Insurance 101

What is . . .

Abuse & Molestation Liability?

This coverage is intended to help organizations financially respond to allegations of sexual abuse. Unless an insurance policy specifically mentions this product, it’s not safe to assume it’s included under general liability – so be sure to ask your agent about it.

Agreed amount?

If an insurance policy mentions “agreed value”, you and your insurer will “agree upon” the value of certain items in your facility. If these items require replacement under the conditions of the policy, you will be given that amount to help make your house of worship whole again.

Blanket insurance?

When there is more than one type of property at the same location or the same kind of property at multiple locations – some insurers will offer “blanket” coverage to cover them all.

Crime Coverage?

Crime coverage helps protect healthcare organizations against various types of crimes. Each policy is different and you should ask what types of crimes yours specifically protects against. Some key coverage to consider includes employee theft, robbery and computer fraud.

Cyber Liability?

This type of coverage or endorsement provides liability coverage for cyber-related incidents including Cyber Extortion (when a cybercriminal threatens a victim and demands payment) or Privacy Crisis Management Expense (which addresses costs incurred from data breaches).

Excess Liability?

Excess refers to higher coverage limits that can be purchased to help protect caregiving organizations.

General Liability?

General Liability, also referred to as GL, can cover a wide variety of exposures – and it’s important to know which coverages are included in your policy.

Hired & Non-Owned Auto Insurance?

Do your employees use their own vehicles while on-the-job? Does your organization rent vehicles for trips or other purposes? Check your policy to see what protections are available for those situations – this can sometimes be found under “Hired & Non-Owned Auto Insurance”.

Management Liability?

Employment-related lawsuits, including allegations of discrimination, wrongful termination and sexual harassment, are becoming increasingly common. This coverage helps cover the costs of claims arising from situations like these.

Prior Acts Coverage?

Sometimes claims against your organization aren’t officially made until years after the initial incident. This drawn-out process can complicate timelines, so having an insurance policy that includes prior acts coverage simplifies the process by providing coverage for events that occurred before the purchase of your policy.

Prior acts coverage works on a retroactive date. For example, if you purchased your policy 01/01/2020 and your policy has a retroactive date of two years, any claims after 01/01/2018 would be covered.

Professional Liability?

Professional liability helps protect against claims of negligence for healthcare professionals.

Property Coverage?

In the “insurance world,” healthcare organizations have two primary types of property – Real Property and Personal Property. Typically, Real Property includes foundations and fixtures. Fixtures can include handrails and exterior signs. Personal Property refers to computer equipment, communication systems and recreational room property.

Property Insurance can cover a wide variety of perils such as weather-related damage, equipment breakdown, food contamination, fine arts, trees and sewer water backup. It’s important to see what your policy includes and understand whether or not it’s tailored to the needs of your organization.

Replacement cost?

Replacement cost provides you with the amount of money that it will take to repair or replace items as outlined by a policy.

Special Event Coverage?

Special events like fairs, festivals and fundraisers can be great for boosting community support, but they can also pose unique risks. And these risks are often not addressed in a traditional policy.

Volunteer Accident Coverage?

Like Workers’ Compensation, Volunteer Accident insurance covers injuries a volunteer might sustain while working on behalf of your organization.

Workers’ Compensation?

Common risks – like slips and falls – can be costly to healthcare organizations and their employees. Workers’ Compensation helps provide benefits to employees who are injured on the job.