Insurance


In today’s digital age, we are all susceptible to cyber threats. Unfortunately, due to the personal nature of the information handled by healthcare providers, the risk of cyber attacks on your practice is greatly increased. Please take a moment to let our Vice President, Barbara Backer, explain how Cyber Liability Insurance can protect your practice.

Dental Malpractice Insurance Market in Florida


Like many industries, the insurance industry is cyclical in nature. Each cycle lasts from two to ten years and is defined as either “hard” or “soft”. Hard markets can result from many reasons, but reflect the fact that insurance companies are losing profitability. They are characterized by high premiums, strict underwriting, lower carrier capacity, and reduced competition among companies. Soft markets, on the other hand, mean that insurance carriers are returning to profitability. They are characterized by lower premiums, broader coverage, less strict underwriting, greater carrier capacity, and enhanced competition.

The dental malpractice insurance market has been “soft” for the past several years. In fact, the soft market has lasted longer and been deeper than most professionals anticipated.

Having said that, it appears that dental malpractice insurance rate decreases have leveled out. There is still capacity, and carriers are still willing to give discounts to lure quality business to the company. Additionally, there are companies now entering the Florida marketplace for the first time, often with aggressive pricing. (You need to be careful, though, as often new companies are not experienced at claims handling for dentists. A poorly defended claim can end up as a chargeable offense against your record, driving you further to an inferior company as a means to reduce premium.)

We have also seen insurers tightening up on underwriting, especially as dentists, pressed by the economic downturn, take on riskier procedures formerly sent out to specialists. Insurance carriers are examining a risk more closely, looking at claims history and procedures performed. Some are non-renewing risks for poor payment history. Society affiliations are important, as they offer another degree of comfort for the underwriter.

An insurance agent that specializes in dental malpractice insurance, we can shop your policy among a stable of quality insurers.

John Gracey Backer, CPA


John Gracey Backer, CPA, is the Treasurer of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Malpractice, Professional and Personal Insurance for the Healthcare Provider. He can be contacted at 800-272-6055 ext 128, or at john@gbifl.com.

In the News: